Purpose-Built Rental Buildings as a Housing Option in Toronto

04.13.22 | Toronto Real Estate News

Ever since we had our first major condos hit the Toronto skyline in the early 1980’s there has been a lack of newer purpose-built high-end rental buildings. Recently this market has grown with the popularity of the REIT or Real Estate Investment Trust. Years ago, downsizers only options were the Benvenuto (converted to Condominium), the Colonnade or the Manulife Apartments.

The rental market has now widened offering substantially smaller units in buildings with excellent and expanded facilities. Unlike renting a condo, which may be subject to the owner’s whims, these are much more stable environments as long as you pay the rent and abide by the rules.

I’ve chosen a couple of buildings located in the central core as examples. Each of the buildings below seems to have a different cohort to appeal to however have a look and see what looks good to you. I have added some of the older with the newer but the good news for those who chose to rent is that the field has got bigger and will continue to do so…

If you think there are others that belong on this list, let us know in the comments below!

—> Read more: Rightsizing-When is the right time to leave your home?

The Thomas – 355 St.Clair Ave W

Located in the St Clair West neighbourhood, The Thomas is a high-rise apartment building with spacious units. Managed by CAPREIT, the building has been upgraded in recent years to match modernizing standards of luxury. 

Units begin at 860 square feet, with the largest units measuring 1780 square feet. Leases range from $2,780 to $6,995. Amenities include valet parking, an outdoor pool and a fitness centre. 

Tower Hill East – 330 Spadina Rd

Located just off of St. Clair Avenue west near Casa Loma, Tower Hill East offers modern rental apartments with great views of the city in every direction. The building was completed in 1966 and is currently managed by CAPREIT

Suites range from 482 to 3,240 square feet. Leases start at $2,495 and go up to $4,700. Amenities include an outdoor pool, concierge, storage facilities and flower garden. 

Ready for a smaller living space? Download our complete guide to rightsizing 

400 Walmer Rd

Previously known as Park Towers East and West, 400 Walmer Road offers luxury rentals in Toronto’s Cedarvale neighbourhood. Completed in 1964, the building was once considered a leader in high-end residencies. 

Units range from 745 to 1,300 square feet. Leases range between $2,008 and $3,590 monthly. Despite its age, the building has quite a few amenities. These include a pool, library, sauna, fitness centre and on-site security. 

561 Avenue Road

561 Avenue Road is located in Toronto’s Deer Park neighbourhood. Managed by Kenair Apartments, the building is one of the older properties on this list. Amenities include an on-site bistro, easy access to transit, and on-site security. 

Minto Yorkville – 61 Yorkville Ave

Located in upscale Yorkville, this development boasts stylish luxury suites to match the neighbourhood surrounding it. Completed in 2003, the Minto Yorkville was developed by Minto, who still manages the property today. 

Units range from 645 to 1,845 square feet, with leases beginning at $2,999. Amenities include a 24/7 concierge, electric car parking, fitness centre, resident lounges and an on-site theatre room. 

Planning on renting next? We’ve put together some tips to make the transition easier here. 

The Roe by Minto – 150 Roehampton Ave

Located in the popular Yonge and Eglinton district, The Roe was developed by Minto and completed in 2007. The Roe is a sophisticated, boutique-style building where residents enjoy a friendly community atmosphere. 

Units range from 393 to 802 square feet, with available leases ranging from $2229 to $2599. Amenities include private balconies, a fitness centre, 24/7 guest services and storage facilities. 

2Fifteen Forest Hill215 Lonsdale Rd

Located in one of the city’s most coveted neighbourhoods, 2Fifteen Forest Hill is a brand new luxury building. Developed by DBS, the building is only a few months away from completion, with residents set to move in Summer 2022. 

Units range from 580 to 2,150 square feet. Leases range from $3,200 all the way to $12,000 for penthouse suites. The building offers hotel-style amenities for residents such as a 24/7 concierge, parcel management, fitness centre and games room. 

The Parker – 200 Redpath Ave

The Parker is a brand new high-end rental complex located near Yonge and Eglinton. Developed by Fitzrovia, the building is set for completion in early 2022.  

Units range from 350 to 886 square feet, with leases ranging from $1,800 to $4,330. As you may expect, The Parker offers a handful of standout amenities such as bowling alleys, a signature infinity pool, gym and yoga facilities, pet spa and an on-site cafe. 

The Charles – 44 Charles St W

Uniquely located in the Manulife Centre, The Charles is a new development that offers a variety of lowrise and highrise suites in the Bloor-Yorkville district. Completed in 1974, the Manulife Centre is home to a number of amenities including direct pedestrian tunnels to the Bloor-Yonge Subway Station, offering residents unmatched convenience. 

Suites, which can be furnished or unfurnished range from 361 to 1,609 square feet. Leases range from $1,751 to $5,940. Residential amenities include a pool, sundeck, library and concierge. 

Nervous about adjusting to a smaller living space? Check out these resources.

The James – 10 Price St

Located in trendy Rosedale, The James is set to offer sophisticated luxury rentals just outside of the downtown core. The building is developed by Tricon Residential and construction is currently underway. 

Although floor plans and rates are yet to be published, we can confirm that the 21 storey building will be home to 120 units. 

99 Gerrard West – 99 Gerrard St W

700 Bay – Toronto, ON

Located in the heart of downtown Toronto, 99 Gerrad West offers luxury one-bedroom and two-bedrooms suites. The building is managed by BentallGreenOak and offers a unique variety of in-suite and shared amenities.

Units range from 554 to 1189 square feet, with leases starting around $2485. Amenities include an on-site cafe, pool, fitness centre, outdoor terrace and pet spa.

