Discovering Riverdale: A Guide to Living in One of Toronto’s Most Charming Neighbourhoods
Riverdale is a picturesque and diverse neighbourhood located in Toronto’s east end. It is bounded by the Don River to the west and north, Gerrard Street East to the south, and Logan Avenue to the east. This historic neighbourhood has a rich history dating back to the 19th century, when it was originally settled by Irish immigrants. Since then, it has evolved into a vibrant community with a strong sense of community and a wide range of amenities. In this article, we will provide an in-depth analysis of the real estate market in Riverdale, highlighting its key features and attractions that make it a desirable place to live.
Real Estate Market in Riverdale
Riverdale is a popular and highly sought-after neighborhood in Toronto, with a vibrant community and a range of amenities and attractions. The real estate market in Riverdale is competitive, with prices continuing to rise in recent years. In this section, we will provide an overview of the current real estate market in Riverdale, including average housing prices and trends, as well as the types of properties available.
Average Housing Prices and Trends:
According to the latest data from the Toronto Real Estate Board (TREB), the average price for a home in Riverdale as of December 2021 was $1,453,676. This represents an increase of 22.8% from the previous year. This price includes all types of properties, including detached homes, semi-detached homes, townhouses, and condominiums.
One of the main drivers of the increase in housing prices in Riverdale is the high demand for properties in the area. Riverdale is a highly desirable neighborhood, known for its tree-lined streets, charming homes, and excellent amenities. This has led to a competitive market, with multiple buyers often bidding on the same property.
Types of Properties Available:
Riverdale offers a variety of different types of properties, including detached homes, semi-detached homes, townhouses, and condominiums. Each type of property has its own unique features and benefits.
1. Detached Homes
Detached homes are the most expensive type of property in Riverdale, with an average price of $2,415,196 as of December 2021. These homes are typically larger and offer more privacy than other types of properties. They are popular among families and those looking for a long-term home.
2. Semi-Detached Homes
Semi-detached homes are a popular option in Riverdale, with an average price of $1,635,858 as of December 2021. These homes offer a balance between privacy and affordability, with many featuring charming architectural details and spacious yards.
3. Townhouses
Townhouses are a more affordable option in Riverdale, with an average price of $1,226,105 as of December 2021. These properties offer a low-maintenance lifestyle and are often located in desirable locations close to amenities and public transportation.
4. Condominiums
Condominiums are a popular option for those looking for a low-maintenance lifestyle in Riverdale, with an average price of $754,702 as of December 2021. These properties are often located in desirable locations close to amenities and public transportation, making them a great option for urban professionals.
Some important Market Trends and Outlook of Riverdale:
The real estate market in Riverdale is expected to remain strong in the coming years, with prices continuing to rise due to high demand and limited supply. According to the TREB, the number of sales in Riverdale increased by 10.8% in December 2021 compared to the previous year, indicating a strong demand for properties in the area.
One of the key drivers of the market in Riverdale is the strong sense of community and attractive amenities in the area. Riverdale is known for its excellent schools, parks, and community events, making it a popular location for families and young professionals alike.
Additionally, Riverdale’s proximity to downtown Toronto and easy access to public transportation and major highways make it an attractive location for those working in the city. The area is home to a range of strong companies, including technology startups, media companies, and financial institutions, providing a range of employment opportunities for residents.
Neighbourhood Highlights:
Riverdale is a vibrant and diverse neighbourhood in Toronto, known for its tree-lined streets, historic homes, and charming parks. Here are some of the neighbourhood highlights:
Community Events and Festivals:
Riverdale is home to several community events and festivals throughout the year, including:
- Riverdale ArtWalk: This annual event showcases the work of local artists and takes place in June at Jimmie Simpson Park.
- Taste of the Danforth: This popular summer festival celebrates Greek food and culture, and draws crowds of over 1 million people each year.
- Riverdale Farm Fall Festival: This family-friendly event takes place in September at Riverdale Farm, and features hayrides, pumpkin carving, and other autumn activities.
Parks and Green Spaces:
Riverdale is home to several parks and green spaces, including:
- Riverdale Park: This large park offers stunning views of the Toronto skyline and features a running track, baseball diamond, and playground.
- Withrow Park: This popular park is a favourite among families, and features a wading pool, ice rink, and community garden.
