You may have heard that some of the Iranian people call the Canadian City Toronto as Tehranto, as there are many Iranians living in Toronto, Canada.
There are many reasons why Toronto is the most populated city in Canada. These reasons may include: The economic situation, neighborhoods, culture, climate and many more.
In this article, we are going to see how the neighborhoods in Toronto are important when making a decision to buy a home or property.
Toronto General Information
In terms of cultural attractions, the city of Toronto is in line with the advanced and successful cities such as New York, San Francisco and Chicago. Toronto is known as the economic center of Canada and the international air travel hub in North America with more than 1,100 daily flights through 66 different airlines.
The city and area, with nine University of Toronto affiliated teaching hospitals in the heart of downtown, is Canada’s premier medical center.
Toronto is the provincial capital of Ontario and the most populous city in Canada, where you can experience the exciting life of a multicultural and multilingual city with its natural scenery, sounds and tastes, combined with unlimited creativity and extraordinary possibilities.
It is home to more than 100 living and diverse languages of the world, used daily in street conversations, making Toronto a multinational and multicultural city.
Canada’s largest city has a population of more than 2.6 million and is the fourth largest city in North America after Mexico City, New York and Los Angeles.
It should be noted that a quarter of Canada’s population is within 160 kilometers, and more than 60 percent of the US population is within 90 minutes of flying to the city.
Introducing the good neighborhoods of Toronto
As you know, apart from the good neighborhoods of Toronto, there are various criteria such as very high security, the existence of top universities and colleges, easy access to various facilities, low unemployment rate, urban attractions, low crime rate, clean and standard environment and high quality of life, and many other cases have made Toronto one of the top ten cities to live in the world, according to a research by the EIU (Economist Information Unit).
Canada’s largest metropolitan area, which consists of downtown Toronto, Peel, York, Durham and Halton, is called the Greater Toronto Area. Suburban areas such as North York, Markham and Richmond Hill (north, south) and the Halton area (for example, Oakville and Milton) are family-friendly and one of Toronto’s best neighborhoods.
Most of the Iranians that have moved to Canada, live in Vancouver, Montreal, and Ottawa, and also in suburban Toronto suburbs such as Richmond Hill, Willow Del Van, Markham, and Thorne Hill.
Most people believe that a good neighborhood is where you have enough space to walk every time you leave your house and at the same time, have access to shopping malls and markets. It is close to the subway station and/or means of transportation, has green space and various entertainment.
Richmond Hill neighborhood
The Richmond Hill neighborhood of Toronto is 25 miles, half an hour to subway and one hour by car to the north of downtown, Toronto. This neighborhood has more than 166 parks and has facilities such as natural trails, playgrounds, entertainment, and sport centers.
The neighborhood has the David Dunlap Observatory and Telescope, Canada’s largest indoor pool, and the Richmond Hill Center of arts.
Because of the access to Young Street and Highway 404, the existence of high schools and institutions, well-equipped shopping malls, Iranian shops and numerous parks, business opportunities, various festivals such as Heritage Village Festival, and also intimate residents of different ethnicities and nations, especially Persian, it is a favorite neighborhood of Iranians.
Iranian Plaza in Toronto is considered as the small Tehran, the capital city of Iran. It actually offers a variety of Iranian services such as exchange, travel agencies, clinics, law firms, supermarkets, restaurants, coffee shops and many more. Approximate rent for an apartment in Richmond Hill starts at $1,800.
Yonge and Eglington neighborhood
Toronto’s Yonge & Eglinton Street neighborhood is located on the upper part of downtown. The neighborhood has progressed in recent years with the launch of the Crosstown LRT project, a project that has facilitated the LRT’s public transportation line with multiple stations along Eglinton Street. And it comes between Scarborough and Pearson Airport.
Popular coffee shops and bars, medical offices, shopping malls, subways and great restaurants and everything you need can be found in Toronto’s popular Young and Eglinton neighborhoods. Rents for approximately 55-square-foot apartments in the Young and Eglinton neighborhoods of Toronto are about $2,100 a month, new two-bedroom apartments are $3,200, and larger and better apartments are up to $4,000.
