The Village by Main Station: Options for Homes, Low Fees, Sub-Metered

The Village by Main Station is one of the better-value newer condos in the east end, and the reason is who built it. Options for Homes is a non-profit developer, and this 2019 building near Main and Danforth was designed to keep both purchase prices and running costs down. If you are buying a resale suite here, there is one thing about that model you need to understand. I’m Jatin Dua, RE/MAX Quantum Realty.

Built by a non-profit, on a former warehouse site

The building replaced a warehouse on Trent Avenue, a residential side street just south of Danforth Avenue near Main Street. Options for Homes, a non-profit developer, led the project, with Deltera, the construction arm of the Tridel Group, as general contractor. Construction rose above grade in 2017, and the condominium was registered in May 2019.

Sources give slightly different suite counts. Condos.ca lists 275 suites, the City of Toronto’s green standard profile lists 276, and UrbanToronto reported 277 during construction. The differences are small, but if the exact count matters to you, the declaration in the status certificate is the authority.

The mix is one-, two- and three-bedroom suites from about 405 sq ft to just over 1,100 sq ft, which gives the building more family-sized plans than many investor-driven towers of the same era.

The Options for Homes model and what it means at resale

Options for Homes describes its margin as a deferred profit in the project, and uses it to help original buyers with their down payment. As the model is generally described, a buyer puts down around 5 per cent and a second loan covers part of the rest. That loan carries no interest; instead, the owner repays the same percentage of the home’s value when they sell, move out or pay off the first mortgage.

For a resale buyer, this is mostly the seller’s business, because the seller repays that loan from the sale proceeds. But it explains two things. First, some sellers net less from a sale than the price suggests, which can shape how they negotiate. Second, the model was designed for people buying a home to live in rather than to rent out. Ask what share of suites are owner-occupied today, because that mix shapes how a building is run.

Ask your lawyer to confirm that any such loan registered on title will be discharged on closing, just as with any other mortgage.

Green building features you will notice on your bills

The project was built to Tier 2 of the Toronto Green Standard, the higher voluntary tier. According to the City’s project profile, it was designed to use substantially less energy than the reference code, with energy recovery ventilators, occupancy sensors in common areas and low-flow fixtures that cut water use by more than 40 per cent.

Every suite is sub-metered for heating and cooling energy, electricity and hot water. That is why heat and hydro are not in the maintenance fee. You pay for what you use, which rewards careful owners but means your true monthly cost is fee plus utility bills.

The third-floor amenity terrace has a green roof planted with drought-tolerant species and irrigated with harvested rainwater, and the building has about 220 bicycle parking spaces, outdoors and in the garage.

A building designed this way usually ages better on the mechanical side, because the systems were chosen with operating costs in mind. It does not remove the need to read the reserve fund study, but it is a good starting point.

Daily life near Main and Danforth

Trent Avenue is a quiet side street, but the building is close to Main Street subway station and the Danforth Avenue shops, grocery stores and restaurants of Danforth Village. The neighbourhood is a mix of older houses and a growing number of mid-rise buildings.

UrbanToronto noted gradual intensification around Main and Danforth when this building was going up, and that has continued. Expect more construction nearby, which brings disruption but also more shops and services over time.

The east end’s parks and the Beaches are within reach. The automatic panel on this page covers transit, schools, parks and food in detail.

Being on a side street rather than on Danforth itself is a real advantage day to day. You get the shops and the subway close by without the noise of a main road under your window, and Trent Avenue’s mix of houses keeps the street feeling residential.

Pricing and fees

Condos.ca puts the building average at about $703 per sq ft. That is below many newer condos closer to downtown, and it reflects both the original at-cost pricing and the location east of the core. At the time of writing two suites in the 700 to 899 sq ft range were for sale, asking roughly $565,000 to $579,000.

Fees are the standout. Active listings show fees of about $570 to $575 a month, or about $0.72 per sq ft, which is low for a building with a concierge and a full amenity package. The fee covers common elements, building insurance and water.

Heat, cooling, hydro and hot water are sub-metered and billed to each suite, so add those to the fee when you compare buildings. Even then, the energy-efficient design should keep the total competitive. Ask the seller for a year of utility bills, and check whether parking and a locker are included with the suite or sold separately.

Building specifications

Amenities at The Village by Main Station

The amenity package covers what most owners actually use: a gym, a party room, a recreation and media room and an outdoor terrace with barbecues. With about 220 bike spaces, the building is set up for residents who do not want to depend on a car. There is no pool, which helps keep the fee down.

Jatin’s honest take on The Village by Main Station

The Village by Main Station — frequently asked questions

Looking at Leslieville, Riverdale, the Beaches, Danforth and Leaside more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.