Published 19 October 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
Building at a glance · Wellington Place
Waterworks in one look.
505 Richmond St W, Toronto
Built
2021
Storeys
13
Suites
290
Developer
MOD Developments
Corporation
TSCC-2874
Walk Score
100
Free · about 45 seconds · no obligation
What is your unit at Waterworks worth today?
Floor, exposure, parking and this building’s own recent sales move the number. Your estimate appears instantly, and a written CMA from me is one tap after.
- Uses this building’s own recent sales
- Adjusts for floor, view and parking
- Your number appears instantly
How you get around
Scores from Walk Score®
Walk Score
Walker's Paradise
Transit Score
Rider's Paradise
Bike Score
Biker's Paradise
Transit, nearest first
- 501Queen St West at Augusta Ave501 Queen streetcarSteps away
- 1Osgoode stationLine 1 Yonge–University1.1 km
- 63OssingtonTTC bus1.2 km
- 13Avenue RdTTC bus1.4 km
- 19BayTTC bus1.5 km
- GOUnion Station GOBarrie / Kitchener / Lakeshore East / Lakeshore West / Milton / Richmond Hill / Stouffville lines1.6 km
- UPUnion stationUP Express · Pearson to Union1.6 km
TTC is renewing streetcar track at Long Branch Loop through late 2026; some Lake Shore streetcar trips run as buses.
Distances are straight-line from the building.
How far is everything?
From the front door, in kilometres.
Schools for this address
Public schools from the TDSB school locator, checked 18 October 2026. Boundaries change: confirm with the board before you buy.
ElementaryJK–8
Ryerson Community School
96 Denison Ave, Toronto
0.5 km · ~8 min walk
Zoned for this address
High schoolGr 9–12
Harbord Collegiate Institute
286 Harbord St, Toronto
2.0 km
Zoned for this address
Catholic elementary
St Mary Catholic Elementary School
0.4 km · ~6 min walk
Nearest, confirm zoning
Catholic elementary
Bishop Macdonell Catholic Elementary
1.0 km · ~16 min walk
Nearest, confirm zoning
Catholic secondary
St Joseph's College School
2.1 km
Nearest, confirm zoning
French-language · Viamonde (public)
Ecole Elementaire Pierre Elliott Trudeau
1.3 km · ~20 min walk
Nearest, confirm zoning
Catholic (TCDSB) and French-language schools shown are the nearest to the building, not confirmed zoning. Check the TCDSB school locator, Viamonde or MonAvenir.
By the numbers
What units at Waterworks actually trade for
| Unit type | Sold | Median price | Leased | Median rent |
|---|---|---|---|---|
| 1 bed | 1 | too few | 22 | $2,600/mo |
| 2 bed | 8 | $1,160,000 | 23 | $4,100/mo |
Table covers the last 24 months. TRREB MLS® System aggregates; a median is shown only with 3 or more deals, and sizes come from listing ranges. Not an appraisal: get an estimate for your unit.
Living here
Renters, Airbnb and elevators at Waterworks
Do mostly owners or renters live here?
Renter-heavy building. Of 118 deals here in the last 24 months, 99 were leases and 19 were sales. A high lease share usually means more investor owners, more move-ins and a deeper pool of rental comparables.
Can you Airbnb a unit at Waterworks?
No active City registrations here right now. In Toronto you can only host in your principal residence, a whole unit for at most 180 nights a year, with a $390 yearly registration and 6% accommodation tax. You cannot buy here to run it as a full-time Airbnb. Check the condo’s rules in the status certificate before you count on it.
How reliable are the elevators?
TSSA lists 3 elevators serving 16 floors, installed around 2020. Ask whether elevator modernization is in the reserve fund plan.
Sources: TRREB MLS® System lease and sale counts; City of Toronto short-term rental registrations (Open Data, 18 Oct 2026); TSSA Residential Elevator Availability portal.
Before you buy here
Five things the listing will not tell you about Waterworks
- Reserve fund health. Ask for the latest reserve fund study and its date. A thin fund in an older building usually means fee jumps or a special assessment.
