The Rio, 35 Merton St: The First Rio, With Hydro in the Fee

The Rio at 35 Merton Street is the oldest of the four Rio buildings on Merton, and the one closest to Yonge. Its monthly fee looks high until you notice it pays your hydro, heat and air conditioning, and its per-foot pricing sits below its younger siblings down the street. The one thing that rules many buyers out is the pet policy. I’m Jatin Dua, RE/MAX Quantum Realty.

The first of four Rios on Merton Street

There are four buildings called the Rio on Merton Street: this one at number 35, then the Rio IV at 195, the Rio III at 225 and the Rio II at 253. Number 35 was first, registered in 2000, and the others followed between 2002 and 2004. Condos.ca lists Heather Downs Developments as the developer of the later three but gives no developer for this one, so I would not assume it is the same company without checking the declaration.

That matters when you shop the street, because the four buildings are often lumped together. They are not the same product. This one is taller, at 15 storeys, with 112 suites, while the later Rios are 12 or 13 storeys with 124 suites each. It also has a different manager and a different fee structure, which I come to below.

Being the first also means it is the oldest. A building registered in 2000 is now more than 25 years in, which is the age when windows, the roof, the garage membrane and the central heating and cooling plant start to show up in the reserve fund plan.

Beside the Beltline, a block from Yonge

The location is the main reason people buy here. The Rio sits on the south side of Merton, and the Kay Gardner Beltline, the old rail line turned walking and cycling trail, runs along the back of the buildings on that side. South of the Beltline is Mount Pleasant Cemetery, which means a long stretch of green that will not be built on.

Yonge Street and the Davisville shops are a short walk west, and the data panel on this page has the transit and school detail. In practice, this is a building where you can walk to the subway, the grocery store and a running trail without crossing a major road.

Merton itself has changed a lot since 2000. Newer condo and rental towers have gone up toward Yonge and Davisville, and more are planned in the area. The Rio’s south side is protected by the Beltline and the cemetery, but its north and east outlooks are not, so check the City’s development applications map for the sites across the street before you pay a premium for a view.

Suites, parking and the pet question

Suites run from about 581 to 1,334 square feet. The suites I saw listed were mostly two-bedrooms, including corner plans with two balconies and walkouts from both the kitchen and the living room. Listings mention in-suite laundry, ensuite bathrooms in the larger two-bedrooms, and suites that come with a parking space and a locker.

Parking is not listed in the fee here, unlike at some nearby buildings. Confirm whether the suite you are buying has a space, whether it is owned or assigned, and whether it is taxed separately. Visitor parking is described as ample in one listing, which is useful on a residential street like Merton.

Then the pet policy. Condos.ca lists a pet restriction, and one listing went further and described a strict no-pet policy. If you have a dog or a cat, read the declaration and rules before you go any further. If you do not, a no-pet building is a plus for some buyers: quieter hallways, cleaner common areas and fewer worries about allergies.

A fee that pays your utilities

The fee here covers common elements, heat, hydro, air conditioning, water and building insurance. Hydro in the fee is unusual for a building of this size and age in midtown, and it changes how you should compare costs. Most newer buildings on Merton meter hydro by suite, and many meter heating and cooling too.

The two suites for sale when I checked had fees averaging about $1.41 per square foot. That looks high next to a new building at 70 or 80 cents. But once you add back a monthly hydro bill and a share of heating and cooling, the gap is smaller than it first appears, especially for a corner suite with a lot of glass.

The other side of a bundled fee is that you cannot control it. When the corporation’s energy costs rise, everyone’s fee rises, whether you keep the thermostat low or not. Ask for the last three years of budgets to see how quickly the fee has been growing.

Pricing: below the newer Rios, for a reason

Condos.ca puts the building average at about $790 per square foot. That is below the Rio II at about $839, the Rio III at about $884 and the Rio IV at about $1,013, and below The Metro further east on Merton at about $903. Age explains part of that, and the higher fee explains most of the rest, because buyers price in what they will pay every month.

The two suites listed when I checked were both two-bedrooms, asking from $649,000 to $795,000, in the 800 to 999 square foot range. That works out roughly in line with the building average, so neither was priced as an outlier.

For a real picture of what has actually sold, use the sold and leased medians in the data panel or my building sold report. When you compare this building with a newer one on the street, compare the total monthly cost, fee plus utilities plus parking, not the fee alone.

Building specifications

Amenities at The Rio

This is a practical amenity package rather than a resort one: a staffed front desk, a gym, a sauna, a party room and a courtyard with a barbecue, and no pool. With the Beltline behind the building, most residents get their exercise outside anyway, and fewer amenities means less to maintain.

Jatin’s honest take on The Rio

The Rio — 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.