All the artists I know, and even some Queen West hipsters (like the guys that own the Social/Parts and Labour) are buying homes or renting in the Wallace/Perth/Lappin/Lansdowne area of town. That will be the next hot 'hood--already, "The Starving Artist" coffee cafe opened just north of Bloor on Lansdowne, Yassi's Place is hot for brunch, etc. Expect Lansdowne and Wallace retail scene to start heating up in the next few years. It's a great hidden part of Toronto that is so close to the subway. (I almost bought a dump on Ward St last year during the crash for $180,000.)
Then, the Next Next hot 'hood downtown westside I expect to heat up: Hallam/Dovercourt area, meaning the retail strip.