Bay Street
Encyclopedia
Bay Street, originally known as Bear Street, is a major thoroughfare in Downtown Toronto
. It is the centre of Toronto's Financial District
and is often used by metonymy
to refer to Canada's financial industry
since succeeding Montreal's
St. James Street in that role in the 1970s. Within the legal profession, the term Bay Street is also used colloquially to refer to the large, full-service business law firms of Toronto, particularly the top-tier law firms known as the "Seven Sisters
". The name of the street originated in 1797 from the fact that it connected Lot Street (present-day Queen Street West
) to a bay at the Toronto Harbour
. Prior to that it was known as Bear Street because of frequent bear sightings in the early history of Toronto. Until 1922, the section of Bay running north from Queen Street and ending at College Street
was known as Terauley Street (named after the Terauley estate of John Simcoe Macaulay
near Bay and Queen Streets). Several discontinuous streets existed north of College Street to Davenport Road. By-Law 9316 joined these streets together as far north as Scollard Street in 1922. Finally, By-Law 9884, enacted on January 28, 1924, changed the name of Ketchum Avenue to Bay Street, extending it to Davenport Road.
Bay Street stretches from Queens Quay
(Toronto Harbour
) in the south to Davenport Road in the north. The original section of Bay Street ran only as far north as Queen Street West
. Sections north of Queen Street were renamed Bay Street as several other streets were consolidated and several gaps filled in to create a new thoroughfare in the 1920s. The largest of these streets, Terauley Street, ran from Queen Street West to Grenville Street. At these two points, there is a curve in Bay Street.
at First Canadian Place
, Scotiabank
at Scotia Plaza
, CIBC at Commerce Court
, and Toronto-Dominion Bank
at the Toronto-Dominion Centre
— and the fifth, the Royal Bank
at Royal Bank Plaza
, is one block south. Historically, Bay and King was known as the "MINT Corner" from Montreal, Imperial, Nova Scotia, and Toronto, but since 1962 the Imperial Bank
has been part of CIBC and the Bank of Nova Scotia has rebranded itself, so this nickname is no longer widely used. The core cluster of towers has crept north with the addition of the 50-storey Bay Adelaide Centre and the Trump Tower Toronto
, which is currently under construction.
In the 19th century this intersection was home to Toronto's major newspapers. The Mail Building, the old Toronto Star Building
, and the old Globe and Mail Building
were all located near the intersection.
Significant condominium
development on Bay, north of the financial district, boomed during the 1990s and construction continues on large, 40-plus storey condominiums and multi-use buildings today. The area is defined by Dundas Street to the south and Bloor/Yorkville to the north and crosses through Toronto's Discovery District
. A small portion of this stretch of Bay Street is serviced by the TTC streetcar between Dundas and College Street.
The area attracts many who work in the financial district as well as those who work in the Discovery District, nearby hospitals and schools (Ryerson University and the University of Toronto). More than 67% (or 10,380) of residents in this area are in the working ages of 25-64, significantly higher than the City of Toronto's average of 58%.
Notable buildings along this stretch include:
Another prominent intersection is the one nearest Yorkville
at Bay and Bloor
, the centre of an expensive shopping district.
The intersection of Bay and Bloor is the location of the Toronto Transit Commission
's Bay subway station
. Bay Street is served by the route 6 Bay bus
, which is one of the few downtown bus routes. The street was originally served by streetcars, but the opening of the north-south Yonge Subway in 1954 caused a number of parallel streetcar routes to be replaced by buses, including Bay.
Downtown Toronto
Downtown Toronto is the central business district of Toronto, Ontario, Canada. It is approximately bounded by Bloor Street to the north, Lake Ontario to the south, the Don River to the east, and Bathurst Street to the west...
