The Waterfall, 2545 Bloor St W: 31 Big Suites at the Edge of the Humber

The Waterfall at 2545 Bloor Street West is the building I think of when a buyer tells me they are selling a house but cannot face a tower. It has 31 suites on four floors, most of them two-bedrooms the size of a small bungalow, and it sits back from Bloor next to the Humber valley. It is also a 1982 building that rarely trades, so you need patience and a careful read of the paperwork. I’m Jatin Dua, RE/MAX Quantum Realty.

A house-sized condo in a four-storey building

Most condos on this stretch of Bloor are mid-rise or tower buildings with suites between 500 and 900 square feet. The Waterfall is the opposite. Condos.ca puts the size range at roughly 1,716 to 1,970 square feet, and strata.ca, which counts a wider set of suites, shows about 1,556 to 1,989. Either way, the typical suite here is larger than most semi-detached main floors in the area.

Strata.ca’s breakdown shows a building that is almost entirely two-bedroom and two-bedroom-plus-den plans. There are no studios or one-bedrooms to speak of. That makes the buyer pool narrow and specific: people who want space and quiet, not a starter unit.

Marketing for recent listings describes the building as Frank Lloyd Wright-inspired. That is a listing agent’s phrase, not an architectural attribution, and I could not find the architect’s name in any source. What you can see for yourself is a low concrete building set well back from the street among mature trees and gardens.

What the suites are like

The suite features that come up again and again are double-door entries, wall-length windows, large walk-in closets, gas fireplaces, sunrooms and private terraces. Upper-floor suites have covered terraces, and at least one penthouse plan opens onto its terrace from three walkouts. That is a lot of outdoor space for a condo.

Condos.ca notes that many suites have been heavily renovated over the years. In a 1982 building that cuts both ways. A renovated suite can feel brand new, while an original one may need a full kitchen, bathrooms and flooring. Price the renovation into any original suite before you compare it to its neighbours.

A recent listing describes the heating and cooling as an electric heat pump with central air. If that applies to the suite you are looking at, ask how old the unit is and who is responsible for replacing it, the owner or the corporation.

Living next to the Humber valley

The building’s real asset is its setting. The site backs toward the Humber River valley and its wetlands, and Étienne Brûlé Park runs north from the Old Mill along the river. It has a wide path, bike trails and picnic spots, and each fall you can watch Chinook salmon swim upstream to spawn.

The Old Mill itself is a heritage site; a mill has stood there since 1793 and the stone bridge dates to 1916. Bloor West Village’s shops and restaurants are to the east, and The Kingsway is across the river. The data panel on this page shows the subway walk and the exact distances.

For anyone who drives, condos.ca puts the Gardiner about 10 minutes away by car via South Kingsway. It is a quiet location that still lets you get downtown easily, and that combination is hard to find.

A small corporation, run like a small corporation

Thirty-one owners share every cost in this building. That is the main financial fact to understand. A roof, a garage repair or an elevator modernization is split 31 ways, not 300 ways, so each owner’s share is larger than it would be in a big building, and a weak reserve fund shows up quickly in fees or a special assessment.

The upside of a small building is that owners tend to know each other and decisions get made. Strata.ca reports an average holding period of almost 20 years, which tells me most owners are happy to stay. Ask for the last few years of board minutes along with the status certificate; in a building this size they will tell you how it is actually run.

Pricing and fees: what the numbers say

Condos.ca puts the building average at about $672 per square foot. On a 1,700 to 1,900 square foot suite that is a large total price, but the rate per foot is well below what newer buildings along Bloor West ask for much smaller suites. Strata.ca shows no recorded sales in the past 12 months, so treat the $672 figure as a loose guide, not a firm comparable.

There were no active listings when I checked, and strata.ca estimates an average wait of around 279 days for a two-bedroom to come up. If you want this building, register for alerts and expect to wait. When a suite does come up, how renovated it is matters more than the building average.

On fees, the sources disagree. Condos.ca lists cable TV, common elements, building insurance, parking and water as included. Strata.ca lists hydro, heat, air conditioning and water as excluded. A recent listing says water, common area maintenance, insurance and parking are included. Expect a large monthly fee in total dollars because the suites are large, and read the status certificate for the exact inclusions and the reserve fund balance. You can also ask me for the sold report for recent trades.

Building specifications

Amenities at The Waterfall

The amenity list is short and practical: a party room, a meeting room, a car wash bay, bike storage and visitor parking. No gym or pool. The real amenity is the setting, with the Humber trails a short walk from the door.

Jatin’s honest take on The Waterfall

The Waterfall — 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.