Cosmo Residences, 35 Bales Ave: The First Cosmo Tower at Yonge & Sheppard

Cosmo Residences at 35 Bales Avenue is one half of a matched pair. It and Cosmo Two next door are the same height, almost the same size and were registered two months apart in 2006, but they are separate corporations with separate managers and separate fees. Choosing between them is mostly about those three things. I’m Jatin Dua, RE/MAX Quantum Realty.

Twin towers, two corporations

Cosmo Residences and Cosmo Two at 31 Bales are effectively twins: 23 storeys each, 283 and 284 suites, and corporations registered in May and July 2006. From the street, most people cannot tell which one they are looking at.

Legally, though, they are different buildings. Cosmo Residences is TSCC-1768 and condos.ca lists Shiu Pong Management as its property manager. Cosmo Two is TSCC-1782, with a different manager. Each has its own board, budget, reserve fund and rules, so a well-run tower next to a less well-run one is entirely possible.

That makes the status certificate more important here than in a stand-alone building. Do not assume what you learned about one tower applies to the other. If you are choosing between two similar suites, one in each tower, compare the two corporations’ budgets and reserve funds side by side; that comparison can be worth more than the difference in asking price.

Small suites, and the occasional larger one

Condos.ca puts suite sizes at about 486 to 1,300 square feet. The listings when I checked included two one-bedrooms in the 500 to 599 square foot range and two-bedrooms from about 700 to 999 square feet.

Those smaller one-bedrooms are what this building is known for. They are the lowest-cost way to own a condo a short walk from the Yonge and Sheppard interchange, which is why the building draws first-time buyers and investors. I could not find the developer, architect or ceiling heights in any source I checked, so treat the floor plan as your guide.

Owning a small suite in a large tower

With 283 suites and many of them one-bedrooms, Cosmo Residences has a large and changing population. That is normal for a building near two subway lines, and it means the lobby, elevators and parking garage get steady use. A well-run concierge desk and clear move-in rules make a real difference in a building like this.

For an owner, the size of the building is also an advantage. Major costs such as elevator upgrades or garage repairs are shared among close to 300 suites, so each owner’s share is smaller than in a boutique building. The key question is whether the corporation has been setting enough aside each year.

If you plan to live here rather than rent out, look at how the building handles move-ins, deliveries and short-term stays, and read the rules on leasing in the declaration. Those details shape daily life in a busy tower more than the amenity list does.

Living a block off Yonge and Sheppard

Bales Avenue sits just east of Yonge, south of Sheppard. That puts you a block away from one of the busiest intersections in North York, but on a short residential street rather than on Yonge itself.

The practical upside is that you have two subway lines, shops and restaurants close by without living above them. The data panel on this page shows the exact walking times to transit, the nearby parks and the restaurants. For a commuter who wants to walk to the subway, this is about as convenient as North York gets.

The area around Yonge and Sheppard has been changing for years, with new towers and plans on both sides of Yonge. If you value a particular view, check the City’s development applications for sites near Bales before you buy.

Entry-level pricing, and what the fee leaves out

Condos.ca did not show a building average per square foot for Cosmo Residences. Its twin, Cosmo Two, averages about $831 per square foot, and the two towers trade at broadly similar levels, so that is a sensible reference point; the building’s own sales are in the data panel.

When I checked, four suites were listed for sale. Asking prices across those listings ran from about $439,000 to $748,000. Fees on those listings ran from about $486 to $909 a month, or about $0.92 per square foot.

The fee covers common elements, building insurance, parking and water. Heat and hydro are not on condos.ca’s list, so budget for them separately. For an investor, the low entry price and the subway location are the main selling points; for an owner-occupier, the fee per square foot is slightly higher than Cosmo Two’s, so compare both before you choose.

Small suites at this corner have held their appeal because the location does not change: two subway lines, shopping and Highway 401 access will still be there in ten years. What does change is the building’s condition and its fees, which is why I would spend as much time on the status certificate as on the suite itself.

Building specifications

Amenities at Cosmo Residences

Condos.ca lists a concierge, party room, meeting room, guest suites and visitor parking for 35 Bales. REW lists a pool, gym, hot tub, sauna and yoga studio for Cosmo Two next door; I could not confirm whether those facilities are shared between the towers, so ask what owners at 35 Bales can use and how any shared costs are split. Guest suites are a useful extra in a building full of one-bedrooms, because visiting family has somewhere to stay without sleeping on your sofa.

Jatin’s honest take on Cosmo Residences

Cosmo Residences — frequently asked questions

Looking at Willowdale, Yonge & Sheppard, Bayview Village and North York Centre more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.