The Church and Wellesley neighborhood
Toronto’s Church and Wesley is one of its most beloved neighborhoods, known as the Village. Being located in the center of the city means that you do not need a car due to the numerous accesses. One of the good things about Toronto’s Church and Wesley neighborhoods is the presence of one of the largest and best branches of the Loblaws and Nutella cafe in the area.
Whenever you are tired of the urban structure, you can go to Allan Gardens and enjoy the nature. The rent for a home in Toronto’s Church and Wesley neighborhood is $1,700 to $3,100, and the purchase price starts at $355,000.
The Harbourfront neighborhood
The Harbourfront neighborhood is one of the best places to live. There is a stunning view of the lake and you are so close to it that provides the best opportunity to walk along the water. However, in less than 10 minutes, you will find yourself in the center of the city and its attractions and sights. The biggest concerts and baseball games hold in this neighborhood that can also increase your interest in Toronto’s Harborfront neighborhood.
The variety of access to public transport is also tremendous, with Union Metro Station on one side and VIA Rail Station and GO Bus Station on the other. If you want to get to your destination even faster, you can also use the airplane option because Billy Bishop Airport is also close to Toronto’s Harborfront neighborhood.
The cost of buying a home in Toronto’s Harperfront neighborhood starts at $500,000, and rents are commensurate with the neighborhood’s facilities, starting at $2,600.
The Liberty Village neighborhood
A neighborhood where the creativity of the working youth can be seen and its appearance reflects this story. Toronto’s Liberty Village neighborhood with its many cafes and bars and architecture that often impress industrial spaces and warehouses, giving them a stunningly modern and elegant look.
Access to the lake and waterfront for walking and cycling and enjoying the scenery is very easy, but being away from the metro station may bother you a bit but you can do your work with buses and cars. Village Liberty rents start at $1,600 a month and the minimum purchase price is approximately $400,000.
The Cabbagetown neighborhood
Toronto’s Cabbagetown neighborhood is the perfect neighborhood for the stylish, fashionable, and so-called hipster people who care about their appearance. A neighborhood with special cafes, a yoga studio, a farm market and local festivals that introduce you to the positive atmosphere of the city and its inhabitants.
The special name for Toronto’s Cabbagetown neighborhood dates back to 1840, when thousands of Irish immigrants set foot in the area. They struggled with poverty and hardship in their home country, and when they first arrived in Canada, they could only grow cabbage and eat it in soup, so cabbage became one of the main meals of their diet and so its name remained on the neighborhood.
The average rent for an apartment in the Cabbagetown neighborhood of Toronto starts at $1,600 and the minimum cost required to buy a home is $355,000.
The Annex neighborhood
If you care about the variety of the meals you have, the neighborhood is full of menus for cheap food and drinks and there also is easy access to the city center that will appeal to students. The dormitories in Toronto’s Annex neighborhood are beautiful, and there are many dormitories for both genders.
Rentals for apartments in Toronto’s Annex neighborhood start at approximately $1,700 and $430,000 for purchases.
Kensington Market neighborhood
Kensington Market Toronto is home to some of the best restaurants with beautiful, unique homes, and best of all, with access to China Town, you can buy everything you need at once. Of course, some people are not so happy about having a china town in Toronto’s Kensington Market because of their different shopping styles.
But you should know that a variety of foods at incredible prices are available to you, when shopping in this part of Kensington Market, you cannot miss the wonderful delicious Chinese dumplings you find in every corner of the city.
The businesses in the market include coffee shops, fresh fruit and vegetable shops, great traditional cuisine and more, have made Kensington Market a real dream in Toronto. In a word, if you are a fan of such items and a pleasant scent, Kensington Market Toronto is the right neighborhood for you. The minimum rent for an apartment in this neighborhood is $1,300 and $350,000 to buy.