. It is the centre of Toronto's Financial District
Financial District, Toronto
The Financial District is a business district in Toronto, Ontario, Canada, within the downtown core. It was originally planned as New Town in 1796 as an extension of the Town of York . It is the main financial district in Toronto, and is the financial heart of Canada...
and is often used by metonymy
Metonymy
Metonymy is a figure of speech used in rhetoric in which a thing or concept is not called by its own name, but by the name of something intimately associated with that thing or concept...
to refer to Canada's financial industry
Economy of Canada
Canada has the tenth largest economy in the world , is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development and Group of Eight . As with other developed nations, the Canadian economy is dominated by the service industry, which employs...
since succeeding Montreal's
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
St. James Street in that role in the 1970s. Within the legal profession, the term Bay Street is also used colloquially to refer to the large, full-service business law firms of Toronto, particularly the top-tier law firms known as the "Seven Sisters
Seven Sisters (law firms)
The Seven Sisters refers to a collection of seven leading Canadian law firms with offices in Toronto. The term can be traced back to at least 2001, when it may have been coined by Sandra Rubin to describe the top seven Canadian law firms by mergers and acquisitions deal volume...
". The name of the street originated in 1797 from the fact that it connected Lot Street (present-day Queen Street West
Queen Street West
Queen Street West describes both the western branch of Queen Street, a major east-west thoroughfare, and a series of neighbourhoods or commercial districts, situated west of Yonge Street in downtown Toronto, Ontario, Canada. Queen Street begins in the west at the intersection of King Street, The...
) to a bay at the Toronto Harbour
Toronto Harbour
Toronto Harbour or Toronto Bay is a bay on the north shore of Lake Ontario, in Toronto, Ontario, Canada. It is a natural harbour, protected from Lake Ontario waves by the Toronto Islands. It is a commercial port on the Great Lakes as well as a recreational harbour...
. Prior to that it was known as Bear Street because of frequent bear sightings in the early history of Toronto. Until 1922, the section of Bay running north from Queen Street and ending at College Street
College Street
College Street may refer to:*College Street *College Street *College Street *College Street -- A road in Dublin City Centre....
was known as Terauley Street (named after the Terauley estate of John Simcoe Macaulay
John Simcoe Macaulay
Colonel The Hon. John Simcoe Macaulay was a businessman and political figure in Upper Canada. In 1845, he donated the land on which the Church of the Holy Trinity was built.-Early Life:...
near Bay and Queen Streets). Several discontinuous streets existed north of College Street to Davenport Road. By-Law 9316 joined these streets together as far north as Scollard Street in 1922. Finally, By-Law 9884, enacted on January 28, 1924, changed the name of Ketchum Avenue to Bay Street, extending it to Davenport Road.
Bay Street stretches from Queens Quay
Queen's Quay (Toronto)
Queen's Quay is a prominent street in the Harbourfront neighbourhood of Toronto, Ontario, Canada. The street was originally commercial in nature due to the many working piers along the waterfront...
(Toronto Harbour
Toronto Harbour
Toronto Harbour or Toronto Bay is a bay on the north shore of Lake Ontario, in Toronto, Ontario, Canada. It is a natural harbour, protected from Lake Ontario waves by the Toronto Islands. It is a commercial port on the Great Lakes as well as a recreational harbour...
) in the south to Davenport Road in the north. The original section of Bay Street ran only as far north as Queen Street West
Queen Street West
Queen Street West describes both the western branch of Queen Street, a major east-west thoroughfare, and a series of neighbourhoods or commercial districts, situated west of Yonge Street in downtown Toronto, Ontario, Canada. Queen Street begins in the west at the intersection of King Street, The...
. Sections north of Queen Street were renamed Bay Street as several other streets were consolidated and several gaps filled in to create a new thoroughfare in the 1920s. The largest of these streets, Terauley Street, ran from Queen Street West to Grenville Street. At these two points, there is a curve in Bay Street.
History
The intersection of Bay and King Street is often seen as the centre of Canadian banking and finance. Four of Canada's five major banks have office towers at the intersection — the Bank of MontrealBank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
at First Canadian Place
First Canadian Place
First Canadian Place is a skyscraper in the financial district of Toronto, Ontario, Canada, at the northwest corner of King and Bay streets, and is the location of the Toronto headquarters of the Bank of Montreal. At , it is Canada's tallest skyscraper and the 15th tallest building in North America...