- Special assessments and big repairs. Check the status certificate for planned levies and for balcony, garage, window or elevator work.
- Insurance deductible. Find the corporation’s deductible for water damage. If it is higher than your own policy covers, raise your coverage before closing.
- Fee trend. Compare this year’s budget with last year’s. Rises of 2–5% a year are typical; bigger jumps need an explanation.
- Lawsuits and rules. Look for legal claims against the corporation, and for rules on pets, short-term rentals and leasing.
Send me the status certificate and I will flag anything that matters before your conditional period runs out.
Get my status certificate reviewedWatch this building
Know the moment a unit at Waterworks lists or sells.
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- New listings for sale or rent here
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Building alerts
Takes about twenty seconds.
Eat, drink and shop nearby
Within about a 10-minute walk.
Chicken
Union Chicken
Steps away
Sushi
Aburi Sushi Toronto
Steps away
Restaurant
Lee Restaurant
Steps away
Italian
Rasta Pasta
Steps away
Vietnamese
Hanoi Bites
Steps away
Coffee
Fahrenheit Coffee
Steps away
Places from OpenStreetMap. Check hours before you go.
Parks nearby
- St. Andrew's Playground
- Alex Wilson Community Garden - Open Green Space
- Portland Street Parkette
Nearest grocery
Loblaws
0.2 km · ~3 min walk
Prices: TRREB MLS® System aggregate medians for 505 Richmond St W, last 12 months (updated 18 October 2026), compiled by Jatin Dua, Broker of Record, RE/MAX Quantum Realty Inc., Brokerage; deemed reliable, not guaranteed. Schools: TDSB school locator; Catholic and French schools: nearest by distance. Transit and scores: Walk Score® and TTC/GO station locations. Nearby places: OpenStreetMap. Distances are straight-line estimates.
Waterworks is the building I show buyers who want a heritage address and a new suite in the same purchase. MOD Developments and Woodcliffe built a 13-storey condo onto the old Art Deco Water Works building on Richmond Street West, put a food hall and a YMCA underneath it and opened the whole thing onto a park. There is nothing else quite like it downtown, and the prices reflect that. I’m Jatin Dua, RE/MAX Quantum Realty.
Quick answer
Waterworks is a 13-storey condominium at 505 Richmond Street West, between Brant and Maud Streets in Toronto’s King-Spadina area (Wellington Place). It was developed by MOD Developments and Woodcliffe Landmark Properties and designed by Diamond Schmitt Architects, with interiors by Cecconi Simone and landscape by Janet Rosenberg & Studio. Condos.ca lists 290 suites; other sources give 288 or 299. It was completed in 2021, and the condominium corporation, TSCC-2874, was registered on 27 September 2021. ICC Property Management is listed as manager. Condos.ca lists fees as covering common elements, building insurance and water.
Waterworks at a glance
A city building with nearly two centuries on the site
This block has been public land for a long time. In 1837 it was St. Andrew’s Market, one of the city’s public markets, and it later held a police station, a library and a community hall before the City built its Water Works facility here. The Art Deco building you see today was designed by J.J. Woolnough. UrbanToronto gives 1937 as its completion date, while Toronto Life describes the exterior as dating from 1932, so treat the exact year as unsettled.
The City stopped using the building, and in 2015 Build Toronto, now CreateTO, sold it to MOD and Woodcliffe. It is a designated heritage property, so the new residential floors were set on top of and behind the old structure in a horseshoe shape. The original Art Deco entrance was kept, and the address moved from 511 to 505 Richmond.
Diamond Schmitt designed the addition to sit plainly next to the old building rather than imitate it. Woodcliffe has a record with heritage projects, including the restoration of the old North Toronto railway station that became the Summerhill LCBO.
A food hall downstairs, a YMCA and a park next door
What sets Waterworks apart is what is in the base. The Waterworks Food Hall opened in 2024 after COVID delays, with about 55,000 sq ft of food space across the ground and mezzanine levels and more than a dozen vendors on opening day. Early plans called for about 20,000 sq ft, so the hall grew considerably.
