How Much Does it Cost to Live in Popular Millennial Neighbourhoods in the GTA?

Toronto is one of Canada's incredible millennial city's. A recent study found that the city's economy as the best for young people. Fifteen Toronto neighbourhoods are made up of roughly 30% of millennials, those between 20-34 years old. These numbers reveal a lot about how the city's young professionals are shaping the housing market. 

Results show that it costs 17% more to buy a condo in a millennial neighbourhood compared to the city-wide average. These pockets of millennial neighbourhoods are also popular among renters, that's why these neighbourhoods are also seen as renter's markets-- for every one condo purchased in these young professional areas, there are close to two condos rented. 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 and it's surrounding areas.

Here's a breakdown of Toronto's highly populated Millennial neighbourhoods:

1. Neighbourhood: Bay Street Corridor

    Where is it: Central Bay Street

   Percentage of 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

Percentage of 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

3. Neighbourhood: Niagara

Where’s That: Liberty Village / Queen West / Harbourfront West

Percentage of 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

 Percentage of 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)

Percentage of Millennials: 42%

Median Price 1 Bedroom Condo: $412,000

Rental 1 Bedroom: $1,700

Rental 2 Bedroom: $2,400

6. Neighbourhood: Palmerston-Little Italy

 Where’s That: College & Palmerston Area

 Percentage of Millennials: 39%

Median Price 1 Bedroom Condo: $378,450

7. Neighbourhood: Kensington Chinatown

Percentage of 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

Percentage of 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

 

Source: Notable.ca

 

Rajat Pathak
Sales Representative 

CENTURY 21 Miller Real Estate Ltd. 
Brokerage Independently Owned and Operated
#4 Office in Canada 
By Production CENTURY 21 Canada 2013
467 Speers Road, 
Oakville, ON L6K 3S4
Direct: 647.233.2777

Email:  rajsells@live.ca
www.century21.ca/rajat.pathak

Rajat Pathak

Rajat Pathak

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
Contact Me

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