South Kingsway Village III, 24 Southport St: The Entry Point, and Its Fee

South Kingsway Village III is the least expensive way into the gated complex on Southport Street, and that is exactly why buyers need to look at it carefully. Its suites are the smallest of the three buildings, mostly one-plus-dens, while the fee still carries hydro, heat, cooling, cable and parking. Per square foot that fee looks alarming; per month it can still work, depending on who you are. I’m Jatin Dua, RE/MAX Quantum Realty.

The smallest suites in the village

Village III was the last of the three phases, registered in August 1989, and it was planned differently. Strata.ca puts its mix at about 61% one-plus-dens, 22% two-bedrooms and 10% one-bedrooms, with only a few two-plus-dens and studios. Condos.ca notes that its smaller floor plans are what set it apart from Villages I and II.

Size figures vary. Condos.ca gives about 655 to 950 sq ft, and strata.ca gives both 400 to 1,000 and 670 to 1,000 on the same page. The condos.ca range matches what actually comes up for sale, but confirm any suite’s size from the floor plan.

Small here is not the same as small in a new tower. Strata.ca and condos.ca describe sunrooms or patios in many suites, separate dining areas in some, and kitchens with pass-through windows. A 700 sq ft one-plus-den from 1989 is usually laid out as distinct rooms, which many buyers find lives larger than the number suggests.

The fee-per-foot problem

Here is the number that puts people off. Across the four suites listed at the time of writing, fees averaged about $1.62 per square foot, ranging from $1,078 to $1,505 a month. That is well above what newer buildings on The Queensway advertise.

Two things explain it. First, the fee covers hydro, heat, air conditioning, water, cable and parking, which in a newer building would be separate bills. Second, a large part of any condo’s costs, such as the gatehouse, staff, insurance and the shared pool, does not shrink with suite size, so small suites carry a heavier share per foot.

The fair test is a monthly one. Add up a newer building’s fee, its parking charge, your hydro and your heating and cooling, then compare it with the single fee here. The gap narrows, but in my experience it does not always close, and on the smallest suites the all-in fee here can still be the more expensive monthly option.

What the fee does to resale

The market has already priced this in. Strata.ca’s figures show 5 sales and 1 lease over the past twelve months, with an average of about 21 days on market and sales closing roughly 5% below asking. Next door at Village II, larger suites with lower fees per foot have been selling in about ten days, slightly over asking.

That is the trade-off in plain terms. A high fee on a modest suite limits what the next buyer can borrow, which keeps a lid on price. If you are buying to hold for a few years and sell, factor that in. If you are buying to live here for a long time, it matters much less.

And people do stay. Strata.ca reports owners hold for about 9.8 years on average before reselling. That kind of tenure usually reflects residents who are happy with the building, and it is part of why availability stays low.

The courtyard, the guest suites and the street

Village III shares the complex’s gated grounds, indoor pool, sauna and gym, and strata.ca lists a games room, party room, media room and a courtyard with BBQs and picnic tables. Condos.ca also lists guest suites, which are especially useful in a building of one-bedrooms where family visits otherwise mean a hotel.

The setting is the quiet Swansea pocket between the Humber, the lake and High Park, with the Gardiner a few minutes away and Pearson roughly fifteen minutes by car according to strata.ca. Transit information is in the data panel on this page.

Further up Southport, State Building Group has proposed two towers of 26 and 29 storeys on a former plaza site at 34 Southport. UrbanToronto listed it as pre-construction when I checked. It is worth following, because it would add construction traffic now and a lot of new neighbours later.

Pricing: highest per foot in the village, lowest per suite

Condos.ca puts Village III’s average at about $719 per square foot, the highest of the three phases, and strata.ca’s recent one-plus-den sales average about $810. Strata.ca ranks the building seventh of 22 in High Park-Swansea on price per foot. That is normal: smaller suites sell for more per foot.

Per suite, though, this is the cheapest way into the complex. The four listings at the time of writing asked between $399,000 and $499,900, covering one-bedrooms, one-plus-dens and a two-bedroom. Strata.ca’s one-plus-den sales over the past year ranged from about $485,000 to $562,000.

When you compare offers, compare like with like. A suite with a sunroom or patio, a renovated kitchen or two parking spaces will sit at the top of these ranges, and an original suite without outdoor space at the bottom. With only a handful of sales a year, I would rather show you the closed sales in all three phases, adjusted for size and condition, than lean on a single average.

For a buyer, the attractive part is clear: a sub-$500,000 entry into a gated, amenity-rich complex with parking, close to the lake. The part to price in is the fee, both for your own budget and for whoever buys from you.

Building specifications

Amenities at South Kingsway Village III

For a building of mostly one-bedrooms, the guest suites and shared pool do a lot of work: they make a smaller suite easier to live in long-term. You are paying for those facilities through the fee, so use them.

Jatin’s honest take on South Kingsway Village III

South Kingsway Village III — frequently asked questions

Looking at High Park-Swansea more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.