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Where the Rich Live 18 Wealthiest Neighbourhoods in Canada

Where the Rich Live: 18 Wealthiest Neighbourhoods in Canada

It’s no secret that Canada is an expensive place to live in. Have you ever come across huge houses and wondered, “How can they afford that in this economy?” Well, we do.

We’re here to say that the uber-rich can afford that! Canada has 514 centi-millionaires (people with a wealth of USD 100 million or more), which means we rank 8th globally for the highest globally.

Wondering what are the wealthiest neighbourhoods in Canada? No more delays, and read on! Time is money, after all!

Richest Neighbourhoods in Canada

It’s no surprise that the wealthiest neighbourhoods in Canada are located in the most expensive cities: Toronto, Vancouver, and Montreal. In fact, the top three wealthiest neighbourhoods in the country are situated in Toronto. 

Homes in Toronto’s Bridle Path-Sunnybrook-York Mills come with a hefty price tag, and we mean “make your bank accounts cry!”

In fact, in 2021, an enormous mansion spanning 28,000 square feet at 24 Park Lane Circle was on the market for an astonishing $45 million!

Sunnybrook, Toronto, ON

Media Source: Toronto Luxury Listing 

Sunnybrook in Toronto is the wealthiest neighbourhood. It’s also home to the largest trauma centre in the country, the Sunnybrook Health Sciences Centre, making it a convenient place for homeowners since medical care is right around the corner.

This area is not for the faint of heart (no pun intended) or individuals running on empty. The average household net worth in Sunnybrook is a whopping $22,709,428!

Toronto’s average monthly cost of living doesn’t pose a problem for Sunnybrook residents. It’s currently $5,984 a month for a family of four, according to WOWA.

Unsurprisingly, homes here are in the millions, with an average sold price of $3.1 million, based on Zolo.ca’s data. Unsurprisingly, many homes sell for over $8 million!

York Mills-Windfields, Toronto, ON

Media Source: Toronto Luxury Listing 

York Mills-Windfields is an affluent neighbourhood in Toronto. It has a tonne of privacy and open spaces, an ideal place to live in a busy city.

Many executives and professionals live in the properties here, with many homes averaging $3 million. Meanwhile, condominiums usually cost $700,000.

Living in York Mills-Windfields means having a brick of bills. The average household net worth is a staggering $20,944,385.

Bridle Path, Toronto, ON

Media Source: Toronto Luxury Listing 

Toronto is home to the wealthiest in the country. Another rich neighbourhood in the bustling city is Bridle Path, often referred to as “Millionaires Row.” No surprises there!

You need an average household net worth of $19,729,093. This luxurious neighbourhood is pretty secluded with plenty of greenery, offering privacy to its residents.

This North York neighbourhood has been home to celebrities like Drake and the late Gordon Lightfoot. It’s also home to billionaires.

An average detached house in Bridle Path is $3.3 million, while condominiums can go for over $775,000. But it’s also home to a $35 million 30,000 square-foot property, which boasts 10 bedrooms and 14 bathrooms.

No wonder it’s an enclave for celebrities and the mega-rich!

Shaughnessy Heights, Vancouver, BC

Media Source: faithwilson | Christie’s International Real Estate

Shaughnessy Heights is Vancouver’s wealthiest neighbourhood. The average net worth you need is $13,811,849 to live in this affluent area.

Homes in Shaughnessy are usually large detached homes with an average starting price of around $4 million. But it can reach up to $25 million!

In fact, a 12,600-square-foot mansion went up for sale in 2017 for a whopping $35 million! It was the highest-priced home in Vancouver when it was listed from November 13 to 19.

Kerrisdale, Vancouver, BC

Media Source: antheapoon

Vancouver is one of the most expensive cities to live in Canada. But living in the affluent Kerrisdale is going to cost more.

According to areavibes.com, the cost of living in Kerrisdale is 50% higher than the average in Vancouver. That’s a huge gap!

