The Two Hottest ‘Hoods’ In Canada

On the “Cool Streets Report”, two Canadian neighborhoods made the cut marking a productive opportunity for investors as young, urban millennials have their eyes set on these areas.

Strangely named “West Queen West” neighborhood in Toronto and Mount Pleasant/Main Street in Vancouver earned the title of “coolest” neighborhoods in North America.

The report written by Cushman & Wakefield warned “Ignore cool at your own peril”.

Although the meaning of “cool” used in the report is multi-faceted, at their very existence, these neighborhoods have their fair share of millennial urbanites who have a hand to play in transforming previously rough neighborhoods into the most desired places to live.

Take a look at the two hip Canadian ‘hoods’ and why investors ought to care.

#1. Toronto’s West Queen West – ‘Rents are only going to climb here’

“On this stretch of QSW you will find Canada’s largest concentration of independent art galleries, an abundance of independent boutiques, a flourishing restaurant and bar scene, and a couple of new hipster, boutique hotels,” the report says. “And in West Queen West, rents typically range between $30 and $60 per sf compared to rates that can top the $120 per sf mark in the tonier sections of Queen Street West). But rents are only going to climb here.

“Demand remains high for space in West Queen West and this Cool Street is increasingly demonstrating mainstream appeal.”

Millenials characterizes 75.9 percent of the population on this vast street. The average household income is at $92,354.

#2. Vancouver’s Mount Pleasant/Main Street – From working class to arts

“Housing values for some Vancouver neighborhoods have tripled over the past decade and multifamily rents skyrocketed, forcing many creative types and millennials to Mount Pleasant and its relatively cheaper rents (though these are climbing rapidly as well),” the report says. “Trendy boutiques and eateries running the gamut from fast casual to upscale have followed.”

Average household income in this Vancouver neighborhood is $85,689 and millennials form 31.3% of the population.

See the full report right here.