41 Shanly Lofts, 41 Shanly St: Ten Hard Lofts in a Former Felt Factory

41 Shanly is the building I show buyers who say they want a real loft and then reject everything with a glass balcony. It is ten suites inside a former felt factory, converted in the early 1980s, and from the street you would walk straight past it if not for the red neon sign. It is a rare building, and rare buildings need careful buying. I’m Jatin Dua, RE/MAX Quantum Realty.

A felt factory that became one of Toronto’s earliest loft conversions

The building started life as a felt works and later held a series of bakeries before it was converted into ten homes. Some listing sites still call it Dominion Felt Works. The red neon sign on the front is the only thing that gives it away on Shanly Street; otherwise it reads as a plain industrial box.

The dates differ slightly depending on the source. The condominium corporation was registered in November 1983, while a Designlines magazine feature on one of the suites says the conversion took place in 1981 and describes it as the first legal loft conversion in Toronto. I cannot independently confirm the “first” claim, but either way this is one of the oldest residential lofts in the city, decades ahead of the King West and Liberty Village conversion wave.

That age matters. MTCC-625 has been operating for more than forty years, which means you can see a long record of how the owners have looked after the building. It also means the original conversion work, from the roof to the wiring, is now old work.

Ceilings, skylights and roof decks: what the suites are like

The suites are known for very high ceilings, around 16 feet by the building’s own description, with original beams, banks of skylights, a fireplace and private roof decks. Designlines measured the beamed ceilings at about four metres in the suite it featured.

Layouts are not uniform, which is normal in a conversion. Condos.ca records suites of roughly 891 to 990 square feet from its data, but the suite in the Designlines feature was about 204 square metres, or roughly 2,200 square feet, spread over three levels with bedrooms on the main floor and the living space upstairs. Treat the published size range as incomplete and measure the suite you are looking at.

Multi-level plans with an upper studio and a roof deck are wonderful to live in and not for everyone. Stairs are part of daily life here, and furniture delivery can take planning.

Ten owners and a forty-year-old building

With only ten suites, every decision is shared among very few people. That keeps things personal and usually keeps the building quiet, but it means any large repair, such as a roof replacement or skylight work, is divided ten ways rather than two hundred.

Roof decks and skylights are the parts of this building I would look at hardest. They are the features you are paying for and the most common sources of leaks in an older loft. Ask who is responsible for the roof membrane under each private deck, the owner or the corporation, and how that is written in the declaration.

Sound is the other thing to test. Conversions of this era were built inside existing structures, and the separation between suites is whatever the conversion created. Visit at a time when neighbours are likely home, listen for footsteps and plumbing, and ask the sellers directly what they hear. Also budget time for financing: some lenders look harder at very small, older corporations, so get your mortgage broker to review the status certificate early.

The building lists an enter-phone system and permits barbecues, and that is the extent of the shared amenities. There is no concierge, gym or party room, and nobody expects one in a building of this type.

Shanly Street, day to day

Shanly is a short residential street in Dovercourt Park, a pocket of houses and parkland north of Bloor Street. Living here feels like living on a house street that happens to have a factory on it. Bloor Street, with its cafes and shops, is close enough to be part of your routine.

This is a quieter address than Queen West or Ossington, and that is the trade. You get a real loft without the bar traffic, and you give up the big-building conveniences. Transit, schools and nearby parks are shown in the data panel on this page.

Pricing a building that rarely trades

Condos.ca shows an average of about $352 per square foot for this building, which is far below what lofts in this part of the city change hands for. With ten suites and very few sales, that figure is almost certainly based on old transactions and I would not use it to price a suite today.

There were no active listings when I checked. When a suite does come up, the useful comparables are other hard lofts in the west end, adjusted for size, number of levels and whether the roof deck and skylights have been redone. A recent roof or skylight replacement is worth real money here.

Fees cover common elements, building insurance and water. Heat and hydro are not listed as included, so ask for the suite’s utility bills; high ceilings and skylights cost more to heat. Parking is not listed either. If you need a space, confirm what comes with the suite before you make an offer. My building sold report can pull the recent aggregate numbers for you.

Building specifications

Amenities at 41 Shanly Lofts

The amenities here are inside your own suite: ceiling height, skylights, a fireplace and a private deck. Shared facilities amount to a secure front door, which keeps the fee down and keeps the building feeling like a home rather than a complex.

Jatin’s honest take on 41 Shanly Lofts

41 Shanly Lofts — frequently asked questions

Looking at Queen West, Trinity-Bellwoods, Kensington and Little Italy more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.