If you're more interested in the loft variety of condo but don't want to break the bank, there are still some more affordable options out there for you in Toronto.
Of course, ‘affordability’ is subjective for all of us... and in general, lofts (particularly conversion or ‘hard’ lofts) tend to be more expensive than traditional condos.
However the lofts noted below are certainly priced below the average cost of a downtown/midtown loft.
There are of course reasons why these are the most affordable lofts; however they are all reputable developments and have their own unique bragging rights.
I was initially going to title this article the "cheapest lofts in Toronto". The word "cheap" however, doesn't do these lofts justice. They are not the tired and dilapidated homes the word "cheap" would imply.
For many, this list consists of some strong middle ground options many of our clients consider — particularly those who want to stick to a tighter budget.
Are you going to see the likes of The Candy Factory here? Probably not…
The most expensive lofts tend to be the ones that check off a lot of ‘high demand’ boxes, such as: prime location, true conversion, exposed wooden beams, exposed brick, warehouse style windows, low to mid-rise building and lower than average maintenance fees.
Of course, very few buildings have all of these things. And the ones that do sell for quite a premium.
Despite that, we at Strata.ca take long term client satisfaction very seriously.
In an effort to advocate for only the most reputable lofts, we share a list of buildings we consistently advise our clients to avoid, for various reasons (lawsuit, special assessment, blacklisted by CMHC, shoddy developer etc) — nothing on that list is here of course.
We didn’t get into any specific cost data, as this list would quickly become dated.
However on the whole, these lofts are between 10% - 20% cheaper than most. If you would like cost data, simply click on the building names below.
So let’s get to it!
Tribeca Lofts - 797 Don Mills Road
Although not the most beautiful loft conversion in the city, the Tribeca Lofts are well located (near Yonge & Eglinton) and very affordable.
You might not have shops, theatres and restaurants at your doorstep, but you get excellent value, some stunning exposures of the city and foliage, and easy access to the DVP. Condo fees are very reasonable.
The Foundry Lofts – 1100 Lansdowne Avenue
The Foundry Lofts are a stunning authentic conversion of a 19th century train factory, part of an industrial complex built by The Canada Foundry Corporation.
The lofts boast incredible 20-foot ceilings, hardwood floors, exposed brick, and plenty of natural light from warehouse windows. The building has only 3 storeys, 104 units and incredibly low fees.
Turn-over is very low here, which speaks to the pride of ownership in the building. Despite all that, it’s incredibly affordable — and that is all due to location, which isn’t bad by any stretch, and is still growing. If this loft were in the downtown core, it would be among the most expensive.
Stockyard Lofts – 121 Prescott Avenue
The Stockyard Lofts (formerly Studio One Lofts) is one of the smallest conversions in the city, with only 27 units and 3 storeys.
While expensive for a ‘condo’ in the Weston-Pelham Park neighbourhood (remember lofts are technically condos), it’s very affordable for a hard loft and one of a very small handful in the area.
Upper Beaches Lofts – 214 Main Street
The Upper Beaches Lofts has an archetypal loft exterior and is in a decent location. Originally a fish market, then a banquet hall, the building now offers 16 unique suites, which means very low turnover (or availability) unfortunately.
Condo fees are quite low to average.
Forest Hill Lofts – 1001 Roselawn Avenue
Let’s start by addressing the elephant in the room. Forest Hill… Really? We understand that Roselawn Avenue crosses ‘through’ Forest Hill… Not sure that qualifies ‘all’ of Roselawn Avenue as Forest Hill though.
Petty criticisms aside, this is a great conversion with only 5 storeys and 137 units, fees well below average and the York Beltline Trail directly behind it.
Simply put: this would be up there with the Candy Factory, Argyle, Robert Watson et al if it were more centrally located. Great value here and location certainly has room to grow.
Century Lofts – 365 Dundas Street East
The Century Lofts is in a pocket of Moss Park that’s undergoing considerable redevelopment, and as of writing this article could still be described as a little rough around the edges.
This has kept the average cost per square foot quite low, considering how central the location is (about a 12 minute walk to the Eaton Centre/subway).
This loft might look a little tired, but it is a true conversion: 41 units and only 2 storeys with low turn-over. Condo fees are lower than average, which isn’t surprising given the size of the loft and the lack of amenities.
West Village Lofts– 550 Hopewell Avenue
The West Village Lofts is one of a small handful of soft lofts that truly resemble the archetypal conversion lofts. This beautifully designed building offers only 29 units.
Although an amazing deal, the West Village Lofts are priced affordable due to location. Condo fees are in the low to average range.
Network Lofts – 2 Fieldway Road
The Network Lofts is at least of this writing, the only true conversion loft in Etobicoke. This is certainly one of the better office conversions, with 13 storeys and 205 units. Maintenance fees are reasonable — just a hair below average.
Dominion Felt Works – 41 Shanly Street
With only 10 units, this loft isn’t on most buyers radars, which is why we scramble to notify our clients the moment anything does come up. In fact, it’s been years since a unit has sold in this loft... The conversion was completed back in 1981, making this the first legal residential loft project in the city.
The Dominion Felt Works has a fairly nondescript exterior, but the interior lofts spaces are quite stunning. A slightly removed location from the core is why this loft is on this list.
The Soho Lofts – 188 Eglinton Avenue East
The Soho Lofts is one of two conversion lofts in the Yonge/Eglinton neighbourhood (the other isn’t worth writing about). Unlike the majority of the lofts on this list, this one is in a very well established — and expensive — area.
So why is it still affordable?
It likely has something to do with the surface (only) parking and most notably, the condo fees being much higher than average unfortunately. If the owners could get those fees down, it would undoubtedly have a positive impact on the unit values.
Wrigley Lofts – 245 Carlaw Avenue
The Wrigley Lofts is one of the most rustic, industrial lofts in the Leslieville neighbourhood (for some, a bit too industrial). The 5 storey building offers 88 units. Maintenance fees are quite average average.
Most of us at Strata love this building, but it’s consistently selling below the neighbourhood average for a loft.
Why? We suspect it has something to do with the mixed use (lot of commercial space in the building) and to some, the degree to which it’s industrial (many loft buyers are looking for more of a balanced blend of modern and rustic).