Rosedale is an affluent neighbourhood in central Toronto, Ontario, Canada. It was formerly the estate of William Botsford Jarvis, and so named by his wife, granddaughter of William Dummer Powell, for the wild roses that grew there in abundance. It is located north of Downtown Toronto and is one of its oldest suburbs. It is also one of the wealthiest and most highly priced neighbourhoods in Canada. Rosedale has been ranked the best neighbourhood in Toronto to live in by "Toronto Life". It is known as the area where the city's 'old money' lives, and is home to some of Canada's richest and most famous citizens including Gerry Schwartz, founder of Onex Corporation, and Ken Thomson of Thomson Corporation, the latter of whom was the richest man in Canada at the time of his death in 2006.