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Notably one of the most urbanized areas of Toronto to live in, CityPlace is a neighbourhood that was once a completely run-down area of Downtown Toronto and has developed into one of the most culturally rich and diverse communities right on the shores of Lake Ontario.
Residents here enjoy a high-paced lifestyle, as they’re located within a few minutes bus drive from the center of Toronto. Development for the area started in 2000, and today, it’s an ongoing process of gentrification and rejuvenation, as most of the high-rise condo towers and office buildings have already attracted some of the area’s most affluent young individuals.
CityPlace lives up to its name, making it one of the most sought-after neighbourhoods to live in the Downtown area. Demographically speaking, young working individuals and professional executives take up residence here.
The many condos and apartments available have become a playground for wealthy and enthusiastic investors, making CityPlace a popular destination for development both commercially and residentially.
Information on CityPlace Neighbourhood
CityPlace today is a lot different than what it was around two decades ago. After private developers claimed some of the open lands from the city, the area rapidly expanded and underwent massive urbanization.
High-rise towers and office parks were erected, the building of Canoe Landing was established, and soon after a plan was drawn up which would become Canada’s largest public art program.
The ultra-modern lifestyle offered by CityPlace makes it easy for residents to enjoy a selection of restaurants and chain coffee shops, frequently visit boutique restaurants and enjoy the Toronto Music Garden situated on the shore of Lake Ontario. And with the nearby Fashion District, retail enthusiasts are simply a stone’s throw away from some of the most luxurious clothing brands in the city.
Everything here is fast-paced, and residents here normally work in the city. In terms of demographics, locals are normally aged between 25 and 45, making it a hub for young individuals looking to enjoy what the city has to offer.
While the neighbourhood may be tucked between the hustle and bustle of the city, the development or master plan for CityPlace was to ensure there will still be a sense of community nonetheless. Through this, residents can host live events in the popular Canoe Landing Park, one of the only green spaces available.
There’s also HTO Park, with a small little beach, and during the summer Little Norway park is one of the best places for picnics, open-air concerts, and of course organic markets.
Walk Score
With more than 18,000 residents and limited space, the area has a 96 walk score, making it one of the best places to live if you don’t have a vehicle or bicycle.
Public Transportation
There’s almost no need to even own a car in CityPlace, as the area boasts some of the best public transportation options in the city.
For buses, you can select between lines 21, 29, 63, 72, 97, and 929, with an additional stop situated on Lake Shore Boulevard.
Trains include the BR, KI, LE, LW, and UP lines, while Subway Line 1 serves the area, and can be accessed via Union Station, and the St Andrew Street subway station.
Finally, there is also streetcar 509 and 511 for additional transportation options.
Bike Score
When considering the surrounding areas, and their existing high bike scores, CityPlace has a median bike score of 94. Being so well located, and in proximity to nearly everything residents will require in the city, the local developments managed to add ample bicycle pathways and access routes for residents.
School District Ratings
One of the biggest challenges for the area was a low inventory of schools. As early as January 2020, two new schools were opened to the public. Currently, there are no ratings available for these schools.
Some of the most popular and sought-after schools include Discovery Academy Fort York, Bishop Macdonell Catholic Elementary School, Downtown Montessori, and City School Senior Highschool.
Average Rent and Sales Prices
Being so close to the city and downtown amenities, it’s understandable that rent will be exceptionally higher in CityPlace.
One-bedroom apartment rents for CAD 2,100 per month and prices have changed about 17% in just the last year. Large three-bedroom apartments rent for CAD 3,350 per month, and a studio apartment can rent for anything between CAD 1,550 to CAD 2,000 per month.
Most of the apartments are modern, with newly renovated interiors, and close to all entertainment areas of the city.
Purchasing a condo on the other hand can still be quite pricey, with prices ranging between CAD 699,999 for a loft apartment to anything above CAD 1.3 million.
The high demand for condos and apartments has left the market somewhat short of supply and has driven up prices. Some high-end buildings offer condos that can be rented at CAD 1,075 square feet.
Investing in CityPlace
There are currently over 30 residential towers in CityPlace and around 120,000 square feet of commercial and retail space. So if you’re an investor looking to purchase some of the best and most sought-after property in Downtown Toronto, this neighbourhood is the place to be.
Concord Pacific is the main developer in the area and offers investors an opportunity to take advantage of the largest master plan ever created in Toronto. Concord Canada was one of their prime developments, and there are still some condos and retail spaces available.
Parade 2 on Dan Leckie Way is considered one of the best places to purchase a new condo, with prices ranging between CAD 800,000 to CAD 1,5 million, depending on the size. Some smaller lofts and studio apartments overlooking the city skyline will be a bit cheaper, averaging between CAD 650,000 and CAD 700,000.
Considering the area, residential property is still well-priced, and even though the market is currently in a buying and selling frenzy, CityPlace offers affordable Downtown living.
Buttonwood Property Management
Making CityPlace your home is easy with the help of Buttonwood Property Management, with ample amenities, and recreational facilities, to an endless choice of apartments, and condos. There truly is something magical about living in the Downtown district close to some of the best and most luxurious neighbourhoods.
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