256 Jarvis Street: 54 Self-Managed Suites Beside the TMU Campus

256 Jarvis Street is a building most downtown buyers walk past without noticing, and that is part of its value. It is a 15-storey, 54-suite condominium from 1983 with four suites per floor, mostly large two-bedrooms, and a fee that covers heat, cooling, cable and parking. It is also self-managed, which is rare and changes what you need to check before you buy. I’m Jatin Dua, RE/MAX Quantum Realty.

Four suites a floor, mostly large two-bedrooms

The building’s design is plain concrete and vertical glass, but the floor plate is generous. There are 54 suites on 15 storeys, about four per floor, and most are large two-bedroom suites. Recorded sizes are around 1,650 square feet, which is more than double a typical new downtown two-bedroom.

Profiles describe hardwood floors, large multi-panel windows, enclosed kitchens and ensuite laundry, with finishes that vary from suite to suite. In a building this age, some suites will have been fully renovated and others will be largely original, so look at the condition as carefully as the size.

Four suites per floor also means quiet hallways and a real sense of privacy. That is the main reason owners here tend to stay for a long time.

A self-managed building

256 Jarvis is listed as self-managed, meaning the board runs the building directly rather than hiring a property management company. That is unusual for a 15-storey building and can work very well: costs can be lower and decisions faster when engaged owners are in charge.

It also puts more weight on the people involved. Before you buy, read recent board minutes and the most recent reserve fund study, ask who handles day-to-day maintenance and emergencies, and find out how the books are kept and audited. A self-managed building is only as strong as its board and its records.

An inclusive fee and a few unexpected amenities

The fee includes common elements, heat, air conditioning, cable TV, building insurance, parking and water. Hydro is the only major utility left on your own bill, which is about as inclusive as Toronto condo fees get.

The amenity list is short but has a couple of surprises. Profiles mention an indoor jogging track, a gym, a sauna, a recreation room and a rooftop lounge with views over the downtown core, plus visitor parking. An indoor track is rare in any building and useful in a Toronto winter.

Profiles also mention a Rabba convenience store at grade. Retail tenants change, so check what is open there when you visit.

How it compares with Jarvis Gardens down the street

A few blocks south, Jarvis Gardens at 192 Jarvis is the closest match: another 1983 building, 14 storeys and 48 suites, with heat, air conditioning and parking in the fee. The two are good to view on the same day.

The main differences are size and management. Recorded suite sizes at 256 Jarvis are around 1,650 square feet against about 1,200 at Jarvis Gardens, and 256 Jarvis adds cable TV to the fee and an indoor jogging track to the amenities. Jarvis Gardens has a professional property manager, while 256 Jarvis is run by its board.

Which is better depends on what you value. If you want the most space for the money, 256 Jarvis usually wins. If you would rather have a management company handling daily operations, Jarvis Gardens may feel more familiar. Either way, the reserve fund study is what should settle the decision.

For investors, both buildings benefit from steady demand from university staff and students, but large two-bedroom suites rent to a narrower pool than one-bedrooms. Price the rent on comparable two-bedroom leases nearby rather than on a per-square-foot figure.

Next to the TMU campus, and new towers on the way

The Toronto Metropolitan University campus, formerly Ryerson, sits directly behind the building and stretches west toward Yonge. That makes 256 Jarvis a natural fit for faculty, staff and students, and it supports steady rental demand for two-bedroom suites. The automatic panel on this page shows transit, schools and walkability.

The area around Jarvis and Gerrard is starting to change. UrbanToronto lists a proposed 22-storey mixed-use rental and condominium building by Antorisa Investments at 280 Jarvis, on the northwest corner of Jarvis and Gerrard, just north of this building. Further south, CentreCourt has proposed a 36-storey tower at 295 Jarvis at Dundas. Expect construction for some years, followed by more shops and services on the street.

Price per square foot at 256 Jarvis

condos.ca shows an average of about $427 per square foot here, which is very low for downtown Toronto. Treat that number with caution: with 54 suites and few sales, a handful of transactions can drag the average around. Large two-bedroom suites in an older building do trade well below the per-foot price of new condos, but your own comparison should be based on recent sales of similar-sized suites.

There were no suites for sale when this review was written. I can pull a sold report for 256 Jarvis and the older buildings nearby before you make an offer.

Keep the fee inclusions in mind when you compare. A 1,650-square-foot suite where heat, cooling, cable and parking are already paid for is a very different monthly cost from a new building where each of those is a separate bill.

Building specifications

Amenities at 256 Jarvis Street Condos

The indoor jogging track and rooftop lounge give a small building more than you would expect, and the gym and sauna cover the basics. It is not a resort-style package, but it is enough for daily life and keeps operating costs in proportion to 54 suites. In summer, I would expect the rooftop lounge to be the space that earns its keep.

Jatin’s honest take on 256 Jarvis Street Condos

256 Jarvis Street Condos — frequently asked questions

Looking at St. Lawrence, the Financial District and Downtown Yonge more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.