The Heathview – 320 Tweedsmuir Ave

Just across the street from St. Clair subway station and the TTC, The Heathview is located on Tweedsmuir Avenue, south of Heath Street between Spadina and Bathurst, in the sought-after Forest Hill Village. It was completed in 2014 by Morguard.

Units range from 558 to 1497 square feet. Amenities include party room, fitness center, swimming pool, private dining room, guest suites, outdoor terrace & courtyard. The Heathview also provides an on-site car-share program, e-car charging stations and bicycle stalls as a part of their Green Living program.

One o One – 101 St. Clair Avenue 

Another example of purpose built high-end rental building in the Forest Hill neighbourhood is the 101 St Clair by Camrost Felcrop. This building is located at the corner of Avenue Road and St. Clair, at the heart of the Imperial Village community, in close proximity to Yorkville, Rosedale and Summerhill. Both the subway station and the streetcar are at a walking distance and so is the popular Yonge and St. Clair corridor with lots of shopping, food and entertainment.

Units range from 600 to 2000 square feet. Leases for available units range in price from $3,650 to over $10,200. Amenities include a two-story lobby lounge with a fireplace, 24/hr concierge, a dog parkette with a run and pet wash area, business centre, private party room with catering kitchen, dining lounge and card room and outdoor amenities adjacent to the party room.

The Colonnade – #504A-131 Bloor St. W

A veteran among these developments, the Colonnade, located at the heart of Yorkville’s most fashionable street, offers you life amidst the best of shopping, fine dining, as well as art and culture. The building is in close proximity to the Museum and Bay Subway stations. It was opened in 1963 by the Mayor Donald Summerville with these words: “A creative and imaginative answer to the pressing problems of urban renewal.”

Units range from 480 to 1280 square feet. Amenities include 24 hour security and surveillance, lounge with a kitchen, fitness center, smart card laundry centre, guest suites, on-site convenience store and dry cleaners, controlled indoor visitor and tenant parking, dry recycling and organic composting available on each floor.

Two Avenue Road – 2 Avenue Road

This new development by Oxford Properties, coming in 2020, offers life in the south tower of the iconic Toronto Park Hyatt Hotel. It is located in Yorkville, steps from the U of T, the ROM and the Mink Mile on Bloor Street.

Units range from 973 to 1922 square feet.  Amenities include an outdoor terrace, private event space with a kitchen and a fitness center.

The Montgomery – 25 Montgomery Ave

This new development by Rockport, located in the Yonge & Eglinton neighbourhood, was finished in 2019. It has a walkscore of 97 and transit score of 91.

Units range from 519 to 1079 square feet. Leases for available units range in price from $2,255 to over $4,440. Amenities include Pet wash area, guest suites, party room, fitness center and an outdoor pool.

The LivMore – 43 Gerrard St W

A new apartment development by GWL Realty Advisors, it was completed in 2018. Located in the heart of Downtown Toronto on the corner of Bay and Gerrard, this complex is steps away from dining, shopping and entertainment.

Units range from 355 to 1560 square feet. Leases for available units range in price from $2,200 to over $5,502.Amenities include two-storey sky lounge, outdoor terrace (5th floor), gym/fitness area, yoga/aerobic studio, party room (private function areas with kitchen facilities), theatre/screening room, game room, dog spa and outdoor dog area, 100% smoke-free building, on-site dry cleaning services.

Niagara West Apartments – 39 Niagara St, King West Village

This new apartment complex by Minto is currently under construction and scheduled for completion in 2020. Located in the energetic Toronto’s King West neighbourhood, known for its high-end condo buildings, great nightlife and delicious food.

Units range from 419 to 1227 square feet. Leases for available units range in price from $1,944 to over $4,799. Amenities include fitness center, bbq and fire pits, 24 hour concierge, sauna & steam room, outdoor rooftop urban garden, outdoor rooftop pool, rooftop off-leash dog run area.

Two St. Thomas – 2 St Thomas

A new apartment development by BentalGreenOak Residential Services and Kingsett Capital was completed in 2017. Nestled in the heart of Yorkville, with a walkscore of 99, this complex is in close proximity to shopping, fine dining and entertainment — the best of what the Bloor/Yorkville area has to offer.

Units range from 534 to 1428 square feet. Leases for available units range in price from $2,730 to over $8,450. Amenities include fitness center, in-house pet spa, rooftop terrace, resident lounge, ClikFIX for easy maintenance requests, fireplace lobby lounge, private dining room with kitchen, 24/7 concierge, profesionally curated original art collection, electric car charging station, on-site property management, parcel management system.

The Selby – 25 Selby

This new apartment and townhouse development by Tricon House and MOD Developments Inc. was completed in 2018. Located south of Rosedale, a short distance from Yorkville and just a block away from the Sherbourne subway station.

Units range from 524 to 1328 square feet. Leases for available units range in price from $2,210 to over $4,580. Amenities include rooftop swimming pool, co-working space, game room, private theatre, party room, dog spa, sauna spa, outdoor kitchen, fitness center, outdoor lounge area.

Kings Club – 1100 King Street West

This new apartment development in Liberty Village by First Capital and CAPREIT was completed in 2019. Nestled in the middle of what’s become “the city’s hippest and most dynamic neighbourhood”, close to eclectic shops, fine dining, art ateliers and cafes.

Units range from 470 to 1217 square feet.  Leases for available units range in price from $1,810 to over $3,495. Amenities include a party room, pool, rooftop patio and a yoga room.

Are there any other purpose-built rental developments located in Downtown Toronto that belong on this list? Please feel free to email your thoughts and comments and remember that lists are meant to grow!