The Movado, 2 Edith Dr: 58 Suites a Few Blocks From Yonge and Eglinton

The Movado is the kind of building most people walk past without noticing, and the owners seem to like it that way. It has about 58 suites over seven storeys, shops at street level, a fee that covers every utility and your parking, and so little turnover that a listing agent told the Globe and Mail only three or four suites come up in a year. If you want midtown without a tower, this is on the short list. I’m Jatin Dua, RE/MAX Quantum Realty.

A small building that rarely changes hands

The Movado is seven storeys with about 58 suites above street-level shops. The Globe and Mail, condos.ca’s own overview and listings describe it as a low-rise boutique building, and at this size you will know most of your neighbours by sight within a year.

The most useful fact I found came from a listing agent quoted in the Globe: this is not a high-turnover building, with perhaps three or four suites listed in a typical year. That is the main thing to plan around. If you want in, set up an alert, have your financing ready, and expect to act quickly when the right suite appears.

The developer was Centre Town Developments. I could not confirm the architect from any source I would rely on.

The year question: 2002, not 2012

Sources disagree on the building’s age. Condos.ca’s overview text says it was built in 2012, but the same site lists the building as 2002 and the corporation as registered on 17 December 2002, and other listings put its age at about 23 years. I trust the registration date: this is an early-2000s building.

The suite count also differs slightly. Condos.ca’s data shows 59 units, while its overview and the Globe say 58 suites. The difference may be a commercial or non-residential unit, but check the status certificate if it matters to you.

Why the age matters: at over 20 years, the building is entering the period when windows, balcony doors, the roof, the garage and mechanical systems come due. In a building with only 58 suites, each owner carries a bigger share of those costs, so the reserve fund study is the most important document you will read.

Larger suites than the towers nearby

Condos.ca lists suites from about 599 to 1,725 square feet. That means no tiny studios, and at the top end some genuinely large homes by midtown standards. The Globe profiled a one-bedroom-plus-den of about 620 square feet where the den was large enough to use as a second bedroom, which is not something you can say of most new dens.

The building’s large suites are what make it attractive to downsizers. A 1,200 to 1,700 square foot suite near Yonge and Eglinton, in a quiet building with a concierge, is hard to find, and demand here is real: the Globe’s story on this building was about a bidding war, and that was for a small suite.

Layouts from this era usually have more interior walls than new open plans, with defined dining areas, proper foyers and real closets. Some buyers read that as dated. Downsizers moving from a house usually read it as space for their furniture, so walk through with your own pieces in mind and measure before you offer.

Listings describe underground parking, exclusive-use lockers with some suites, and a barbecue area where barbecues are permitted. Confirm what comes with any specific suite, and check that the parking space and locker are on title.

Edith Drive: just off the busiest corner in midtown

Edith Drive sits west of Yonge, a short walk from the Yonge and Eglinton shops, restaurants and subway, and close to Eglinton Park, which the Globe pointed to as one of the area’s draws. The data panel on this page has the exact transit, school and Walk Score detail.

Being a few blocks off Yonge is the point. You get the services of the Yonge and Eglinton centre without living in a 50-storey tower or on top of the busiest intersection. The trade is that the street-level shops and Eglinton traffic are close by, so a suite facing the back of the building will usually be quieter.

Yonge and Eglinton is still one of the most active development areas in the city. Look up the City’s development applications for nearby sites before you buy, because a new building next door could change the light or the view from a low-rise like this.

Pricing: about $700 a foot, all-in fee

Condos.ca puts the average at about $700 per square foot. That is low for this area: 43 Eglinton Avenue East averages about $721, Eglinton Place at 123 Eglinton East about $872 and the new towers near the corner more again. Part of the reason is the building’s larger suites, which sell for less per foot than small ones, and part is its age.

The fee covers heat, hydro, air conditioning, water, building insurance and parking. When you compare it with a newer building, add those bills back onto the other building’s fee first. Small buildings also tend to have higher fees per foot than large ones, because costs like concierge staffing are shared among fewer owners.

There was one suite for sale and one for rent when I checked. With three or four sales a year, the per-foot average can swing a lot on a single trade, so treat it as a rough guide. For actual recent trades, use the data panel or my building sold report.

Building specifications

Amenities at The Movado

The amenity list is short, as you would expect in a 58-suite building: concierge, a gym and a party room. What you are really paying for is the concierge and the quiet, not the facilities.

Jatin’s honest take on The Movado

The Movado — frequently asked questions

Looking at Yonge & Eglinton, Davisville and North Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.