That being said, after putting Gen Y under the microscope and identifying exactly where the majority of Toronto’s young professionals call home, we uncovered some interesting facts.
For one, just under half of Toronto’s 308,735 twenty to thirty four year-olds – millennials who have traditionally stepped out of mom and dad’s place – reside in a handful of downtown neighbourhoods.
In exact terms, 40 per cent of Toronto’s working millennials live in just 15 of Toronto’s 140 neighbourhoods.
The two most popular millennial hubs in the city include the Bay Street Corridor, which stretches along Bay Street from Bloor to Queen, and the Waterfront Communities, defined by a mix of neighbourhoods that includes the Entrainment and the Distillery Districts. In these two areas, millennials account for an estimated 49 per cent of the population. Perhaps even more interesting is how the millennial population in the Waterfront Communities exploded, increasing by 100 percent between 2006 and 2011.
In Niagara, the area which borders Liberty Village and Queen West, about 48 per cent of residents are young professionals born between the years of 1981 and 1995. After the revitalization of Liberty Village, millennials flocked to the area, with their numbers jumping from around 10,000 in 2006 to a whopping 61,000 just five years later.
Below we’ve mapped out median prices of a resale or rental condominium unit in Toronto’s youngest neighbourhoods, where 20 to 34 year olds account for at least 30 per cent of the total population.
Top Facts
1.) Average (median) cost to purchase a 1 bedroom resale condo in a millennial neighbourhood is $356,793
2.) Average (median) cost for a 2 bed condo in a millennial neighbourhood is $492,908
3.) Overall, it costs 17% more to buy a condo in a millennial neighbourhood compared to the city-wide average for the same time-period
4.) 40% of all the condo units purchased across Toronto’s 140 neighbourhoods were sold in just the 15 Gen Y neighbourhoods listed in this post
5.) Average (median) monthly rent for a 1 bedroom condo in a young professional neighbourhood is $1,678
6.) Average (median) monthly rent for a 2 bedroom condo in a millennial neighbourhood is $2,240
7.) It comes with little surprise that Gen Y neighbourhoods are major rental hubs. For every one condo purchased in these young professional areas, there are nearly two condos rented off.
Where do young adults live in Toronto?
•Bay Street Corridor
% Millennials: 49
Where’s That: Central Bay Street
Median Price 1 Bedroom Condo: $418,328
Median Price 2 bedroom condo: $645,250
Rental 1 Bedroom: $1,828
Rental 2 Bedroom: $2,700
•Waterfront Communities
% Millennials: 49
Where’s That: King and Spadina / Harbourfront / Entertainment District
Median Price 1 Bedroom Condo: $360,492
Median Price 2 bedroom condo: $531,110
Rental 1 Bedroom: $1,666
Rental 2 Bedroom: $2,413
•Niagara
% Millennials: 48
Where’s That: Liberty Village / Queen West
Median Price 1 Bedroom Condo: $341,264
Median Price 2 bedroom condo: $446,354
Rental 1 Bedroom: $1,683
Rental 2 Bedroom: $2,240
•Church-Yonge Corridor
% Millennials: 44
Where’s That: Church and Wellesley / Downtown
Median Price 1 Bedroom Condo: $370,339
Median Price 2 bedroom condo: $524,379
Rental 1 Bedroom: $1,750
Rental 2 Bedroom: $2,459
•University
% Millennials: 42
Where’s That: Downtown Toronto (University of Toronto / Harbord)
Median Price 1 Bedroom Condo: $412,000
Rental 1 Bedroom: $1,700
Rental 2 Bedroom: $2,400
•Palmerston-Little Italy
% Millennials: 39
Where’s That: College & Palmerston Area
Median Price 1 Bedroom Condo: $378,450
•Kensington / Chinatown
% Millennials: 38
Median Price 1 Bedroom Condo: $371,000
Median Price 2 bedroom condo: $540,000\
Rental 1 Bedroom: $1,750
Rental 2 Bedroom: $2,475
•Mount Pleasant West
% Millennials: 38
Where’s That: Yonge & Eglinton Area
Median Price 1 Bedroom Condo: $392,000
Median Price 2 bedroom condo: $580,000
Rental 1 Bedroom: $1,750
Rental 2 Bedroom: $2,650
•North St. James Town
% Millennials: 34
Where’s That: Bloor & Sherbourne Area
Median Price 1 Bedroom Condo: $340,100
Median Price 2 bedroom condo: $515,000
Rental 1 Bedroom: $1,650
Rental 2 Bedroom: $2,300
•Trinity Bellwoods
% Millennials: 33
Median Price 1 Bedroom Condo: $402,450
Rental 1 Bedroom: $1,700
•Dufferin Grove
% Millennials: 32
Where’s That: Dufferin & Bloor Area
•Moss Park
% Millennials: 32
Median Price 1 Bedroom Condo: $354,404
Median Price 2 Bedroom condo: $509,000
Rental 1 Bedroom: $1,640
Rental 2 Bedroom: $2,300
•Willowdale East
% Millennials: 31
Where’s That: Yonge & Finch / Yonge & North York / Yonge & Sheppard
Median Price 1 Bedroom Condo: $320,972
Median Price 2 bedroom condo: $447,798
Rental 1 Bedroom: $1,553
Rental 2 Bedroom: $2,027
•Little Portugal
% Millennials: 30
Where’s That: Dundas & Dufferin Area
Median Price 1 Bedroom Condo: $340,000
Median Price 2 bedroom condo: $412,000
Rental 1 Bedroom: $1,500
Rental 2 Bedroom: $1,650
•South Parkdale
% Millenials: 30
•York University Heights
% Millennials: 30
Where’s That: York University Keele Campus
Median Price 1 Bedroom Condo: $318,000
Median Price 2 bedroom condo: $212,000
Rental 1 Bedroom: $1,525
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!
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