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Best neighbourhoods in Toronto

Increase your home’s value with smart renos

150 150 Nisha Muire

Increasing your home’s value might seem like a no-brainer – just update old fixtures and floors, add a coat of paint and maybe do a full-scale reno or two. However, getting the most out of your renovation dollars means renovating your property smartly. There are certain elements of a home that will automatically fetch more money on the market if they have been updated.

Things to Consider First
Aside from actual renovations, other factors will also play a significant role in how much you should spend, and on what. Location is a very big factor as more expensive neighbourhoods will expect higher-end renovations to be done than renos done on homes located in less expensive neighbourhoods.

The value of your home versus the value of similar homes in your neighbourhood is something else that you should take into consideration. You certainly don’t want to be spending more on renovations that your house is worth on the market. For instance, if you paid $350, 000 for your home and put in renos worth $50,000, then you should expect your home’s value to rise to at least $410,000 – if it doesn’t then you should scale back the scope of the renos you want to make in order to make a bigger impact.

Smart Money Options
The first things you should renovate in your home if they have seen better days are your roof, your windows and doors and the home’s infrastructure, which includes plumbing and electrical. While these basic elements are not very sexy and will not really get much notice from your friends, they will definitely impress homebuyers who want a solid structure that will provide them with peace of mind.

Next, the two most important places in a home that will sell homebuyers are the kitchen and the bathroom(s). Adding a family room and master suite are also popular options that bring value to a home. Adding a swimming pool or landscaping your yard, while nice, won’t increase your property’s value by very much.

Choice finishes
Renovating properly is another very big requisite to get the best return on your money as possible. While you may want to spend the next 20 years in your home, it still doesn’t mean that you should indulge in the retro pink kitchen cabinets. Eventually you will want to sell and those flashy cabinets will drag the value of your home down. Choosing classic finishes that will age gracefully is your best option. Elegant, neutral finishes are the way to go if you want something that will last a lifetime and will still be appealing when you are ready to sell.

Consulting with a savvy real estate agent before doing renos is very helpful and a smart agent will be able to highlight those areas that will give you the best return.

Toronto’s Ritziest Neighbourhoods

150 150 Nisha Muire

Luxury living in Toronto is not hard to find. In fact, when it comes to posh places to reside in Canada’s bustling metropolis there are a number of hot spots from which to choose. With the cost of Ontario’s real estate market reaching ever new heights every year, the criteria for luxury living must take into consideration more than just the cost of housing – which could otherwise skew statics. The ritzier communities have an overall higher average household saving and overall higher average wage than in other neighbourhoods. The communities also tend to be closer to the city core and are mature spots that feature country-like environs. Here we will discuss the three most luxurious areas in Toronto according to the average household net worth, the average annual income and the average house price as compiled by Canadian Business Magazine and surveyed by Environics Analytics.


  1. York Mills – Windfields


Despite its industrial past, the York Mills area is the most affluent neighbourhood in the city. Today, the community boasts businesses and residential properties nesting together in a charming and serene natural setting. The area’s beauty is dissected by the main arteries of both Yonge Street and Bayview Avenue, which lead direct to the city center. Offering easy access to the downtown core, proximity to businesses and lifestyle services, it is clear why York Mills is a magnet for those wanting a suburban lifestyle, but with an easy commute to all that the city has to offer. Here is how the statistics breakdown for this community.


Average Household Net Worth: $21.55 million
Average Annual Household Income: $1,212,275
Average House Price: $3.40 million [i]


  1. Forest Hill


Forest Hill is another very popular area with those who want luxury living. Forest Hill has a long history and plenty of character to go with it. Divided loosely into the upper and lower sections, with the very picturesque Forest Hill Village being located in the upper part of the community, the neighbourhood’s homes are grand manors designed to impress with their custom architectural elements and impeccable landscaping. High-end shopping, fine dining and good schools are all part of the prestigious package found in this elite area.


Average Household Net Worth: $10.63 million

Average Annual Household Income: $629,972

Average House Price: $3.18 million[ii]


  1. Lawrence Park North

Lawrence Park North does not just earn its rank as the third most prestigious area to live in the GTA because of the wealth it holds, it is also considered one of the best because of the friendliness of the community and supportive atmosphere created by its residents. According to an article published in The Star, the neighbourhood scored a 92.05% on criteria including health, education and walkability[iii]. In the same article, Councillor Jaye Robinson is quoted as saying that the neighbourhood’s sense of community is inspiring to witness.

Average Household Net Worth: $10.44 million

Average Annual Household Income: $906,266

Average House Price: $2.81 million

[i] //bit.ly/1rWMqPe

[ii] //bit.ly/1yU40CT

[iii] //on.thestar.com/1yUe0fC