CANADA'S RICHEST NEIGHBOURHOODS
When it comes to the creme de la creme, though, where should you go to find the country's most esteemed living quarters? I've narrowed down the 10 richest neighbourhoods in Canada based on their average home value and household income. So, if you're thinking about indulging in somewhere special for your next living quarters or you want to go sightseeing through some of the country's most esteemed dwellings, look no further than these top 10 richest neighbourhoods in Canada.
Number 10
Tuxedo
Winnipeg, Manitoba
The Tuxedo district is quickly establishing itself as a high-priced Canadian hotbed for luxury property buyers. Approximately seven kilometres from downtown, Tuxedo boasts the city's most substantial property values. The appeal of the neighbourhood dates back to the early 20th century when Winnipeg experienced a population boom. Tuxedo became a desirable neighbourhood because of the nearby Assiniboine Park, a local streetcar route and, more recently, its lakeside views and treed lots. Many heritage homes remain intact while modern construction takes place in Tuxedo's southern area.
As the city's most affluent area, Assiniboine South (which includes Tuxedo) carried an average household income, in 2006, of $58,000, more than 1.5 times the city average. It's a safe bet that Tuxedo's average income is higher and nowhere is that more apparent than in its real estate growth. In the last two years, Tuxedo's average home has jumped from an average selling price of $383,000 in 2005 to more than $500,000.
Number 9
Upper Mount Royal
Calgary, Alberta
A brisk walk from downtown Calgary will take you to Mount Royal, located in the Elbow River Valley. Comprised of Upper and Lower Mount Royal, the Upper half is home to Calgary's richest dwellings. More than 2,600 people live there in an area originally developed by the Canadian Pacific Railway and Massachusetts's Olmstead brothers. Because of the American influence, many American businessmen took residence in the area, which was first coined "American Hill" before being changed to Mount Royal. Even now, almost 30% of Upper Mount Royal's residents are American.
Upper Mount Royal's median household income stood at more than $127,000 in 2000, and in 2007, the average home sold for $1.6 million. Most of Upper Mount Royal's houses are family dwellings, with some houses that are more than a century old. The area is known for curvy streets, sizable lots and a generous amount of trees. The hill location means that you can easily stare at the Calgary skyline from an Upper Mount Royal window, making the allure of living there even stronger.
Number 8
The Uplands
Victoria, British Columbia
In the heart of Victoria's Oak Bay municipality are The Uplands, where you can spot some of the country's priciest homes. A rich garden suburb that took shape in the early 1900s under the guidance of expert architect John Olmstead, The Uplands are unique for large estates, winding streets and globed lamps that perfectly blend in with the local greenery. The homes here spare no expense and they often include manicured gardens, which are usually a short walk from Uplands Park and the nearby ocean.
Although 2001's average Oak Bay income was $57,000 and 2006's average Victoria home went for about $520,000, we know that the Uplands' contributions to these figures are much higher. It's not uncommon to see waterfront estates and English manors carrying a $15 million-plus price tag. Even more extravagant than those multimillion dollar homes is the $28.5 million "Sweet Pea" estate, a 2.4-acre oceanfront property, complete with a private pool.
Number 7
West Vancouver
Vancouver, British Columbia
With a population of just over 42,000, the people of West Vancouver live close to the city's northern tip. Close to tranquil Howe Sound and Burrard Inlet, a few of the homes here were built in the 1930s, with many more coming during the real estate boom of the '70s and '80s. Currently, homes go for as high as $20 million, with the average asking price falling around $1.25 million. Out of the approximately 11,000 homes there, more than 70% are valued at more than $1 million. Many are featured in the district's posh British Properties.
West Vancouver also includes the largest concentration of retirees in British Columbia with over 20% of its residents over the age of 65. Even so, the average income among men in this district is over $86,000 annually. With easy access to Cypress and Grouse Mountain, a solid array of greenery and a short drive from the downtown core, West Van residents can live large and prosper.
Number 6
Shaughnessy
Vancouver, British Columbia
1907 marked the beginning of Shaughnessy, courtesy of the Canada Pacific Rail, which was the country's prized real estate developer at the time. Named after CPR President Thomas Shaughnessy, this centrally located Vancouver neighbourhood was created to provide some posh dwellings outside of the downtown core. Architect Frederick Todd also infused it with a hint of English Renaissance style, giving the 447-hectare area a lot of style and, ultimately, a lot of history. More than 50% of Shaughnessy's spacious homes were constructed before the end of World War II, a percentage that is twice what it is in other areas of the city.
With an average income of $136,000, Shaughnessy is considered to be Vancouver's wealthiest neighbourhood. Its houses fall on large lots that are often more than 1.5 acres and the price range lands between $3.5 million and $11 million. In recent times, Shaughnessy was home to a Hollywood power couple, as Kurt Russell and Goldie Hawn enjoyed the confines of a 7,000-square-foot, five-bedroom, eight-bathroom home during their son's three-year hockey stint in Vancouver.
