Wealthiest Neighborhood?

[hawc]

I find this thread unbelievably tacky.

Why? Because people are discussing money? Who cares.

 

[nfitz]

Instead of analyzing household income or individual annual income, Canadian Business had an article about a month ago reporting net worth across Canada, ranked by postal codes. Link: http://www.canadianbusiness.com/richest_postal_codes_2011/58771

Fort Liard up 44% in one year? I haven't been there for a few years ... what on earth is going on up there? It looked far poorer than Fort Simpson when I was there ... did someone win the lottery?

 

[Memph]

Overall labour costs of bricklaying is substantially more expensive than stucco. Developors and home owners love stucco, it's easy to apply and hides many imperfections hence they sell it much more than brick.

I'm not saying I don't believe you but then how come most the homes in standard new subdivisions use brick cladding?

 

[hawc]

This chart doesn't make much sense to me.

How are the calculating Net Worth?

Are they including the value of the homes these people live in? Because their homes alone are worth more than $3 million in most cases.

Unless these people have incredible amounts of debt that is lowering their overall net worth in a huge way, but I can't imagine that in rich old money neighbourhoods.

How is Lawrence Park richer than Rosedale and Forest Hill? Lawrence Park is nice (I grew up there) but it's not as nice as Rosedale.

And where's the Bridle Path in all of this? It's not ever there.

I really don't understand how they arrived at these numbers.

 

[Memph]

This chart doesn't make much sense to me.

How are the calculating Net Worth?

Are they including the value of the homes these people live in? Because their homes alone are worth more than $3 million in most cases.

Unless these people have incredible amounts of debt that is lowering their overall net worth in a huge way, but I can't imagine that in rich old money neighbourhoods.

How is Lawrence Park richer than Rosedale and Forest Hill? Lawrence Park is nice (I grew up there) but it's not as nice as Rosedale.

And where's the Bridle Path in all of this? It's not ever there.

I really don't understand how they arrived at these numbers.

Maybe they substract the mortgage from the value of the homes? Even in the rich old money neighbourhoods, many residents wouldn't have paid off their mortgage yet, even if they won't have to worry too much about being able to. Also I think Bridle Path is included in St Andrews-Windfields East.

 

[hawc]

think Bridle Path is included in St Andrews-Windfields East.

Weird, so Bridle Path people have a lower Net Worth than Lawrence Park and Rosedale people? How does that work? I wish I could see this survey's methodology.

 

[cdr108]

Weird, so Bridle Path people have a lower Net Worth than Lawrence Park and Rosedale people? How does that work? I wish I could see this survey's methodology.

is the area larger so it encompasses more than just the BP vs Lawrence Park and Rosedale?

maybe BP owners use more numbered companies to shelter their money?

 

[Memph]

Actually now that I look at the St Andrews-Windfields East postal code more closely, it looks like it only includes the Northern most section of Bridle Path with neighbourhoods around York Mills/Bayview. The central part of the Bridle Path is combined with the Banbury Road area and Northern half of Don Mills and the South part of Bridle Path is combined with the Southern part of Don Mills and Flemingdon Park. I guess it comes down to the fact that the part of Bridle Path most people think of (Post Road, The Bridle Path, Park Lane, High Point) only have a few hundred people living in them which is much too little to get their own postal code.

 

[Jonny5]

I really don't understand how they arrived at these numbers.

This, like pretty much all magazine listicles, was likely put together in 15 minutes with out-of-date data and zero care or concern for accuracy.
I wouldn't put any stock in it. It's no different than "Money $ense" Saying Brandon Manitoba is Canada's best city.

 

[James]

The Bridle Path neighborhood is definitely not part of St. Andrew's-Windfields East. St. Andrew's-Windfields East is only north of York Mills, between Bayview and Leslie and the sort of the northeast part of Hogg's Hollow.

St. Andrew's-Windfields West is the area north of York Mills, between Yonge and Bayview plus the southwestern part of Hogg's Hollow.

The Bridle Path neighborhood falls within M3B and M3C.

 

[King of Kensington]

These are based on Forward Sortation Areas, which are generally larger than neighborhoods and don't always neatly respect boundaries.

For instance what they're calling "Lawrence Park" (M4N) includes part of Hogg's Hollow; the Bridle Path is split up and only has a small population anyway (like 1000 people).

I have no idea how they're calculating "net worth" - and census data (even if the latest is from 2006) for income is probably a better measure.

 

[TrickyRicky]

Actually K of K income just measures income. Wealth is different. People with no money want high income or to maximize their income, but people with high wealth want low incomes or to minimize their incomes. In other words the wealthy know that income is not a good way to generate wealth.

 

[King of Kensington]

Ranked by per capita income, 2006 census (the GTA average was about $40,000)

M4N $154,930
M4W $152,639
M2P $111,006
M4T $110,942
M4V $107,072
M2L $103,541
M8X $103,077
M5N $100,929
M5P $100,288

 

[King of Kensington]

No measure is perfect, but it's more subjective than average dwelling value (which is just a guess in the census) and also I have no idea how they come up with "net worth."

Also most of the earnings of the very wealthy comes from employment income (i.e. very high compensation), according to CCPA research on the top 1% of earners.

 

[James]

These are based on Forward Sortation Areas, which are generally larger than neighborhoods and don't always neatly respect boundaries.

For instance what they're calling "Lawrence Park" (M4N) includes part of Hogg's Hollow; the Bridle Path is split up and only has a small population anyway (like 1000 people).

I have no idea how they're calculating "net worth" - and census data (even if the latest is from 2006) for income is probably a better measure.

Precisely. Without looking at the figures, I would surmise that Hoggs Hollow contributes in increasing the M4N postal code's average income/net worth (not that household income isn't already above average in Lawrence Park).

The Bridle Path doesn't show up on the list and most likely for the reasons pointed out by King of Kensington. As mentioned, it's split up between M3B and M3C. The M3B region encompasses the Don Mills/Lawrence to Don Mills/York Mills neighborhoods as well while the M3C region encompasses the entire area around Don Mills/Eglinton.

On the issue of net worth, I too would be interested in seeing the documentation by which this was determined. I don't believe Statistics Canada does any kind of recordkeeping as far as net worth is concerned.