Queen St. West neighborhood
Queen Street West has one of the most attractive walking streets. You can do your best shopping here, enjoy the best drinks and food in the city’s most popular bars, and interestingly, all of this is only possible while walking along the streets of Queens Street West Toronto.
According to the youth, this neighborhood is one of the coolest neighborhoods in Toronto because there are a variety of fashion clothing stores that offer a wide range of ultra-chic and punk clothing styles. Undoubtedly, Queen Street West Toronto is one of Toronto’s busiest and busiest neighborhoods.
Rentals for homes in Queens Street West Toronto range from $2,000 to $3,500. It takes at least $450,000 to buy a home.
Yorkville neighborhood
The Yorkville neighborhood of Toronto is definitely one of Toronto’s most classy and relatively expensive neighborhoods and has a lot to offer the affluent. Located in the heart of Toronto, with Bloor and Bay stations, access to other exciting neighborhoods such as Church and Wellesley, Young and Eglinton is key.
This neighborhood is also full of famous bars and restaurants such as Hemingway’s where you can spend happy moments. Renting a home in the Yorkville neighborhood of Toronto starts at $1,500 and an apartment starts at $ 2,500, and you have to spend at least $390,000 to buy a house.
The Beaches neighborhood
Beach neighborhood is such that you might think it is only suitable for older people and families, but it is not. This neighborhood is also suitable for those who like to live close to the water and have a beautiful view of the lake, nightlife and of course not so far from downtown Toronto, a distance of about 20 minutes, which of course sounds to be reasonable.
The Toronto Beach neighborhood is a quiet place with many amenities. It is cheaper to rent a house because it is relatively far from the main road to the city center. But if you don’t mind using cabs instead of public transportation, the Toronto Beach neighborhood is a good place to live.
You will never feel the need to escape the hustle and bustle of the city for the weekend. The good thing about the Beaches neighborhood is that it is less populated than the city center and for people looking for affordable villa rentals. It would be very ideal. Renting a house in Toronto’s Beach neighborhood costs from $1,300 to $4,000, buying an apartment from $400,000 and a villa from $600,000.
According to a recent report on the Urbanation website, more than 100,000 people are added to Toronto’s population each year that has led to a 16 percent increase in Toronto rental rates over the past year. This is actually making it harder for people to find affordable housing in Toronto.
As mentioned in Toronto’s Good Neighborhoods section, the rent for a small one-bedroom apartment in Toronto is around $2,500, which taking into account the total amount per year, will cost about $25,000 per year for rent in Toronto. That alone would make a big difference in the cost of living in Toronto.
It should be noted, however, that the average home purchase price in Toronto and Vancouver is about $480,000, which is about $100,000 more than in other cities.
Transportation costs are also part of the cost of living in Toronto and are completely dependent on the device you use. If you use a personal vehicle, you will need to pay for insurance, the amount of the car (in the form of a slip or full purchase), the cost of car maintenance, fuel costs, and more.
There are a lot of reasons that rent in Toronto is getting more expensive, and the most obvious reason is simple supply and demand. A lot of people want to live in the city as it is one of the best cities to find a job and live, and landlords know they have a high demand and that they can get away with charging crazy prices.
According to Wowa website, “This December was the first time in Toronto’s history where average sold prices reached $930,000 even in the traditionally slow winter season. Townhouses were an unexpected winner this season with a 30% increase in average sold prices since Dec. 2019. Detached and semi-detached homes followed with 18% and 17% respective price increases since Dec. 2019. While prices in the condo market have witnessed the same growth as other markets, sales have broken new highs for the season with 2,193 condos sold in the month, two-thirds more than last year.”
“Due in part to the continued growth in real estate as well as loose monetary policy, mortgage lenders, including members of the Big Five (RBC, TD, CIBC, Scotiabank, and BMO), are increasingly willing to discount risk in the housing market and are offering record-low mortgage rates. Although this highly-competitive market may not last past the end of 2020, mortgage rates are not expected to rise significantly by 2022.”
