Purpose-Built Rental Buildings as a Housing Option in Toronto

Purpose-Built Rental Buildings as a Housing Option in Toronto

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 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-storey 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 loung 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 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!

3 Replies to “Purpose-Built Rental Buildings as a Housing Option in Toronto”

  1. Hi Richard,

    Both The Selby and The Montgomery are managed by Rhapsody Property Management, these were not developed by Pinnacle.

    The Montgomery was developed by Rockport, and The Selby was developed by Tricon House and MOD Developments.

    Have a look at our website for other options in Toronto you might be interested in listing (eCentral at Yonge & Eglinton, West22 at Weston & Lawrence, Parkside Square at Sheppard & Consumers).

    Cheers,
    Armando

  2. Hi Armando,

    thank you for your comment. For some reason BuzzBuzz Home lists Pinnacle as the developer for The Montgomery and The Selby. I’ve edited the article, thank you for pointing that out!

    Cheers,
    Richard

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