While most families are scrambling to get out of central Toronto and buy a house in the suburbs big enough to give everyone some personal space, young professionals who are moving to the city looking for jobs in finance and entertainment want to stick close to where the action is. Many of these people zero in on the Yonge and Bloor neighbourhood as the ideal place to live, as it is close to shopping and convenient to both workplaces in downtown and public transit that can take you all over the city. If you're considering moving to the Yonge and Bloor area of Toronto, we can give you the lowdown.
Technically the intersection of Yonge and Bloor Streets and the accompanying shopping area is part of the Yorkville neighborhood, which is officially considered part of the Annex, a neighborhood known for its Victorian houses and proximity to the University of Toronto. However, you won't find any Victorian houses for sale in Yonge and Bloor. This area is very popular with young professionals, which has resulted in a lot of low and mid-rise condo buildings being erected in the last few years. Many of these buildings house trendy shops at street level. Other notable features in the Yonge and Bloor area include several luxury hotels, including the Four Seasons, numerous offices for professional services, cafes, restaurants, museums, art galleries, and the MTV Canada headquarters. The Toronto Film Festival is also held in Yorkville every September. You can even find the Toronto Institute of Pharmaceutical Technology right downtown Toronto.
The shops on Yonge Street are among the most expensive places to shop in Canada. They include boutiques by Swarovski, Prada, Louis Vitton, Cartier, and Coach. Rents for these shops are over $200 per square foot. Neighboring Bloor Street, which has become home to mid market retailers like Roots, Banana Republic, and the French Connection commands rents of $110 per square foot. So as you might imagine, living space in this area is pricey as well. A no frills two bedroom condo in the Yonge and Bloor starts at around half a million dollars, with prices spiraling up into the millions for penthouses and luxury suites.