The Heathview by Morguard is the most expensive rental building in Toronto, according to a new study. Photo: Morguard
Toronto renters looking for deals on apartments should turn to former boroughs, the suburban edges of Hogtown — but where do the well-heeled go apartment hunting?
The most recent monthly rentals.ca report provides some clues.
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The national rental market report includes a roundup of the country’s most expensive condo and rental apartment projects. For a project to make the list, there had to be at least five units in it listed for rent on rentals.ca in July.
All 21 projects included were located in Toronto, although report author Ben Myers says this just reflects more robust rentals.ca data for Toronto compared to, say, Vancouver.
“We’re getting a lot more [Toronto] listings,” Myers, also the founder of boutique real estate consultancy Bullpen Consulting, tells Livabl.
Another look at the Heathview. Photo: Morguard
Based on the average price of listed units in The Heathview, the twin-tower purpose-built rental complex in Toronto’s posh Forest Hill community was the most expensive.
Available units in July were listed for an average monthly rent of $3,007.
For that price, prospective renters can secure a lease for a unit in a purpose-built development that has condo-like amenities, including a swimming pool, party room and private dining room, as well as 24-hour concierge service.
The iconic L Tower, a 58-floor condo tower by Yonge and Front Streets, had apartments available for an average of $2,990 a month. Despite some post-construction crane foibles, the tower has become one of Toronto’s most distinctive, with a facade that curves towards the sky.
Meantime, Yorkville Plaza, a condo building named for the bougie neighbourhood it towers 31 storeys above, achieved an average list rent of $2,966.
Next, Minto Plaza condos at 38 Elm Street, just north of Dundas Square, had an average rent of $2,860. The 33-storey high-rise is smack dab in the middle of Downtown Toronto.
King’s Club’s pool, as depicted in a rendering.
King Street West purpose-built rental King’s Club wasn’t far behind at an average asking rent of $2,850. Like the other purpose-built entry in the top five, the Liberty Village development could be mistaken for a condo tower: It’s got a pool, gym, rooftop patio, yoga studio, business centre and more.
Check out the full list of Toronto rental and condo buildings with the highest rents: