Two-bedroom condos in this walk-up multiplex are available for individual purchase, each estimated to cost approximately $1 million.
Got a Hankering for a Walk-Up Condo? Toronto's real estate scene just got a fresh breath of life with an unusual condo project popping up in the east-end neighborhood near Gerrard and Main streets. This quaint four-unit building, surrounded by detached and semi-detached houses, is the latest in a wave of "missing middle" housing, a new development style that's slowly making its way into the city.
This three-storey building, at 2343 Gerrard St. E., flaunts exclusively two-bedroom, two-bathroom residences, each boasting at least 1,000 square feet and its own floor. As a nod to the building's unique feature, it's been christened as "The Walk-Up" because, well, there are no elevators.
Multiplex condos, which resemble single-family homes divided into apartments, have become more popular among developers in Toronto. Instead of one owner renting units out, these homes are being transformed into condos and sold individually. Builder Urbinco calls this Gerrard Street East project a reimagination of both a townhome and a condo, offering a blend of single-family living and condo simplicity.
"Residents won't have concierge services or elevators, but these homes are way lower maintenance than living in a single-family home," explains realtor Paul Johnston, who's representing the property.
Prices Start at a Million Bucks
The developers have listed only two of the four units up for grabs while they gauge buyers' interest. Prices are steep though - the top-level unit, with about 1,450 square feet and a rooftop terrace, is priced at $1,195,000. The unit just below, at around 1,100 square feet with two balconies, will set you back about $900,000.
Compared to the city's average condo apartment price of $716,000 and a condo townhouse cost of $825,000, The Walk-Up's units are on the pricier side. But don’t let the high price tag scare you - builders suggest comparing the unique units to all different types of housing on the market rather than just one type.
With its bright, sunny interior, outdoor space, low maintenance, and easy condo living, The Walk-Up's two available units have already caught the eye of first- and second-time homebuyers who'd typically be interested in buying condos with less square footage in larger buildings.
Maintenance is a Snap
Breaking it down, maintenance fees are pretty reasonable at around $500 or $580 a month, which is low considering there's no concierge, elevator, or common amenities like a gym. Fees cover snow removal, landscaping, window washing, garbage removal, and a reserve fund for future major repairs.
The condo board, composed of three out of the four owners, will decide how to spend the money (except for the reserve fund, which is a legal requirement). Thanks to the small size of the development, it's likely the board could become self-managed in the future, reducing the need for a property manager.
Looking Ahead
With the push for more "missing middle" housing, it's become less of a headache for developers to bring these kinds of projects to life. Approvals once taking about a year now take a speedy six months. Also, the city doesn’t require builders to pay development charges for multiplex properties with up to four units.
Urbinco, the builders behind The Walk-Up, have plans for more missing middle developments in the pipeline. They're already planning a series of fourplexes with garden or laneway suites for construction within the next year. This move would help promote the development charge exemption, as garden and laneway suites have their development charges deferred as long as the lot is not severed within 20 years.
So, if you're ready to be a part of this exciting new trend in Toronto's real estate scene, keep your eyes peeled for more developments like The Walk-Up, offering a mix of small-scale multifamily housing and community spirit.
- This walk-up condo project in Toronto, dubbed "The Walk-Up," is located at 2343 Gerrard St. E., in an east-end neighborhood near Gerrard and Main streets.
- The four-unit building, which resembles a townhome and a condo blend, is part of the growing "missing middle" housing movement in the city.
- Each residence in The Walk-Up offers at least 1,000 square feet, with two bedrooms and two bathrooms, and is priced individually on the market.
- Builders of The Walk-Up, Urbinco, are exploring more "missing middle" housing projects, planning a series of fourplexes with garden or laneway suites for construction within the next year.
- The city's government is supporting these developments due to a push for more small-scale multifamily housing and a development charge exemption for properties with up to four units.
- The media and community are closely following the progress of The Walk-Up and similar projects, as they could signify a shift in Toronto's housing market.
- Potential investors interested in the housing market, finance, and real estate should keep an eye on these projects to stay updated on Toronto's evolving real estate scene.
