Bay Street Corridor Property Management
Considered to be one of the most vibrant, cosmopolitan, and contemporary areas within the downtown core of the City of Toronto, Bay Street Corridor has a long living legacy that it shares with the rest of the surrounding suburbs.
The area, which stretches from Bloor Street West, all the way down to Harbourfront, is today one of the city’s most densely populated areas.
With its close proximity to other popular neighbourhoods, including Financial District, the Discovery District, the Hospital District, and Toronto City Hall to name a few – a mixture of cultural residents and investors make this one of the more attractive neighbourhoods for young professionals and couples who are eager to live within the city.
Besides that Bay Street Corridor is so well located, you’ll quickly stumble across high-ranking executives working in one of the many highrises, and students who are attending the nearby University of Toronto.
From outdoor dining, rooftop bars, indoor shopping, theaters, local eateries, and art galleries – the neighbourhood has a diverse range of attractions that sees thousands of investors flock to the area every year.
On top of everything to do here, there’s also a strong sense of community within the core of Bay Street Corridor, which makes it especially popular for younger residents who can work, live and play within their suburb.
Information on Bay Street Corridor Neighbourhood
Looking back at the history of the Bay Street Corridor, you’ll be surprised to notice that it wasn’t always the thriving neighbourhood we’ve come to know today. During the early development of Toronto, this specific area was known as “The Ward” and was home to various cultural groups, including Jewish, Italian, and Chinese immigrants.
The area would later start to undergo a bit of modern development, which would see most of the immigrants being either relocated or moving more west. Throughout most of the 19th and 20th centuries, Bay Street Corridor experienced major development, from the New City Hall, King’s University which is now the University of Toronto, and a bustling commercial scene.
It wasn’t until the late 1990s that most of the modern condos and high-rise apartment buildings we see today were constructed. Since the start of the 21st century, most of the area has become populated with young working professionals, college students, and the odd middle-aged resident here and there.
Popular attractions, other than the copious amount of bars, restaurants, and eateries include St. Lawrence Market, Nathan Phillips Square, Yonge-Dundas Square, Queen’s Park, Royal Ontario Museum, Gardiner Museum, Sugar Beach, and the Harbourfront Centre.
All of these places are scattered across the length of the Bay Street Corridor, among the high-end restaurants you’ll surely find a selection of local merchants, small art galleries, and fresh produce stalls.
Bay Street Corridor truly incorporates what it’s like to live within the city, with a diverse range of residents from all walks of life, and plenty to do – the neighbourhood is without a doubt one of the beloved treasures of the City of Toronto.
Bay Street Corridor has one of the most impressive walk scores in the city standing at 99. The area has been ranked as one of the most walkable neighbourhoods in the city, with everything you need within walking distance.
Being right in the middle of the city, public transportation is ample, with a selection of buses, trains, and subways.
The most frequented bus lines that run through Bay Street are lines 19, 26, and 96 with train lines BR, KI, and UP also serving the area.
For the subway, you’ll be able to make use of subway line 1, the busiest subway line in all of the city. There are also streetcars 501 and 506 which play a vital role in the local public transportation for residents.
Biking around is also quite easy, with the average bike score of the neighbourhood being 86. Most of the main roads and public areas are bike-friendly, but some major intersections can be a bit tricky to cross during peak traffic.
School District Ratings
Currently, there are about 12 public schools, 7 Catholic schools, and 3 private schools in the area, each with different rankings. On average, schools here have a rating of 6.0 to 6.7, depending on the type of school. Nonetheless, for an inner-city neighbourhood, public schools still rank relatively high.
Prominent schools in the Bay Street area include Jarvis Collegiate Institute, St. Joseph’s College School, and Lord Dufferin Junior and Senior Public School, among others.
Average Rent and Sale Prices
Being so close to everything, and living within the city center does come at a steep price tag. Prices here have been increasing year-over-year, as demand has skyrocketed in recent months with the return of office work, and in-person events.
One-bedroom apartments average around CAD 2,200 per month, with the larger two-bedroom condo priced between CAD 2,800 and CAD 3,100 per month. The largest three-bedroom condo is well above CAS 3,500 per month, averaging around CAD 3,875 per month.
For a more affordable option, studio apartments in the city have become more popular, with average monthly rental prices starting at CAD 1,850 per month. Demand has seen prices fluctuate over the last few months, and rental prices for studio apartments can go as high as CAD 2,350 per month.
Buying here is cheaper than renting, and currently, the average condo price is just under CAD 900,000. Studio apartments are the most affordable, with prices ranging between CAD 498,000 and CAD 525,000.
More expensive condos, those that consist of two or more bedrooms will on average be priced between CAD 1.5 million and CAD 1.7 million.
Investing in Bay Street Corridor
Real estate Investors have been flooding back to the Bay Street Corridor now that most of the local restrictions have been lifted, and the city is experiencing a revival phase. High Rise condos and modern apartment buildings are seen being built all across the neighbourhood, with the focus more on college students, and young professionals who recently started working in the city.
There has however been a change in yearly prices, with one-bedroom apartments being the only ones seeing a 6% decrease in price. Currently, one-bedroom apartments are on average priced between CAD 700,000 and CAD 745,000, with the more expensive being modern and recently renovated apartments.
Two and three-bedroom condos have seen the sharpest increase in prices, jumping 32% and 38% respectively.
On the other side, prices for townhouses, if any do become available on the market, are on average priced a lot higher, starting at CAD 1.1 million and climbing up to CAD 2.3 million.
Buttonwood Property Management
For years, we’ve seen the Bay Street Corridor undergo massive revitalization, and in the last few months, life has returned to most of the inner-city, with Bay Street remaining the hub of entertainment and recreation for students, young professionals, tourists, and investors. We work to keep you invested in an area with a rich history and a strong cultural background.
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