GTA Community Profile - Bay Street Corridor
Saturday Feb 12th, 2022
For decades, the Wall Street of New York symbolizes wealth, power, and influence at its finest. In Canada, we have a Wall Street of our own, right here in Toronto. This street is called Bay Street, and it is the third-largest financial district in the world, after New York and Chicago.
In this blog we will introduce the most prosperous area in downtown Toronto - Bay Street Corridor.
Bay Street Corridor Location and Transportation
The Bay Street Corridor starts from Front Street in the south and extends north to Davenport Road. It is bounded to Yonge Street on the east and University Avenue on the west.
Within this neighbourhood you can reach every corner of the community by bus. TTC Subway Lines 1 and 2 have stations across the corridor, giving this neighbourhood a full 100 score in the traffic index.
Moreover, the neighbourhood has a walkability index of 99. Within a 5-minute walk in the Bay Street Corridor, there are more than 80 dining and entertainment venues. PATH, the largest underground shopping complex in the world according to Guinness World Record, runs across and underneath the whole Bay Street Corridor. PATH has 1,200 different retail shops in an area of nearly 400,000 square meters, connecting 50 different buildings, 5 subway stations, 2 large department stores, and a transportation hub terminal, etc. It allows those who live in the Bay Street Corridor to be shielded from the natural elements without worrying about the heatwaves in the summer, or the snow in the winter.
Bay Street Corridor Community Environment
The Bay Street corridor is the most densely populated area in the entire Greater Toronto Area. The community contains the best of all downtown Toronto - it is the centre of politics, finance, and healthcare.
On the political front, the Ontario government's parliament and the Toronto Municipal Building are located right within the neighbourhood. In terms of finance, 29% of Canada's financial services industry are on Bay Street. Office buildings of international business giants are here, including Canada's five largest banks, the World's four largest accounting firms, as well as other top international financial institutions such as Citibank. In terms of healthcare, the neighbourhood has several world-renowned hospitals, including Toronto General Hospital, Princess Margaret Cancer Center, and Toronto Children's Hospital.
On the north side of Bay Street corridor is Bloor-Yorkville, a luxury shopping street that is particularly eye-catching. Within just a few hundred meters of the street is a collection of the world's top brands, such as LV, Gucci, Hermes, Tiffany, Channel and so on. If luxury shopping is not for you, Eaton Centre, Canada's third largest shopping mall, is right at the center of this community. With 230 retail shops, Eaton Centre attracts nearly 1 million shoppers every week.
Despite the neighbourhood full of high rises and fast-paced urban life, Queen's Park has added a bit of greenery and tranquility to the community. Residents in the neighbourhood often come here for a morning run to start their day or to take a leisurely stroll in the evening.
Bay Street Corridor School District Choices
In terms of education, there are three famous universities located within this neighbourhood - the University of Toronto, which ranks first in Canada, the Ontario College of Art and Design OCAD, one of the best art colleges in North America, and Ryerson University, a famous Canadian institution of higher learning.
The Bay Street Corridor neighbourhood also provides excellent elementary and secondary school catchments. For example, St. Joseph's College School, one of Canada's oldest schools formerly known as St. Joseph's Academy for Young Ladies, is adjacent to the main campus of the University of Toronto, within walking distance of the Royal Ontario Museum and the Ontario Parliament. The school provides AP programs and ESL programs, while maintaining the excellence in education with strong academic management and traditions. The proportion of international student in the school is only about 13%, which is very good for cultivating children's English ability.
Bay Street Corridor Demographics
Unlike the surrounding cities, which are vast and sparsely populated, downtown Toronto is much more densely populated and expensive, most residents live in high-rise condo apartments. The area has many students and young, high-income professionals. Average age of residents in the community is 30 years old, and 32% of households are married. Chinese make up the largest visible minority at nearly 30%.
Bay Street Corridor being the heart of Canada's largest and most diverse city, it is almost impossible to eliminate crime. Although this neighbourhood may not be statistically as safe as some surrounding cities like Markham or Richmond Hill, the crime rate in the Bay Street Corridor is still nearly 20% less than the average of all Canadian communities! This is because most of the residents living here are college students and high-income professionals who work in the city center.
Bay Street Corridor Real Estate Data
Condominiums are the most common property type in the Bay Street corridor. According to the latest January 2022 data from the Toronto Real Estate Board, the average price of condos in the Bay Street Corridor is around $991,072. Compared with other neighborhoods in the Toronto that are also popular with college students and young professionals, such as Waterfront where the average apartment price is around $787,097, the price for condo in the Bay Street corridor is more premium. (Based on 2021 September to December data)
Investing in the Bay Street Corridor is a very safe bet. The number of new housing listings is far from meeting the growth rate of the population in the city center, housing prices are in short supply, resulting in constant appreciation in property prices.
With a stable cash flow, strong demand for housing and strong asset appreciation potential, properties in Bay Street Corridor are definitely one of the best choices for property investors.
Do you like the Bay Street Corridor? If there are any interesting places and events in this community, please contact us.
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