Information in this post was provided by TheRedPin, a full-service real estate brokerage that carries the largest database of condos and homes in the Greater Toronto Area – offering access to 60% more listings than on MLS.
Toronto is an incredibly Millennial city.
Makes sense, too – a recent study recognized the city’s economy as the world’s best for young people.
Fifteen Toronto neighbourhoods are comprised of at least 30 per cent Millennials – those between 20 and 34 years old – and a closer look at the numbers reveals a lot about how the city’s young professionals are shaping the housing market.
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Overall, it costs 17 per cent more to buy a condo in a millennial neighbourhood compared to the city-wide average. It’s also very evident that these spots are renter’s markets – for every one condo purchased in these young professional areas, there are nearly two condos rented off.
The average (median) monthly rent for a 1 bedroom condo in a millennial neighbourhood is $1,678, while the average (median) monthly rent for a 2 bedroom condo in a millennial neighbourhood is $2,240. These numbers suggest there’s an even higher financial strain on young professionals living in Toronto than we’d calculated.
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Here’s a closer breakdown of Toronto’s most Millennial neighbourhoods:
1. Neighbourhood: Bay Street Corridor
Where’s That: Central Bay Street
% Millennials: 49
Median Price 1 Bedroom Condo: $418,328
Median Price 2 bedroom condo: $645,250
Rental 1 Bedroom: $1,828
Rental 2 Bedroom: $2,700
2. Neighbourhood: Waterfront Communities
Where’s That: CN Tower / King and Spadina / Harbourfront / Entertainment District
% Millennials: 49
Median Price 1 Bedroom Condo: $360,492
Median Price 2 bedroom condo: $531,110
Rental 1 Bedroom: $1,666
Rental 2 Bedroom: $2,413
Flickr: andrewarchy
3. Neighbourhood: Niagara
Where’s That: Liberty Village / Queen West / Harbourfront West
% Millennials: 48
Median Price 1 Bedroom Condo: $341,264
Median Price 2 bedroom condo: $446,354
Rental 1 Bedroom: $1,683
Rental 2 Bedroom: $2,240
4. Neighbourhood: Church-Yonge Corridor
Where’s That: Church and Wellesley / Downtown
% Millennials: 44
Median Price 1 Bedroom Condo: $370,339
Median Price 2 bedroom condo: $524,379
Rental 1 Bedroom: $1,750
Rental 2 Bedroom: $2,459
5. Neighbourhood: University
Where’s That: Downtown Toronto (University of Toronto / Harbord)
% Millennials: 42
Median Price 1 Bedroom Condo: $412,000
Rental 1 Bedroom: $1,700
Rental 2 Bedroom: $2,400
Flickr: 松林 Ｌ
6. Neighbourhood: Palmerston-Little Italy
Where’s That: College & Palmerston Area
% Millennials: 39
Median Price 1 Bedroom Condo: $378,450
7. Neighbourhood: 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
8. Neighbourhood: Mount Pleasant West
Where’s That: Yonge & Eglinton Area
% Millennials: 38
Median Price 1 Bedroom Condo: $392,000
Median Price 2 bedroom condo: $580,000
Rental 1 Bedroom: $1,750
Rental 2 Bedroom: $2,650
Flickr: Mihnea Stanciu
9. Neighbourhood: North St. James Town
Where’s That: Bloor & Sherbourne Area
% Millennials: 34
Median Price 1 Bedroom Condo: $340,100
Median Price 2 bedroom condo: $515,000
Rental 1 Bedroom: $1,650
Rental 2 Bedroom: $2,300
10. Neighbourhood: Trinity Bellwoods
% Millennials: 33
Median Price 1 Bedroom Condo: $402,450
Rental 1 Bedroom: $1,700
11. Neighbourhood: Dufferin Grove
Where’s That: Dufferin & Bloor Area
% Millennials: 32
12. Neighbourhood: 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
13. Neighbourhood: Willowdale East
Where’s That: Yonge & Finch / Yonge & North York / Yonge & Sheppard
% Millennials: 31
Median Price 1 Bedroom Condo: $320,972
Median Price 2 bedroom condo: $447,798
Rental 1 Bedroom: $1,553
Rental 2 Bedroom: $2,027
Flickr: Kieran Huggins
13. Neighbourhood: Little Portugal
Where’s That: Dundas & Dufferin Area
% Millennials: 30
Median Price 1 Bedroom Condo: $340,000
Median Price 2 bedroom condo: $412,000
Rental 1 Bedroom: $1,500
Rental 2 Bedroom: $1,650
14. Neighbourhood: South Parkdale
% Millennials: 30
15. Neighbourhood: York University Heights
Where’s That: York University Keele Campus
% Millennials: 30
Median Price 1 Bedroom Condo: $318,000
Median Price 2 bedroom condo: $212,000
Rental 1 Bedroom: $1,525
Flickr: The City of Toronto
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