, Scotiabank
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
at Scotia Plaza
Scotia Plaza
Scotia Plaza is a Postmodern commercial office complex in the city of Toronto, Ontario, Canada. The complex is situated in the financial district of the downtown core, and is generally bordered by Yonge Street on the east, King Street West on the south, Bay Street on the west, and Adelaide Street...
, CIBC at Commerce Court
Commerce Court
Commerce Court is a complex of four office buildings on King- and Bay-streets in the financial district of Toronto, Ontario, Canada, The main tenant is the Canadian Imperial Bank of Commerce...
, and Toronto-Dominion Bank
Toronto-Dominion Bank
The Toronto-Dominion Bank , is the second-largest bank in Canada by market capitalization and based on assets. It is also the sixth largest bank in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the...
at the Toronto-Dominion Centre
Toronto-Dominion Centre
The Toronto-Dominion Centre, or Centre, is a cluster of buildings in downtown Toronto, Ontario, Canada, consisting of six towers and a pavilion covered in bronze-tinted glass and black painted steel. It serves as the global headquarters of the Toronto-Dominion Bank, as well as providing office and...
— and the fifth, the Royal Bank
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
at Royal Bank Plaza
Royal Bank Plaza
Royal Bank Plaza in Toronto, Ontario, Canada, is the de facto headquarters of the Royal Bank of Canada. The building shares with the Fairmont Royal York Hotel the block in Toronto's financial district bordered by Bay, Front, York, and Wellington streets....
, is one block south. Historically, Bay and King was known as the "MINT Corner" from Montreal, Imperial, Nova Scotia, and Toronto, but since 1962 the Imperial Bank
Imperial Bank of Canada
The Imperial Bank of Canada was a Canadian bank based in Toronto in the late 19th Century and early 20th Century.Founded in 1873 as the Imperial Bank in Toronto by Henry Stark Howland, former vice president of the Canadian Bank of Commerce. The bank became the Imperial Bank of Canada in 1874.In...
has been part of CIBC and the Bank of Nova Scotia has rebranded itself, so this nickname is no longer widely used. The core cluster of towers has crept north with the addition of the 50-storey Bay Adelaide Centre and the Trump Tower Toronto
Trump International Hotel and Tower (Toronto)
Trump International Hotel & Tower, Toronto is a mixed-use skyscraper currently under construction in Toronto, Ontario, Canada. It is being built by Talon International Development Inc., which is owned by Val Levitan and Canadian businessman Alex Shnaider....
, which is currently under construction.
In the 19th century this intersection was home to Toronto's major newspapers. The Mail Building, the old Toronto Star Building
Old Toronto Star Building
The Old Toronto Star Building at 80 King Street West in Toronto, Ontario, Canada, was built in 1929 by Chapman & Oxley and abandoned in 1970 when the Toronto Star newspaper moved to One Yonge Street. The Art Deco building was torn down in 1972 to make way for the First Canadian Place. It stood at...
, and the old Globe and Mail Building
Old Globe and Mail Building
The old Globe and Mail building was an impressive example of streamlined modern building at the northeast corner of King and York, Toronto, built in 1937 and demolished in 1974 to make way for the First Canadian Place complex...
were all located near the intersection.
Points of interest
Condominium
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights...
development on Bay, north of the financial district, boomed during the 1990s and construction continues on large, 40-plus storey condominiums and multi-use buildings today. The area is defined by Dundas Street to the south and Bloor/Yorkville to the north and crosses through Toronto's Discovery District
Discovery District
The Discovery District is an area of downtown Toronto, Ontario, Canada, that features a high concentration of hospitals and research institutions, particularly those related to biotechnology...
. A small portion of this stretch of Bay Street is serviced by the TTC streetcar between Dundas and College Street.
