This area has a lot to offer. Part of it is the legacy of North York. North York was a thriving suburban city like Mississauga. It invested heavily in its civic amenities and received various investments from the province so that its residents didn't have to go to downtown Toronto to go to a large library, work at a big corporate head office, see a play, visit Service Canada, go to court, or go to a nice park or public square.
Some people want a downtown-style walkable neighbourhood with lots of shopping options, restaurants, transit, and amenities, but have to get on the 401 and drive to work each day. The area is valuable because it offers excellent amenities to people with different needs: easy 401 access for drivers working in the suburbs, easy subway access for commuters heading midtown and downtown, GO transit connections, and a wide variety of housing options.
For many people, this neighbourhood suits their needs better than Yonge and Bloor or Yonge and Eglinton. That reality drives up demand. Downtown residents who believe that most people outside of the downtown core work in the Financial District may be surprised that there are thousands of other commuting patterns--many involving thriving businesses and well paying jobs in the suburbs. The region's economic strength drives demand and prices in areas with varied housing options and good amenities outside of the downtown core like this one.