What To Know About Toronto’s Most Exclusive Homes And Neighborhoods In 2022

A recent luxury property report released by leading Toronto luxury brokerage Barry Cohen Homes shows remarkable numbers for luxury real estate in Canada’s most populous city.

“Never before has the urgency to buy luxury products been so unrelenting,” wrote Barry Cohen, founder of Barry Cohen Homes, in the exclusive report. “In all my years of experience, I have yet to see a market as vibrant as that of 2021.”

Big-ticket sales in Toronto’s most coveted neighborhoods also pushed annual totals to unprecedented levels, with 425 sales closing at $5 million or more and 41 sales hitting the $10 million-and-over mark, a 156% increase from the previous year. Of the 425 sales of $5 million-and-up, almost one and four homes (97) sold at or above the asking price.

While high-end real estate can be found all over greater Toronto, affluent neighborhoods like Bridle Path, Sunnybrook and York Mills led the way for ultra-luxe properties sold, accounting for 16% of sales over $7.5 million.

Although supply constraints may have limited sales in other premier neighborhoods like Forest Hill South, Rosedale and Moore Park, total luxury sales and average prices still surpassed 2020.

So far in 2022, interested buyers have remained steady.

“Demand has yet to be satisfied and the will and determination to achieve home-ownership remains unabated,” Cohen wrote. “As such, we expected 2022 to follow a similar course.”

Here’s a closer look at Toronto’s most expensive neighorhoods and what to expect in the luxury market this year.

Bridle Path, Yorks Mills and Sunnybrook

Part of what is known as the Millionaire’s Mile, the neighborhood trinity of Bridle Path, York Mills and Sunnybrook on the northern end of central Toronto is often associated with large lots, multimillion-dollar mansions and the region’s biggest names.

Past and present residents include Elton John, Margaret Thatcher and Drake. Even music legend Price once called the area home (part-time, at least).

Average luxury sale prices in 2021 for the area reached roughly $5.7 million, the highest in Toronto.

Perhaps the crown jewel of the three, Bridle Path is characterized by multi-acre estates. Many residents choose to live in this neighborhood because of the seclusion afforded by these sizable lots and the lushness of the surrounding Don River Valley.

Bordering to the northeast is York Mills, another neighborhood synonymous with affluence, whose ubiquitous presence of greenery is one of its most distinguishable features.

The ample space, great schools, and safety have attracted many families to Millionaire’s Mile throughout the years, particularly Sunnybrook, with many residents establishing generational roots.

Although the area’s desirability may come in part from the isolation and countryside feel, it is not far from downtown Toronto and all of the offerings of a major metropolis, boasting “country living in the city.”

Forest Hill South and South Hill

Old bylaws from the 1920s required that all houses in the neighborhood of Forest Hill be designed by an architect and that the front of each property feature a tree.

As the years have passed, a legacy of brick and stone mansions with grand, aged trees now line the streets of Lower Forest Hill.

Another member of the Millionaire Mile, Forest Hill’s centralized location means an easy connection to downtown. Yet, the neighborhood is still known as a more private enclave, where commercial traffic is minimal and streets are quiet.

A strong sense of community and history paired with well-manicured lawns and timeless homes has given this neighborhood its “village-like.”

In addition to more stately urban mansions, luxury condominiums, though infrequent, can also be found.

The area also boasts some of the best schools in all of Canada—Upper Canada College, an all-boys private school founded in 1829 and Bishop Strachan, an Anglican day and boarding school for girls.

In 2021, the neighborhood’s prime location and valuable real estate clashed with a shrinking supply, driving average prices to $4,677,391, up 6% from 2020.

North and South Rosedale

Hidden just north of downtown Toronto, Rosedale is one of the city’s oldest neighborhoods that, over a storied history, has emerged as one of the more fashionable areas in Canada.

Both North and South Rosedale have earned Heritage Conservation Status thanks to the neighborhood’s distinguished character with small, winding streets, ravine topography and elegant homes featuring classical architecture.

Originally comprised of a single 110-acre estate, Rosedale’s layout features ample green spaces and natural beauty, including spotting of wild roses that give the neighborhood its moniker.

Walkable access to high-end shopping and dining found in parts of the neighborhood set it apart from many of its similarly upscale neighbors.

Although the area is centrally located, vehicle traffic and noise are virtually non-existent, thanks to the abundance of trees, cul-de-sacs and physical boundaries.

Rosedale, along with adjacent Moore Park, accounted for 43 of the $5 million-plus sales in 2021, up 126.3% from the previous year, making it one of the most exclusive neighborhoods in all of Canada.

Barry Cohen Homes is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.