Whether you’re an investor, or perhaps a young couple looking for the perfect neighbourhood to call home – Riverdale should be one of the first places you should be looking at. Among the neo-urbanites, and contemporary residents is a neighbourhood bursting with creative culture and a diverse community.
As one of Toronto’s biggest neighbourhoods, bordering Leslieville, Cabbagetown, Regent Park, and East York, this large area is home to some sought-after real estate, while also boasting some of the trendiest cafes and restaurants in the greater Toronto area.
A blend of city living and suburban lifestyle comes together in one harmonious sense, making it a popular place for young professionals and modern families to settle among the scattering of large parks and the bustling commercial area.
There’s no reason to leave Riverdale, as it already has everything one is looking for in a neighbourhood. From schools, recreation, and shopping, to great public transportation. It’s truly a diverse neighbourhood for all to enjoy.
Information on Riverdale Neighbourhood
The pompous neighbourhood it is today was once a small rural farming community, as much of the neighbourhoods in Toronto. It remained much underdeveloped until 1884 when it finally became incorporated with the City of Toronto.
Between 1912 and 1918, the city experienced major development and urbanisation, and Riverdale soon became one of the hottest neighbourhoods to live in. From wealthy elites, sports stars, artists, and medium-income families, a diverse community of residents would soon become the core of the neighbourhood.
Withrow Park and Riverdale Park East as the two largest parks in the area, offering both young and old a relaxing outdoor experience among the bustling cityscape. Kempton Howard Park and Phin Park offer a bit more recreational amenities for families with children, boasting playgrounds and sports fields.
Danforth Avenue is one of the main commercial streets and is teeming with culturally authentic restaurants, local coffee shops, art galleries, and merchants. One will surely find the local farmer’s market quite interesting to do all your shopping, while Riverdale Farm offers seasonal activities for children.
Although a large neighbourhood, inhabitants are community-driven, and focused on improving their lifestyle, to ensure they can keep up with the high-paced environment offered by the city which is just a stone’s throw away.
Walk Score
Riverdale has been named as the 20th most walkable neighbourhood in Toronto, with an average walk score of 86. Residents find it more convenient to travel by foot to nearby shops and outdoor parks.
Public Transportation
The more than 12,000 residents frequently make use of Subway Line 2, with five subway stations along Danforth Avenue.
There are also bus lines 72, 94, and 100 that service the eastern and southern parts of the neighbourhood.
Additionally, Don Valley Parkway and Lake Shore Boulevard East are also easily accessible for motorists.
Bike Score
Seeing as the neighbourhood covers such a vast piece of land, biking here might take a bit longer than expected. The average bike score comes up to 78, which is still considerably high for a neighbourhood of its size.
School District Ratings
Some of those schools that have rankings available averaged at around 7.2 to 7.8. There are multiple schools to choose from, making it a popular destination for families.
The most notable schools here include Riverdale Collegiate Institute, Queen Alexandra Middle School, Withrow Avenue Junior School, Greenwood Secondary School, Pape Avenue Public School, Frankland Community School, and Holy Name Catholic School, among others.
Average Rent and Sale Prices
Singletons and professionals who are looking for a one-bedroom apartment will be looking to pay on average more than CAD 2,300 per month, with larger two-bedroom dwellings pricing at CAD 2,609 per month.
Most of the newly built and modern condos or apartments are priced relatively decent, with the average monthly rent being between CAD 2,350 and CAD 3,000 per month. These developments include gyms, pools, and communal areas catered towards the residents.
If you’re looking to purchase a new home, median house prices have been going up over the last few months as demand keeps increasing. Detached homes are priced between CAD 1.9 million to CAD 2.3 million, averaging 9 days on the market. Like much of the rest of Toronto, house prices here have been increasing year-over-year.
Investing in Riverdale
Private property investors will need to be quick if they’re looking to purchase any sort of retail and commercial property, as high demand has left much of the market short supply. On average, retail spaces will cost between CAD 2.8 million and can go as high as CAD 4 million.
Renting per square foot might be a bit more affordable, with the lowest prices starting at CAD 15,00 per square foot, reaching CAD 31,00 per square foot for the current available retail spaces. Additionally, it’s good to remember that most of the commercial buildings here were built in the early 20th century, so regulation and building planning might be a bit challenging to be approved by local authorities.
On the other side, residential property investment is looking like a better option, as it offers a better return on investment, and there’s more variety to choose from. With so many young professionals looking to migrate into Riverdale, rentals are among the best investment opportunities currently available.
Buttonwood Property Management
Finding the perfect investment opportunity in Riverdale shouldn’t be a challenge. At Buttonwood property management, there’s a home, or retail space available for any investor, making sure it suits both your needs and your budget.