- Jimmy Simpson Park: This small park is home to the Leslieville Farmers’ Market, and features a playground and basketball court.
Restaurants, Bars, and Cafes:
Riverdale is known for its diverse culinary scene, with a range of restaurants, bars, and cafes to suit any taste. Some popular spots include:
- Lady Marmalade: This popular brunch spot is known for its creative twists on classic dishes, like stuffed French toast and eggs benedict.
- Aft Kitchen & Bar: This cozy restaurant offers a menu of Mediterranean-inspired dishes and a selection of craft beers and cocktails.
- Boxcar Social: This trendy cafe and bar serves up a range of coffee drinks, wines, and spirits, and features a cozy fireplace and outdoor patio.
Schools and Educational Institutions:
Riverdale is home to several top-rated schools and educational institutions, including:
- Riverdale Collegiate Institute: This high school is known for its strong academic programs and extracurricular activities, including a drama club and sports teams.
- Pape Avenue Junior Public School: This elementary school has a strong focus on technology and innovation, and offers a range of extracurricular programs like chess club and robotics.
- Greenwood College School: This private school offers a rigorous academic program and a range of extracurricular activities, including athletics and performing arts.
Jobs in Riverdale:
One important consideration for those looking to buy or invest in Riverdale is the job market. Here is an overview of the job market in Riverdale and the greater Toronto area, as well as some of the strong companies present in the area.
Job Market in Riverdale and Toronto-
The job market in Toronto has been steadily improving over the past few years. According to Statistics Canada, the unemployment rate in the city was 6.9% in January 2022, down from 7.6% in January 2021. Additionally, the city’s economy has been growing, with a GDP increase of 6.2% in 2021, according to the Conference Board of Canada.
In terms of industries, Toronto has a diverse economy with a range of sectors that are thriving. The city is home to major companies in finance, technology, healthcare, and more, offering a wide range of job opportunities for residents.
Strong Companies in Riverdale-
While Riverdale is primarily a residential neighborhood, there are several strong companies present in the area, offering job opportunities for residents. Here are a few examples:
- Daniels Corporation: The Daniels Corporation is a well-known real estate developer in Toronto, with several projects in Riverdale and the surrounding areas. The company has a range of job opportunities available, from construction to sales and marketing.
- Blake, Cassels & Graydon LLP: Blake, Cassels & Graydon LLP is a law firm with an office in Riverdale. The firm has a reputation for being one of the best in Canada and offers opportunities for lawyers, paralegals, and administrative staff.
- ZoomerMedia: ZoomerMedia is a media company that focuses on content for the 45+ demographic. The company has several offices in Riverdale and offers job opportunities in areas such as journalism, marketing, and production.
- Community Food Centres Canada: Community Food Centres Canada is a national organization with an office in Riverdale. The organization works to improve access to healthy food and offers job opportunities in areas such as program coordination, fundraising, and communications.
While Riverdale may not be known for its job market, there are several strong companies present in the area, offering job opportunities for residents. Additionally, with Toronto’s diverse economy and growing GDP, there are plenty of job opportunities available throughout the city. When considering a purchase or investment in Riverdale, it’s important to consider the job market and potential job opportunities in the area. Working with a reputable real estate agent can help buyers and investors find properties that are conveniently located near potential job opportunities.
Transportation and Accessibility
One of the key features of Riverdale is its accessibility, with a range of transportation options available to residents. Here’s a closer look at the different modes of transportation in the area:
Access to Public Transportation:
Riverdale is well-served by public transportation, with several TTC subway stations and bus routes serving the area. Broadview Station, which is located in the heart of Riverdale, is a major transit hub that connects the neighborhood to downtown Toronto and other parts of the city.
According to the TTC’s 2021-2025 Corporate Plan, the agency plans to invest in a range of initiatives to improve public transportation in Toronto, including increasing bus and streetcar service, expanding subway lines, and improving accessibility for riders with disabilities. These initiatives are expected to benefit Riverdale residents by making it easier and more convenient to get around the city.
Major Highways and Roads:
Riverdale is located in close proximity to several major highways and roads, including the Don Valley Parkway (DVP), which provides easy access to downtown Toronto and other parts of the GTA. The DVP is one of the busiest highways in the city, with an average daily traffic volume of over 100,000 vehicles per day.