Number 5
Rockliffe Park
Ottawa, Ontario
Formed in the 19th century, Rockliffe Park was a long-time Ontario village until it joined Ottawa officially in 2001. Just northeast of downtown, with the Ottawa River in full view, Rockliffe Park has more than a few sights, including McKay Lake and the unique Ottawa Rockery. Originally a nesting place for the powers that be in Canada's industrial sector, the cottages and estates of old remain intact alongside modern large-scale homes.
Rockliffe Park now houses just over 2,000 people, with many of them notable in the political and business spectrum. Rockliffe Park is the home of Canada's Official Opposition leader, while many international ambassadors also make their homes there. The ex-Corel CEO Michael Cowplan also owned dwellings in Rockliffe Park in the form of an eye-popping golden house. Since privacy is the essence in a neighbourhood like this, there's a distinct lack of sidewalks in Rockliffe Park. There is no shortage of money, though, as the 2000 average household income was $209,000. As far as the housing market goes, more than 50 Rockliffe homes have been sold in the past three years for an asking price of more than $1 million, and one was even sold for $12.8 million in 2003.
Number 4
Forest Hill
Toronto, Ontario
John Wickson was building a summer retreat in 1860 when he decided to call the area Forest Hill. The name stuck, and it now holds a population of over 23,000. Forest Hill's short distance from downtown Toronto makes it attractive for people who want to live close by without the hustle and bustle. The adjoining Upper and Lower Forest Hill areas only add to the area's flavour, offering shopping and dining of the highest order.
Much of Forest Hill's original natural beauty and highbrow architecture from the days of Mr. Wickson remain intact, thanks to laws requiring that architects design each house with trees and shrubbery in front of every lot. This has given the area a blend of architectural symmetry and green consistency that Forest Hill's citizens treasure. Those treasures have grown with recent household incomes reaching a $171,000 average and the typical Forest Hill Home selling for just over $1 million in 2007.
Number 3
Bridle Path
Toronto, Ontario
Originally farmland until 1929, Bridle Path began to take shape after the construction of the Bayview Bridge. Land mogul Hubert Page subsequently built the first home there and encouraged Toronto's elite to live in this secluded sanctuary. Some 80 years later, Bridle Path still holds few roads and is enveloped by parks and the peaceful Don River Valley. Most dwellings in Bridle Path are sizable, with lots between two and four acres and homes offering up to 20,000 square feet.
Bridle Path has been home to some big houses and some big names. Conrad Black and Moses Znaimer have lived here, and musical icon Prince bought a $5.5 million home in Bridle Path, but he isn't a visible part of the community. With the average house selling for upwards of $2.1 million (2006) and an average household income of $375,000 (as recorded in 2001), the citizens of Bridle Path can certainly afford their enclosures.
Number 2
Westmount
Montreal, Quebec
This Montreal enclave came to life in 1874, when it was founded by British Anglophones. Although it remains a predominantly English area, this ritzy neighbourhood has blossomed into a multilingual and multi-ethnic community of 20,000.
Summit Circle is the peak of Westmount's real estate prowess, hosting the neighbourhood's priciest homes, which include dwellings of the powerful Bronfman and Molson families. The neighbourhood also hosts the longest running rugby club on the continent, the largest college in the province and the high-class shopping haven, Westmount Square.
Westmount is the birthplace of some prestigious names with William Shatner, Caroline Rhea and Leonard Cohen among them. As of 2001, the median family income was over $190,000 with most people being employed in management positions. Not surprisingly, 2007 Westmount housing prices stay close to the $1 million mark on average, with higher priced options being French Chateau-style dwellings with a multitude of rooms and stone construction.
Number 1
Rosedale
Toronto, Ontario
Named for its wild roses, Rosedale has been considered the most affluent neighbourhood in Toronto for more than a century. First discovered in the 1820s by William and Mary Jarvis, the area's winding streets were inspired by the paths that Mary used while horseback riding. When the Jarvis family sold their property in 1864, the wheels were put in motion for residential developments. Now, Rosedale is home to Tudor and Georgian style for the 7,300 plus who live there.
Rosedale is the place where Torontonians aspire to live. The city is close by, but the surrounding parkland and ravines act as a shield, giving the neighbourhood its own quiet character. Physical barriers and specialized routes also act to reduce traffic. With an average 2006 home selling price of $2 million and an average household income of $444,000, Rosedale is home to the best of the best. Among them are singer Gordon Lightfoot and businessman Michael Thomson. If Rosedale's allure is good enough for them, it's good enough to be at the top of our list too.