The building also includes a YMCA of about 53,000 to 54,000 sq ft, planned with a 25-metre pool, a running track, a gymnasium and fitness studios across two floors. As part of the project, St. Andrew’s Playground next door was to be expanded by about 25 per cent with the City. For an owner, that is a pool, a gym and a park without paying for them in the fee, although a YMCA membership is its own cost.
The project also set aside 15 affordable suites run by Artscape for artists and their families, and space for Eva’s Initiatives for Homeless Youth. That mix of uses is part of what makes the building feel like part of the street rather than a gated tower.
Thinking about buying or selling here?
I work this area every week and I will give you a straight answer, including when the answer is to wait. No pressure, and no drip campaign you cannot get out of.
Call or text 833-330-1925 Send me a message
Jatin Dua, Broker of Record — RE/MAX Quantum Realty Inc., Brokerage. Not intended to solicit buyers or sellers currently under contract with another brokerage.
Suites: large range, many plans
Waterworks was sold with about 70 floor plans, from one- to three-bedroom suites, at roughly 550 to 2,500 sq ft at launch. That range is wide for a 13-storey building, and it means the building has both compact one-bedrooms and some genuinely large suites. Cecconi Simone designed the interiors.
The listings I saw for sale were one-bedrooms and two-bedrooms, and one of the one-bedrooms was under 500 sq ft. Because the building wraps around a courtyard, ask which way a suite faces: toward Richmond, toward the park, or into the courtyard. That changes both the light and the noise, and in a horseshoe plan some inward-facing suites look straight across at their neighbours.
The launch materials described private terraces on the lower and upper setback levels and a rooftop garden. If outdoor space is important, confirm whether a suite has a private terrace, a balcony or neither.
Living at Richmond and Brant
The daily reality is a quiet stretch of Richmond by downtown standards, between Spadina and Bathurst. St. Andrew’s Playground is right beside the building, Queen West is a short walk north and the King West restaurant strip is a short walk south.
The automatic panel on this page covers transit, walkability and nearby food. My one caution is that the food hall and its bars will draw people in the evening and on weekends. That is great if you want activity at the door, and something to consider if you are buying a low suite above the hall.
What Waterworks costs
Condos.ca does not show a building average per square foot for Waterworks, so I worked from the active listings instead. When I checked, six listings were for sale and none for lease. One of the six appeared to be a parking space or locker rather than a suite, so I set it aside.
The five suites were asking between $630,000 and $975,000. One-bedrooms were asking about $630,000 to $635,000, and two-bedrooms about $840,000 to $975,000. Most of those asks work out to around $1,000 per square foot or more, which is high for King-Spadina resale and reflects the heritage address, the food hall and the low suite count.
Monthly fees across those suites ran from about $483 to $759, roughly $0.92 per square foot. Condos.ca lists common elements, building insurance and water as included, so heat and hydro are probably on your own meter. Asking prices are not sale prices, and with this little turnover, I would check what has actually sold before making an offer. I can pull those comparables through my building sold report.
Building specifications
| Building name | Waterworks |
| Address | 505 Richmond St W, Toronto |
| Developer | MOD Developments and Woodcliffe Landmark Properties |
| Architect | Diamond Schmitt Architects |
| Interior design | Cecconi Simone |
| Heritage building | Art Deco Water Works building by J.J. Woolnough (1932 or 1937, sources differ) |
| Storeys | 13 |
| Total suites | 290 per condos.ca; other sources give 288 or 299 |
| Condo corporation | TSCC-2874 |
| Registered | 27 September 2021 |
| Property management | ICC Property Management |
| Maintenance fees | About $0.92 per sq ft across active listings |
| Fees include | Common elements, building insurance and water |
Amenities at Waterworks
Inside the condo, you get a concierge, a gym, a party room, a meeting room and a rooftop deck with barbecues. The bigger amenities are the ones you do not pay for in the fee: the food hall downstairs, the YMCA in the building and St. Andrew’s Playground next door.
