World Trade Centre Residences, 10 Yonge St: All-In Fees at the Lake

10 Yonge Street is where I send buyers who want to live at the lake and never think about a utility bill again. The taller tower of the Residences of the World Trade Centre went up at the foot of Yonge around 1990, and its fee covers hydro, heat, cooling, water, cable and parking. The fees look high on paper. Whether they are high in practice is the whole question with this building. I’m Jatin Dua, RE/MAX Quantum Realty.

The World Trade Centre that was never finished

The name sounds grander than the building, and there is a reason. Camrost Felcorp’s original plan paired these two residential towers with three office towers to the north. The early-1990s market crash shelved the offices, and only the condos were built.

The land meant for the offices later became Pinnacle Centre, the cluster of condo towers that now stands between this building and the Gardiner. So the World Trade Centre name survives on a pair of residential towers that sit beside other residential towers.

Zeidler Partnership, the firm behind the Eaton Centre and Ontario Place, designed the complex in the postmodern style of the time. The 10 Yonge tower is the taller of the two; its sister at 10 Queens Quay West is shorter and has its own corporation.

Why the fee is high, and why that can be fine

Condos.ca lists common elements, hydro, heat, air conditioning, water, cable TV, building insurance and parking as included. Almost nothing is left for you to pay separately except internet and your own contents insurance.

Fees on the current listings average about $1.22 per square foot. Compared with a new tower at $0.60 to $0.70 that bills hydro, heat, cooling and parking separately, the gap is much smaller than it looks. Put a realistic hydro bill and a parking charge back onto the newer building before you decide this one is expensive.

Bundled hydro has a catch. When every owner shares the hydro bill, the corporation carries the risk of rising rates and heavy users, so read the budget and ask whether the board has looked at sub-metering. Ask too what cable package is included and whether it still makes sense to residents.

Suites and the age of the building

Condos.ca puts suites at roughly 538 to 2,867 square feet. The current listings are dominated by one-bedroom-plus-den plans between about 550 and 800 square feet, with a two-plus-den in the 900s. Larger suites and penthouses exist, but they rarely come up.

This is a building of more than 35 years. Plenty of suites have been renovated, and plenty have not. Expect older kitchens and bathrooms in an original suite, and price a renovation into your offer.

At this age the reserve fund study is the most important document you will read. Windows, balcony doors, the two pools, the garage, elevators and the heating and cooling systems all have long but finite lives. Read the study, the status certificate and recent board minutes before you firm up.

Comparing it with its neighbours

The obvious comparison is the sister tower at 10 Queens Quay West. Wikipedia lists it at 27 floors and 292 suites, against 407 suites here, and the two share a complex with retail at ground level. Each has its own corporation, fees, budget and reserve fund, so a good deal in one does not tell you much about the other.

The other comparison is Pinnacle Centre to the north, built in the 2000s and early 2010s on the land once meant for the World Trade Centre offices. Those towers are newer, with more modern layouts and finishes. Check what their fees include, because many newer towers meter hydro to each suite and charge for parking separately.

When I compare the three for a client, I build a full monthly cost for each: mortgage, fee, hydro, parking and insurance. On that basis, 10 Yonge is often closer to its newer neighbours than the headline fee suggests, and it usually wins on suite size for the money.

Living at the foot of Yonge

You are at the lake. Queens Quay, the waterfront trail, the ferry docks for the Toronto Islands and Harbourfront Centre are all close, and Union Station and the Financial District are a walk north. The panel beside this review shows the exact transit options.

The neighbourhood has densified heavily around the building. Pinnacle Centre, the One Yonge development and other projects along the Esplanade and Queens Quay have added thousands of new neighbours and years of construction. Check which way a suite faces and what has been approved next to it, because some lake and city views here are permanent and some are not.

What 10 Yonge Street costs

Condos.ca puts the building average at about $730 per square foot, which is low for a waterfront address. Part of that discount reflects the age of the building, and part reflects the higher fee, which buyers price in.

Across eight current listings asking prices run from about $429,000 to $739,900, with most one-bedroom-plus-dens asking between roughly $500,000 and $630,000. Monthly fees across those listings run from about $640 to about $1,250, and that range is the number to compare against your own all-in costs in a newer building.

Ten suites were for sale and five for lease when I checked, so you have choice. That also means sellers face competition, and patient buyers can negotiate. For a sale-by-sale check, use my building sold report.

Building specifications

Amenities at Residences of the World Trade Centre

An indoor pool and an outdoor pool in the same building is unusual downtown, and guest suites help when family visits. Pools are expensive to run and eventually rebuild, so look for both in the reserve fund study. The security guard and concierge are a real plus at a busy waterfront corner.

Jatin’s honest take on Residences of the World Trade Centre

Residences of the World Trade Centre — 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.