The Rio II, 253 Merton St: Small, All-In Fee Building on the Beltline

The Rio II at 253 Merton Street is the building I suggest to buyers who want a quiet midtown address, a small community of owners and a fee that covers almost everything, hydro included. It is 13 storeys and 124 suites, built in 2002, on the stretch of Merton Street between Yonge and Mount Pleasant where the Kay Gardner Beltline Trail runs past. It is not flashy, and it is rarely on the market. I’m Jatin Dua, RE/MAX Quantum Realty.

One of the Rio buildings on Merton Street

The Rio name is shared by four buildings on Merton Street: The Rio at 35 Merton, and Rio II, III and IV at 253, 225 and 195 Merton. Rio II is the easternmost of the group, closer to Mount Pleasant Road than to Yonge. Each building has its own condominium corporation, so treat them as separate buildings when you compare fees and reserve funds.

Condos.ca lists Heather Downs Developments as the developer and 2002 as the build year, which matches the corporation’s September 2002 registration. A Globe and Mail sale write-up from 2010 described it as an eight-year-old midtown building, so the dates line up.

At 13 storeys and 124 suites, this is a mid-sized building by midtown standards. A recent listing called it boutique, and that is fair next to the 30- and 40-storey towers going up around Yonge and Eglinton. Fewer suites means fewer people in the lobby and elevators, but it also means a smaller group of owners sharing the cost of every repair.

The Beltline at the door and the cemetery to the south

The real selling point here is the setting. A recent listing describes direct access to the Kay Gardner Beltline Trail, the old rail line that now runs as a walking and cycling path across midtown. If you run, walk a dog or cycle, having that path outside the building is worth more than any amenity room.

Merton Street also backs onto Mount Pleasant Cemetery on its south side. The 2010 Globe and Mail piece described a south-facing balcony looking over the cemetery as quiet and green. That is the view to ask about: a large, permanent open space that will not be built on.

North-facing suites look back toward Davisville and Yonge and Eglinton instead. One listing described unobstructed north views, but the midtown skyline is changing quickly, so ask what has been approved between the building and Davisville Avenue before you pay for a view.

For errands, listings point to Davisville subway station, Sobeys, cafés and restaurants within walking distance, with Yonge and Eglinton and Yonge and St. Clair a few minutes away. The data panel on this page has the transit and walkability numbers. The City of Toronto has also broken ground on the new Davisville Community and Aquatic Centre nearby, which will add a public pool and recreation space to the area.

A fee that includes hydro

Condos.ca lists the fee inclusions as air conditioning, common elements, heat, hydro, building insurance, parking and water. Hydro is the one that stands out. In most buildings of any age, hydro is metered separately and lands on your own bill each month.

With hydro, heat and cooling all inside the fee, your monthly cost hardly changes between January and July. That makes budgeting simple. It also means the fee will look high when you line it up against a newer building where hydro, heat and parking are all extra.

The trade-off is that you are sharing the building’s whole energy bill with your neighbours. If energy prices rise, everyone’s fee rises with them, whether you are careful with the thermostat or not. When you read the budget in the status certificate, look at how much of it goes to utilities and how that line has moved over the last few years.

Suites from studio to large two-bedroom

Condos.ca puts suite sizes at roughly 387 to 1,408 square feet. That covers small studios at one end and large two-bedroom corner suites at the other. The 2010 Globe and Mail piece described a corner two-bedroom of about 1,100 square feet, which gives you a sense of the bigger plans.

A recent listing included one underground parking space and one locker with the suite, and the Globe piece mentioned a suite with two lockers. Parking and locker allocations differ suite by suite in a building like this, so confirm exactly what is deeded or assigned to the one you are buying.

The suites at the smaller end appeal to investors and first-time buyers. The large corners appeal to downsizers from the surrounding houses who want to stay in Davisville, and those come up rarely.

What The Rio II costs

Condos.ca puts the building average at about $839 per square foot. That sits below most newer towers around Yonge and Eglinton, which is what you would expect for a 2002 building, but the comparison is not like for like: those newer suites rarely include hydro, heat and parking in the fee.

When I checked, only one suite was listed for sale and none for rent. That is typical for a 124-suite building where owners tend to stay, and it means there is no meaningful asking range to quote. For closed results, use the sold data on this page or ask me for a building sold report.

When you compare fees with other buildings, add back what you would pay separately elsewhere: hydro, heating and cooling, and a parking space. Once you do that, a higher headline fee here can work out close to or below the real monthly cost of a newer building.

Building specifications

Amenities at The Rio II

This is a modest, practical package: a gym and sauna, a party room, a billiards room and library, and a secure courtyard garden with a barbecue. There is no pool, which keeps operating costs down, and the Beltline Trail outside does more for daily life than another amenity room would.

Jatin’s honest take on The Rio II

The Rio II — 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.