That’s why it’s not surprising that the average sold price of a detached home is around $2.6 million. But expect mansions to reach over $11 million!

How can they afford that? Well, the average household net worth in the upscale neighbourhood of Kerrisdale is $12,850,938. You’ll need a really big wallet!

Forest Hill North, Toronto, ON

Media Source: bobvila

With an average net worth of $11,671,220, who can afford Forest Hill North, Toronto? Of course, those with an annual average wage of over $1.2 million!

Forest Hill, named after John Wickson’s summer residence, has plenty of green spaces that make it a quiet place in Toronto. Most houses are spacious, and the neighbourhood is close to amenities, schools, and transportation.

It’s not surprising that the average home price in Forest Hill North is around $2.4 million. While some homes may be found around $1.7 million, the majority are priced over $2 million.

Forest Hill South & UCC, Toronto, ON

Media Source: foresthillrealestateinc

Forest Hill South, like its northern counterpart, is a wealthy neighbourhood in the Forest Hill Village area. It is also home to Upper Canada College (UCC), a prestigious all-boys school.

Residents of this affluent neighbourhood have convenient access to the 401 highway and the subway, making commuting (or driving) easy. The area is also abundant in lush trees and green spaces, offering a peaceful environment for its wealthy residents.

The majority of homes are detached and spacious, featuring stunning Elizabethan and Georgian-style exteriors. In addition, the average home price in this exclusive community is approximately $2.3 million.

The average household net worth isn’t too far from Forest Hill North, at $11,530,848, with just a 1.2% difference. Many prominent residents are celebrities, entrepreneurs, lawyers, and doctors.

Summit Park, Westmount, Montreal, QC

Media Source: rochellecantor

Summit Park, on the northwest side of Westmount, is one of Montreal’s wealthiest neighbourhoods. Residents enjoy breathtaking mountain views from their luxurious homes, with average prices of $2,695,007.

The cost of living in Montreal is roughly $4195, which is lower than other Canadian cities. Despite that, residents won’t have a problem affording that, even in this economy.

Why?

Living in Summit Park requires a padded wallet and a yearly salary of $968,212. Additionally, the average net worth of households in this high-society area is a whopping $10.895,782!

Sunnyside & Edgehill, Westmount, Montreal, QC

Media Source: kaufmangroup.ca

Montreal’s Sunnyside & Edgehill is one of the city’s most expensive neighbourhoods. It has an average household net worth of $10,511,187.

On top of that, the average annual income you need to live here is around $552,038! Homes are situated on the hills, complete with panoramic views of Montreal—no wonder it’s expensive!

Houses here have more digits than the average Canadian price of $703,875. Sunnyside & Edgehill will take you back an incredible $2,839,245!

Lexington Avenue, Westmount, Montreal, QC

Media Source: joseph.montanaro

Lexington Avenue is where you’ll find St. Joseph’s Oratory, a popular tourist attraction in Montreal. It’s also home to Villa Sainte-Marcelline, a private French all-girls school.

The area offers residents a treat with breathtaking views, high-end boutiques, and fine dining establishments. But that comes with a price since houses tend to reach up to $3 million—sometimes more!

The average household net worth to live in Lexington Avenue is $10,476,422. Similarly, the average yearly salary is high at $642,960!

Sunnyside Avenue, Westmount, Montreal, QC

Media Source: kaufmangroup.ca

Montreal’s Westmount is clearly a favourite among the wealthiest Canadians. Another affluent neighbourhood is Sunnyside Avenue, south of Lexington Avenue.

The median asking price for a house is slightly below that of its counterparts on Lexington Avenue, standing at $2.1 million. Similarly, the average annual income is lower at $363,271.

But don’t hold your breath because Sunnyside Avenue took the record for the most expensive home in Quebec in 2021. A mansion dubbed the “Downton Abbey of Westmount” was sold at a record-high $18.5 million!

