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Nevertheless, the many condominiums in this area provide waterfront views overlooking the Toronto Islands and the many pleasure and party boats that wind their way through Toronto's Inner Harbour. As such, it is considered to be prime residential real estate and, in terms of high-rise condominiums, has been developed to capacity.

Apart from housing, however, the Harbourfront is home to the city's ferry terminal, which provide service to the Islands, and to the Harbourfront Centre, one of the city's cultural venues. The Queens Quay Terminal, located next to the Harbourfront Centre, is a shopping centre, which was designed to be a nexus for high-end retailers. However, a lack of clientele, due in large part to the limited availability of parking in the area and the neighbourhood's inherent separation from the rest of downtown (due to the existence of the Gardiner Expressway), was the downfall of the Queens Quay Terminal. Today, the mall houses some stores and restaurants, catering predominantly to tourists.

Plans to redevelop the Harbourfront, many of which included the demolition and burying of the Gardiner, have been discussed for many years. Toronto's bid for the 2008 Summer Olympics included a proposal for a redeveloped Harbourfront, which would include an Olympic Village on the existing Docklands and a trail, which would run from Scarborough to Etobicoke (and beyond), along the waterfront. Since the Games went to Beijing, critics have suggested that the city will simply continue to ignore the Harbourfront.