The Modern, 320 Richmond St E: Parking and A/C in a Low Fee

The Modern at 320 Richmond Street East is one of the better-value buildings in Moss Park, and the reason is in the fee. You get heat, cooling, water and parking covered at under a dollar a square foot, in a building that is now old enough to have a track record. The suites are small, and that is the trade. I’m Jatin Dua, RE/MAX Quantum Realty.

An early building on a changing street

When The Modern went up in 2011, this part of Richmond was mostly low brick buildings and parking lots, and coverage at the time saw it as one of the first projects to start turning the area around. Richmond bends north at Jarvis, which gives the building a prominent spot on the street as you head east.

DTAH designed the building and E.I. Richmond Architects completed it. The cladding was a deliberate break from the red brick around it, which is why the building still reads as cleaner and lighter than its older neighbours. One early project listing names a different developer, but construction coverage and current records name Empire Communities.

Small suites, and why the fee works

Suites run from about 377 square feet to roughly 919 square feet. There are no large suites here: the biggest plans are two-bedrooms in the 800-to-900-square-foot range, and much of the stock is studios, one-bedrooms and one-plus-dens.

That makes the building popular with first-time buyers and investors. If you plan to live here, the two-bedrooms and the larger one-plus-dens are the suites that work for more than a few years. Measure the den; in a building from this era it is often an alcove off the living area.

Look at the exposure as well. Upper suites facing north and west look toward Moss Park and the Queen and Sherbourne corner, while suites on other sides face neighbouring sites that are still being built on.

The fee includes common elements, heat, air conditioning, building insurance, parking and water. Most newer buildings in the area charge parking separately and bill cooling through a suite meter, so the total monthly cost here is easier to predict.

Condos.ca notes a pet restriction, so check the rules before you buy if you have a pet. Beanfield Fibre is available in the building, which matters if you work from home.

Covered parking matters more than it looks in this pocket. Street parking around Richmond, Sherbourne and George is limited, and a separate monthly parking charge in a newer building can easily add a meaningful amount to your carrying cost. If you own a car, a suite here with a space on title is the cleanest arrangement.

Daily life around Richmond and Sherbourne

St. Lawrence Market, the King East strip and George Brown College’s campus are all within a walk. Moss Park itself, with its sports fields and the armoury, is to the north, and Queen Street East has a growing set of restaurants and cafés.

This corner is changing fast. Several towers have been completed around Richmond, Adelaide and George since 2015, and more are under construction or approved. Expect construction nearby for years, and expect the street to keep getting busier. The panel on this page covers transit and Walk Score.

What to look for when you tour

Start with the shared heating and cooling. Because heat and air conditioning are in the fee, the building runs central equipment, and suites rely on in-suite fan coil units or heat pumps. Ask how old the suite’s unit is, whether it has been serviced, and who pays to replace it.

Next, look at the corridors, lobby and rooftop deck. A 2012 building that has been looked after should show it in the common areas. Worn carpets and tired finishes are not a dealbreaker, but they often mean a refresh is coming, and you want to know how it will be paid for.

Finally, check the street side. Richmond is a busy one-way street, and suites facing it hear traffic. Upper floors and suites on the quieter sides are worth a premium if you plan to live here rather than rent the suite out.

Price per square foot and fee per square foot

The Modern averages about $765 per square foot. That is below Ivory on Adelaide and Post House, both 2015 buildings a few blocks away, and well below the towers closer to Yonge.

Fees across current listings average about $0.93 per square foot. Compare that with Ivory on Adelaide at about $0.84, which covers only heat and water. Once you add a separate parking charge and a summer cooling bill to the cheaper building, The Modern usually comes out ahead on total monthly cost for a suite with parking.

The spread within a size band can be wide here, which usually comes down to floor, exposure and whether the suite has parking. When you compare two similar listings, check those three things first.

At the time of writing there were seven active listings asking from $319,999 to $675,000. Studios and one-bedrooms ranged from $319,999 to $429,900, one-plus-dens from $539,000 to $539,900, and two-bedrooms from $599,000 to $675,000, with monthly fees between $313 and $789. My building sold report shows what has actually traded.

Building specifications

Amenities at The Modern

The amenities are practical rather than impressive: concierge, a rooftop deck, guest suites, a party room and a meeting room. That short list is part of why the fee stays under a dollar a foot while covering parking and cooling. If you want a pool or a large gym, budget for a membership nearby, and remember that the money you save on the fee is what pays for it.

Jatin’s honest take on The Modern

The Modern — 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.