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There is nothing like taking a nice stroll down College Street Sunday morning right in the heart of Little Italy. You'll find this neighbourhood located just south of the Annex, north of Trinity-Bellwoods, and just west of the University of Toronto grounds. The main strip on College Street between Palmerston Ave and Grace Street is the best place in the city to find a patio and enjoy a Martini. There is quite a nightlife on the weekends with the many cafes, lounges and resto-bars present.
Living in Little Italy is an refreshing mix of young, urban professionals, university students, and families - new and old. People are attracted to this neighbourhood because it is so close to the downtown core, yet the residential streets are quiet and friendly. If you step off College Street and down one of these boulevards you'd never know you were so close to all the hustle and bustle. The homes in little Italy are known for their beautiful Victorian architecture, mostly detached and semi-detached. If you want a beautiful example of the homes in the area, my suggestion is to take a nice leisurely walk down Palmerston Avenue and take in the neighbourhood feel.
There are also a few great lofts/condos to be found in the area, including Europa Condominiums, a beautiful 1884 Church Conversion at 456 College St., Ideal Lofts, Euclid Lofts, and soon-to-come Cube Lofts.