50 at Wellesley Station, 50 Wellesley St E: Two-Bedrooms Near the Subway

50 at Wellesley Station is the building I point to when a buyer wants a real two-bedroom near Yonge and Wellesley without paying a Yonge and Bloor premium. It is a 2019 Plaza tower just east of the Yonge line, the current listings are mostly two-bedrooms, and the fees per square foot are lower than at most newer towers around it. The trade is in what the fee does not cover. I’m Jatin Dua, RE/MAX Quantum Realty.

A glass tower with a tree theme

Plaza built this 37-storey tower, which topped out at about 115 metres in 2018, on the north side of Wellesley Street East. BDP Quadrangle designed it, and Patton Design Studio is credited for the interiors. Early coverage noted an L-shaped podium and a vertical seam on the tower’s north-east side, meant to break up the flat look of a typical glass box.

The detail I like is the balcony glass. UrbanToronto reported that the clear guards carry an acid-etched pattern of intersecting lines inspired by tree branches, and the base uses sculptural aluminium elements and wood-toned canopies on the same theme. It reads as a deliberate design rather than a stock window wall.

The facade itself is a window wall with grey mullions, glazing and spandrel panels. That is standard for a tower of this era, and it is the system you should ask about in the reserve fund study as the building ages.

Plaza is a Toronto developer with a long list of downtown and midtown condos, and this was one of its larger towers in the Church-Wellesley area. UrbanToronto reported that about 90 percent of suites had sold by spring 2015, well before construction, which tells you how much investor demand there was for this corner. Many of those original buyers have since leased their suites or resold them.

Suites: a building where two-bedrooms actually trade

Suites run from about 462 to 1,283 square feet. What stands out right now is that all four suites listed for sale are two-bedrooms in the 700 to 899 square foot range. In a part of town dominated by studios and one-bedrooms, a steady supply of two-bedrooms gives buyers real comparables and real choice.

During sales, Plaza released two penthouse floors that included three-bedroom suites, according to UrbanToronto; the sizes it reported ran from a corner suite of about 835 square feet up to a suite of about 1,283 square feet. Those are the largest units in the building and they come up rarely.

A 700-something-square-foot two-bedroom here is a downtown two-bedroom: efficient, with the second bedroom usually on the small side. Check whether it is a split plan with bedrooms on opposite sides, and whether the second bedroom has a window rather than a sliding panel.

What the fee covers, and what it does not

Condos.ca lists only common elements, building insurance and air conditioning as included in the fee. That suggests heat, hydro and water may be billed to each suite through submeters rather than bundled in, which is common in towers of this age. Confirm the arrangement, and the meter provider, in the status certificate.

This matters for comparison. Active listings average about $0.71 per square foot in fees, which looks attractive. But a building that bundles heat and water will look more expensive on paper, so add a realistic monthly utility cost to this suite before you compare it with an older building nearby.

Air conditioning is listed as included, which usually points to a central or shared heating and cooling system serving the suites. Ask how the suite’s heating and cooling unit is maintained, who pays for repairs and filter changes, and whether the corporation has a replacement schedule for those units in the reserve fund study.

The daily reality on Wellesley East

The building sits just east of Wellesley station, which gives it its name, with the Church-Wellesley Village immediately to the east and Yonge Street to the west. Toronto Metropolitan University, the Yonge and Bloor shops and Queen’s Park are all walkable. Paul Kane Park, a small neighbourhood green, is close by.

Wellesley between Yonge and Church has filled in with towers, including 22 Wellesley East next door and several high-rises around Yonge and Wellesley. Expect a busy street, construction somewhere nearby most years, and a mix of students, professionals and long-time Village residents. The data panel on this page covers transit, Walk Score and nearby restaurants.

For owner-occupiers, the Village to the east is the draw: restaurants, bars, Pride Month on Church Street and a strong sense of community. For anyone sensitive to noise, ask for a suite facing north or high above the street, and visit on a Friday or Saturday night before you commit.

What two-bedrooms ask, and the fee per square foot

At the time of writing, there were four suites listed for sale, all two-bedrooms between about 700 and 899 square feet, asking from about $750,000 to $768,000. Monthly fees on those listings ranged from roughly $486 to $642.

That works out to a fee of about $0.71 per square foot across active listings, which is low for a 2019 tower with concierge and a full amenity floor. The caveat is the inclusions: if heat and water are on your own meter, budget for them on top.

Asking prices are not sale prices. With four similar suites on the market at once, buyers have room to negotiate, and closed sales are the real test. My building sold report can show you what two-bedrooms here have actually sold for.

Building specifications

Amenities at 50 at Wellesley Station Condos

Most of the shared space is on the second floor, where UrbanToronto described a yoga room, a media room and indoor and outdoor lounges. Condos.ca also lists an outdoor pool, which I could not confirm in the development coverage, so ask to see it before you count it as a reason to buy.

Jatin’s honest take on 50 at Wellesley Station Condos

50 at Wellesley Station Condos — frequently asked questions

Looking at Church–Wellesley, Corktown, Moss Park and Cabbagetown more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.