Jatin’s honest take on Waterworks
Who this building suits
Buyers who want a heritage building with new construction behind it, people who will use a food hall, a YMCA and a park as part of daily life, and downsizers looking for a larger suite in a mid-rise downtown building. It also suits anyone who wants an address that will not look like every other tower when they sell.
What I’d want you to check
Read the shared-facilities agreement carefully. The condo shares a heritage structure with a food hall, a YMCA and retail, and you want to know how costs for the structure, the roof, the garage and the mechanical systems are split. Ask how food hall noise and odours are handled for low suites. Because the building is from 2021, check that Tarion items were closed. Confirm parking and locker status, and which way the suite faces.
The value question
Waterworks is not cheap, and asking prices around $1,000 per square foot or more are a premium for King-Spadina. You are paying for a building that cannot be replicated, with uses in the base that most buildings would charge you for. For an owner-occupier who values that and plans to stay, I think it is a sound purchase. For a pure investor, the premium is harder to justify.
Free building report: Waterworks
Send me your email and I’ll put together a current report on Waterworks — real sold comparables, what’s listed right now, and what the maintenance fees actually cover.
- Every sale in the building over the last 12 months
- Current active listings and asking prices
- Maintenance fee breakdown and what’s included
- My read on which exposures and floors hold value
Tell me what you are planning
Three quick answers so I come back with something useful, usually the same day.
Thinking about buying or selling here?
I work this area every week and I will give you a straight answer, including when the answer is to wait. No pressure, and no drip campaign you cannot get out of.
Call or text 833-330-1925 Send me a message
Jatin Dua, Broker of Record — RE/MAX Quantum Realty Inc., Brokerage. Not intended to solicit buyers or sellers currently under contract with another brokerage.
Waterworks — frequently asked questions
Who developed Waterworks?
MOD Developments and Woodcliffe Landmark Properties, with Diamond Schmitt Architects as architect and Cecconi Simone for interiors.
What was the Waterworks building originally?
It was a City of Toronto water works building in the Art Deco style, designed by J.J. Woolnough. The site was St. Andrew’s Market in 1837.
When was the original Waterworks building built?
Sources differ: UrbanToronto says it was completed in 1937, while Toronto Life dates the exterior to 1932.
Is there a food hall at Waterworks?
Yes. The Waterworks Food Hall opened in 2024 with about 55,000 sq ft of food space on the ground and mezzanine levels.
Is there a YMCA at Waterworks?
Yes. A YMCA of about 53,000 sq ft is part of the building, planned with a 25-metre pool, track and gym. Membership is separate from condo fees.
How many suites does Waterworks have?
Condos.ca lists 290. Other sources give 288 or 299, including 15 affordable suites run by Artscape.
What do the maintenance fees include at Waterworks?
Condos.ca lists common elements, building insurance and water. Heat and hydro are not listed.
What amenities does the Waterworks condo have?
A concierge, gym, party room, meeting room, rooftop deck with barbecues and visitor parking.
Who manages Waterworks?
Condos.ca lists ICC Property Management.
Is Waterworks next to a park?
Yes. The food hall opens onto St. Andrew’s Playground, which was planned to be expanded by about 25 per cent as part of the project.
How much do condos at Waterworks sell for?
Over the last 12 months the median resale at Waterworks was $975,000, across 9 sales. The typical unit sold in 14 days at about 95% of the asking price. That works out to roughly $1,200 per square foot.
How much is rent at Waterworks?
The median lease at Waterworks over the last 12 months was $3,250/mo, from 45 leases. Units typically leased in 9 days.
What does each unit type cost at Waterworks?
Over the last 24 months: One-bedrooms rented for $2,600/mo; Two-bedrooms sold for a median $1,160,000 and rented for $4,100/mo. Each median uses three or more deals.
Are prices at Waterworks up or down since 2022?
Down about 6%. The median sold price per square foot was $1,273 in 2022 and $1,200 over the last 12 months. Pricing off 2022 comparables is the most common mistake sellers make here.
What rental yield does Waterworks offer an investor?
