Lot size and age explain most of the premium, since a newer suburb's larger footprint and modern systems generally command more than an older, more central neighbourhood's smaller lot, even when the older area sits closer to downtown.
River-adjacent established neighbourhoods can also command a premium for setting and mature trees, which is a different kind of value than a newer suburb offers and does not always show up the same way in a citywide average.
Where a specific home lands within that range depends on its own lot, condition and improvements, not the neighbourhood's reputation alone. Get your hand-reviewed valuation from Joel Dyck.