Other major roads in the area include Gerrard Street East, Queen Street East, and Broadview Avenue, which provide direct access to other neighborhoods in the city. These roads can be congested during rush hour and on weekends, however, so residents should plan their travel accordingly.
Bike Lanes and Walkability:
Riverdale is also a very walkable and bike-friendly neighborhood, with several bike lanes and paths available for residents to use. The Martin Goodman Trail, which runs along the waterfront, is a popular spot for cyclists and runners, offering stunning views of Lake Ontario and the Toronto skyline.
According to Walk Score, a website that ranks neighborhoods based on their walkability and access to amenities, Riverdale has a walk score of 90 out of 100, making it a “walker’s paradise.” The area also has a bike score of 93 out of 100, indicating that it’s very bike-friendly.
With the COVID-19 pandemic prompting many people to seek out outdoor activities and alternative modes of transportation, the walkability and bike-friendliness of Riverdale has become an even more important factor for buyers and renters in the area.
Factors to Consider When Buying or Investing in Riverdale
Riverdale is a highly desirable neighborhood in Toronto, known for its charming streets, vibrant community, and access to a range of amenities. However, when considering a purchase or investment in Riverdale, there are several factors to consider.
Affordability and budget considerations:
The real estate market in Riverdale has seen steady growth over the past several years, with housing prices continuing to rise. As of 2022, the average selling price for a detached home in Riverdale is approximately $1.8 million, while the average price for a semi-detached home is around $1.5 million. Condos in the area typically sell for an average price of $700,000 to $1 million.
These prices may be higher than other areas of Toronto, and buyers should carefully consider their budget and affordability before making a purchase in Riverdale. Working with a reputable real estate agent can help buyers find properties within their price range and negotiate the best possible deal.
Type of property and investment goals:
Buyers should also consider their investment goals when choosing a property in Riverdale. For example, if the goal is to purchase a long-term family home, a detached house with a yard and multiple bedrooms may be the best option. Alternatively, those looking for a low-maintenance investment property may prefer a condo or townhouse.
Investors may also consider purchasing properties that can be rented out, either as a traditional rental or through short-term rental platforms such as Airbnb. However, it’s important to research local regulations around short-term rentals, as these laws can vary between cities and neighborhoods.
Local zoning and regulations:
Before making a purchase in Riverdale, it’s important to understand the local zoning and regulations. These regulations can impact a property’s potential for renovation or development, as well as its value.
For example, the City of Toronto recently implemented new regulations around laneway housing, which allows homeowners to build small secondary dwellings on their property. Buyers should research the rules around laneway housing in Riverdale before purchasing a property, as this can impact the potential for future development.
Neighborhood trends and future developments:
Finally, buyers should consider the neighborhood trends and future developments in Riverdale. This includes new condo developments, commercial spaces, and other changes that may impact the demand for properties in the area.
One major development in the area is the East Harbour project, a new mixed-use development that will include residential, commercial, and office space. The development is expected to bring thousands of new jobs to the area, which may increase the demand for housing.
Other upcoming developments in the area include the redevelopment of the Leslie Street Spit and the expansion of the Broadview Hotel. Buyers should research these developments and their potential impact on the neighborhood before making a purchase.
Overall, Riverdale is a highly desirable neighborhood in Toronto, offering a range of amenities and attractions for residents. However, buyers and investors should carefully consider their budget, investment goals, local regulations, and neighborhood trends before making a purchase. With careful research and the help of a reputable real estate agent, buyers can find the right property in Riverdale for their needs.
Conclusion:
Riverdale is a vibrant, diverse, and historic neighbourhood located in Toronto’s east end. The neighbourhood has a strong sense of community and offers a range of amenities and attractions, including excellent schools, parks, and community events. The real estate market in Riverdale is competitive, with prices continuing to rise due to high demand and limited supply. The neighbourhood offers a variety of properties, including detached homes, semi-detached homes, townhouses, and condominiums, each with their own unique features and benefits. The real estate market in Riverdale is expected to remain strong in the coming years, driven by the strong sense of community and attractive amenities in the area. With its proximity to downtown Toronto and easy access to public transportation and major highways, Riverdale is an attractive location for families, young professionals, and anyone looking for a vibrant and diverse community to call home.