Shaughnessy North, Vancouver, BC

Media Source: openhouseyvr

Shaughnessy is undoubtedly where the rich live in Vancouver. It’s also the third most expensive neighbourhood in the city!

Shaughnessy North is an expensive place to move to, with homes averaging at $4 million. But the usual median asking price can go up to $7 million.

With an average household net worth of $9,087,452, expensive homes are not a problem for residents. Mansions in Shaughnessy have been listed for over $10 million, and undoubtedly, they know the best real estate lawyers for a valid sale!

Westmount, West Vancouver, BC

Media Source: marbleconstruction

Clearly, Westmount is one of Vancouver’s places for the rich. The median asking prices for homes are around $4.3 million.

Joseph Montanaro, a luxury real estate broker, has listed Westmount homes from $10 million to $25 million. Many of these have six to eight bedrooms.

Home buyers in Westmount usually need a $20% downpayment of the purchase price. But that’s not a problem if your household net worth is $8,956,821. 

According to RE/MAX Rosetti Realty, the average home size in Westmount is 3,760 square feet. No wonder it’s one of the most desirable areas in Vancouver…for the rich!

Britannia, Calgary, AB

Media Source: millionaire__homes

Alberta is one of the cheapest places to live in Canada. But that doesn’t mean there aren’t affluent neighbourhoods in the prairies.

Britannia provides accessibility due to its close proximity to downtown. It also offers homeowners peacefulness due to the rivers and parks.

It’s one of the most expensive places to live in Calgary. The average household net worth is $7,984,224, with homes averaging $2.2 million.

Finding homes priced at $800,000 is still possible, but finding some at $4 million is not surprising. Some of the most expensive homes have sold at $4.9 million.

Upper Mount Royal, Calgary, AB

Media Source: maillot_homes

Upper Mount Royal South in Calgary is one of the wealthiest neighbourhoods. That’s despite Alberta being one of the most inexpensive places to live in Canada and having the lowest taxes in the country.

It also has some of the most beautiful homes you can find in Calgary. There’s a mix of old and contemporary styles, averaging $2.5 million, and larger homes with 5,700 square feet can reach up to $7 million.

Surely, the high price tag doesn’t pose a problem if your household net worth is around $7,542,402 to $7,720,307. Part of what the rich are paying for in this suburban neighbourhood is the gorgeous views of the city.

It’s close to the downtown core, with plenty of upscale establishments. It’s also the city’s central business district, making it easily accessible for professionals and entrepreneurs living in the affluent neighbourhood.

Elbow Park, Calgary, AB

Media Source: aimhomesca

It’s pretty clear that in Alberta, Calgary has the wealthiest neighbourhoods. Elbow Park’s average household net worth is an astounding $7,611,156.

With that money, real estate brokers won’t have a problem selling expensive homes despite the average price being $2 million. The lowest listing price is around $550,000, but the highest can reach $9.8 million.

Elbow Park is one of Calgary’s oldest neighbourhoods. It has a certain charm due to the presence of heritage homes, beautiful scenery, and spacious parks.

King George Park, Westmount, Montreal, QC

Media Source: joseph.montanaro

Westmount in Montreal just has so many wealthy neighbourhoods. The homes around King George Park have some of the highest prices in the city.

It’s an accessible area, making it desirable to home buyers. It’s walkable and there are plenty of bus stops nearby.

But that doesn’t come for free—you need an annual income of around $534,971. Meanwhile, the household net worth is roughly $7,574,692.

Most homes start around $780,000. Larger homes have premium prices at $1.7 to $2 million, with three to four bedrooms included.

Roxboro, Calgary, AB

Media Source: tyrrellcustomhomes

Situated along the Elbow River to the north and south, Roxboro is an upscale neighbourhood in Calgary. Homeowners get the convenience of being within walking distance of hip establishments.

With a household net worth of $7,368,972, homeowners had no problem affording the average house price of $1.1 million. The average yearly income per household is $810,000, and unsurprisingly, Roxboro has no low-income residents.

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