The area attracts many who work in the financial district as well as those who work in the Discovery District, nearby hospitals and schools (Ryerson University and the University of Toronto). More than 67% (or 10,380) of residents in this area are in the working ages of 25-64, significantly higher than the City of Toronto's average of 58%.
Notable buildings along this stretch include:
- Toronto Coach Terminal
- Residences of College ParkResidences of College ParkResidences of College Park is a twin tower skyscraper complex in Toronto, Ontario, Canada. The north and south towers were completed in 2006 and 2008, respectively, and stand on Bay Street just south of College Street near the historic College Park department store. A third phase of the...
- 777 BayCollege Park (Toronto)College Park is a shopping mall, residential and office complex located on the southwest corner of Yonge Street and College Street in Toronto, Ontario, Canada...
- MuranoMurano, TorontoMurano Condominiums, is a two-tower residential high-rise condominium complex located alongside Bay Street, near the intersection of College Street in the Discovery District of downtown Toronto, Ontario, Canada. Construction of the North tower was completed in the winter of 2008/9. The South...
- Sutton Place HotelSutton Place HotelThe Sutton Place Hotels are a collection of sophisticated properties in North America. Each hotel is distinctly different in style, yet all offer timeless elegance, consistent product and dependable service...
- Bistro 990Bistro 990Bistro 990 is a restaurant in Toronto, Canada. The bistro serves Provençal style French cuisine in an informal atmosphere. It was opened in 1988 by chef Chris Klugman, who was responsible for several notable Toronto restaurants. The current chef is Christopher Hounsell.The restaurant is a popular...
- Manulife CentreManulife CentreThe Manulife Centre is located on the southeast corner of Bay and Bloor streets, adjacent to the southern edge of the Yorkville district of Toronto, Ontario, Canada...
Another prominent intersection is the one nearest Yorkville
Yorkville, Toronto
Yorkville is a district in Toronto, Ontario, Canada, well known for its shopping. It is a former village, annexed by the City of Toronto. It is roughly bounded by Bloor Street to the south, Davenport Road to the north, Yonge Street to the east and Avenue Road to the west, and is considered part of...
at Bay and Bloor
Bloor Street
Bloor Street is a major east–west residential and commercial thoroughfare in Toronto, in the Canadian province of Ontario. Bloor Street runs from the Prince Edward Viaduct westward into Mississauga, where it ends at Central Parkway. East of the viaduct, Danforth Avenue continues along the same...
, the centre of an expensive shopping district.
The intersection of Bay and Bloor is the location of the Toronto Transit Commission
Toronto Transit Commission
-Island Ferry:The ferry service to the Toronto Islands was operated by the TTC from 1927 until 1962, when it was transferred to the Metro Parks and Culture department. Since 1998, the ferry service is run by Toronto Parks and Recreation.-Gray Coach:...
's Bay subway station
Bay (TTC)
Bay is a station on the Bloor–Danforth line of the subway system in Toronto, Canada. It is located at 64 Bloor Street West at Bay Street.One major amenity of this station is the Toronto Transit Commission's Lost articles office, where objects lost on TTC property are kept.-History:Bay Station was...
. Bay Street is served by the route 6 Bay bus
Toronto buses and trolley buses
Toronto Transit Commission buses are transit buses used for public transport in Toronto, Ontario, Canada. Buses are owned and operated by the Toronto Transit Commission . With over 140 routes in operation, the TTC attracts over 400 million riders each year. Each route is further divided into branch...
, which is one of the few downtown bus routes. The street was originally served by streetcars, but the opening of the north-south Yonge Subway in 1954 caused a number of parallel streetcar routes to be replaced by buses, including Bay.
External links
- Bay Street at Google MapsGoogle MapsGoogle Maps is a web mapping service application and technology provided by Google, free , that powers many map-based services, including the Google Maps website, Google Ride Finder, Google Transit, and maps embedded on third-party websites via the Google Maps API...
- Bay Street Corridor neighbourhood profile