At a median price of $975,000 and a median rent of $3,250 a month, the gross yield is about 4.0%, before maintenance fees, property tax, insurance and mortgage interest. Net cash flow depends on the fee and your down payment, so run the numbers for the exact unit.
Do mostly owners or renters live at Waterworks?
Mostly renters. Of the deals here in the last 24 months, 84% were leases and 16% were sales.
Can you Airbnb a unit at Waterworks?
Only in limited cases. Toronto allows short-term rentals only in your principal residence, a whole unit for at most 180 nights a year, with a $390 yearly City registration and 6% accommodation tax. The City’s register shows no active short-term rental registrations at this address. The condo’s declaration and rules can ban short stays outright, so check them in the status certificate.
Has Waterworks had elevator outages?
TSSA records show 1 outage of 48 hours or more since July 2022, about 14 days out of service in total, across 3 elevators.
What schools is Waterworks zoned for?
For TDSB public schools, the address is zoned for Ryerson Community School (Elementary, JK–8), Harbord Collegiate Institute (High school, Gr 9–12). Catholic and French-language schools are listed on this page by distance. Boundaries change, so confirm with the board before you buy.
What is the closest subway or GO station to Waterworks?
The nearest subway is Osgoode station (Line 1 Yonge–University), 1.1 km away; the nearest GO station is Union Station GO on the Barrie / Kitchener / Lakeshore East / Lakeshore West / Milton / Richmond Hill / Stouffville lines, 1.6 km; UP Express runs from Union station, 1.6 km; the 501 Queen streetcar stops 0.1 km away; the closest bus is the Ossington (TTC bus). Distances are straight-line from the building.
What is the Walk Score of Waterworks?
Walk Score 100, Transit Score 100 and Bike Score 99. Most daily errands can be done on foot.
What restaurants and shops are near Waterworks?
Within about a 10-minute walk: Union Chicken (Chicken), Aburi Sushi Toronto (Sushi), Lee Restaurant (Restaurant), Rasta Pasta (Italian), Hanoi Bites (Vietnamese). The closest grocery store is Loblaws, 0.2 km away.
What is my unit at Waterworks worth?
Use the free AI estimator at the top of this page. It uses this building’s own recent sales and adjusts for floor, view and parking, and your number appears instantly. For a written CMA, I will price your exact unit against the latest comparable sales.
How do I find out when a unit at Waterworks lists or sells?
Join the building alerts on this page. I watch this building by hand and will tell you when a unit lists, sells or drops in price, with my read on whether it is priced right.
Looking at King West, Liberty Village and CityPlace more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.
Condo Valuation
What’s your condo
worth today?
Three quick steps. Condos don’t price like houses — your floor, your view, and whether you own parking move the number more than anything else. This weighs all of them.
Reading recent condo sales…
Estimated market value
—
$0–$0
Most likely $0 · about $0 per square foot
What moved the number
Starting from what comparable units in your area sell for, here’s what your specifics added or subtracted.
Market context
—
—
Two units, same floor plan,
$90,000 apart.
That happens constantly in condos — one has the parking, the right exposure, or a board that keeps the reserve fund healthy. A model can’t see your status certificate. I can.
About the author — Jatin Dua, Toronto condo broker
I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty. I work condo buildings across Toronto and the GTA every week, including King West, Liberty Village and CityPlace. What buyers and sellers usually need is someone who knows the individual buildings: which exposures get the light, which corporations keep healthy reserve funds, and which units are priced past what they will appraise for.
If you’re buying or selling at Waterworks, I’ll give you the honest version — including when I think you should walk away. Reach me at [email protected] or 833-330-1925, or book a free consultation.
More King West, Liberty Village and CityPlace building guides: 123 Portland · 263 Wellington West · 300 Front Street West · 32 Camden Street Lofts · 330 Richmond · 357 King West
More resources: GTA condo directory · Building sold report · Book a call
© 2026 Jatin Dua, Broker of Record, RE/MAX Quantum Realty Inc., Brokerage. The building data on this page was compiled and verified by Jatin Dua. Reproduction or republication, in whole or in part, requires written permission. To request permission, call 833-330-1925.