Yorkville Real Estate
The district of Yorkville in Toronto once used to be a village, but you wouldn’t know that from looking at it today. With its towering skyline of glinting metal and sparkling glass, you’d assume it was placed upon the Toronto waterfront by a race of technologically advanced super builders. Although it’s officially part of The Annex, Yorkville is very different from the residential area we all think of as The Annex. Gone are the sprawling brick brownstone houses and quiet streets, replaced by a thriving shopping district with some of the finest upscale art and housing Toronto has to offer.
There are several types of real estate to be had in Yorkville, but it may surprise you to know that single family homes, or even row houses, have long since ceased to be a part of the property equation in this neighbourhood. The district that in the 1960s and 1970s was home to old houses, cheap rents, and the driving forces behind the Canadian counter-culture movement has largely been razed to make way for high rises. The increasing population density meant more space was needed: and fast. The few homes that were spared are no longer residential: they house fashionable cafes, expensive boutiques, and high-end restaurants.
What little living space there is in Yorkville that is not an apartment or a condominium comes in the form of hotel rooms. Some of Toronto’s most expensive hotels are located in Yorkville: all high rises, of course. There’s the Four Seasons, the Park Hyatt, the Windsor Arms, and the Hazelton, just to name a few. Each one offers striking architecture, opulent decor, and staff in full livery, naturally accompanied by a hefty price tag. Regular room rates in most of them start around $500 per night and then spiral upward into the thousands for larger suites, which makes this neighbourhood the domain of the elite: celebrities, politicians, and business executives.
If you’re not in the market for living space, your other option when buying property in Yorkville is retail space. The Bloor Street area of Yorkville is the third most expensive shopping district in North America, with shop fronts costing upwards of $300 per square foot to lease. This may seem steep, but when you’re earning more than $4,500 per square foot in sales, it’s worth it. Tenants in Yorkville’s retail space include some of the world’s largest luxury retailers, such as Prada, Hermes, Gucci, Louis Vitton, and Rolls Royce. There’s no doubt about it: if you’re looking for commercial real estate, Yorkville has Toronto’s best.