Ion Condos, 15 James Finlay Way: A 2015 Mid-Rise at Keele and Wilson

Ion Condos is one of the newer buildings in this part of Downsview, and that is the first thing to understand about it. Completed in 2015 by Fernbrook Homes and Cityzen near Keele and Wilson, it offers modern compact suites at prices well below the Toronto average. The question is whether the fee and the small layouts suit the way you live. I’m Jatin Dua, RE/MAX Quantum Realty.

Built on an old parking garage, next to a former hotel

Ion sits on a site that once held a disused parking garage serving Westmount Terraces, the neighbouring condominium to the west that was originally built as a hotel. Replacing an empty garage with a 200-suite building is the kind of infill that has gradually changed the Keele and Wilson area.

When UrbanToronto first reported the project in 2011, it was described as an 11-storey building. The completed building is listed at 10 storeys, which may reflect how storeys are counted or a change during design. UrbanToronto’s project listing credits Architecture Unfolded as the architect.

Ion is a modest mid-rise rather than a signature tower, and I would judge it on its practical merits: the layouts, the fee and how the corporation has been run in its first decade. At 200 suites it is large enough to support staffed amenities and small enough that owners can follow what the board is doing.

Compact suites, built for one or two people

Suites at Ion are reported from about 290 to 915 square feet, covering studios, one-bedrooms, one-bedroom-plus-den plans and two-bedrooms. Most of what comes to market is a one-bedroom or one-bedroom-plus-den between roughly 500 and 800 square feet.

Those sizes are typical of Toronto condos built in the 2010s, and they are much smaller than the 1980s and 1990s high-rises nearby. You get newer finishes, better windows and modern building systems, but you give up the separate dining room and big closets of an older suite.

With a one-bedroom-plus-den, look closely at the den. In many plans from this period it is an open nook rather than a room with a door. Ask for the floor plan and measure whether it will really work as an office or a guest room before you pay a premium for it.

Studios at the bottom of the size range, around 290 square feet, are a very different product from the one-plus-dens. They can make sense as a first foothold or a rental, but they resell to a narrower pool of buyers. If you are choosing between the two, I usually steer owner-occupiers toward the larger plan, even at a higher price, because it holds its appeal better over time.

What the fee does and does not cover

The fee at Ion includes heat and water. Hydro is not included, so expect a separate electricity bill. Parking is not on the inclusion list either, so if a suite comes with a space, ask whether it carries its own monthly charge.

Across current listings, fees average about $0.99 per square foot. For a 2015 building with heat and water only, that is on the higher side of what I would expect. Older buildings in the area can look more expensive per square foot, but many of them include hydro, cable and parking as well.

Ask the corporation why the fee sits where it does. Smaller buildings with guest suites and staffed amenities spread those costs over fewer owners, and a corporation that is building its reserve fund early can be a good sign. Check the fee history over the last five years and whether the most recent reserve fund study calls for steep increases.

Keele and Wilson, and what is changing

Ion sits in Downsview near the intersection of Keele Street and Wilson Avenue, a mixed area of mid-rise condos, older apartment buildings, industrial land and post-war houses. It is a practical location for people who drive, with Highway 401 nearby, and the automatic panel on this page shows the nearest transit and walking distances.

The larger story is the former Downsview Airport lands to the north-east, which Northcrest Developments is planning to redevelop under the name YZD. A project of that scale will take many years, but it will bring new housing, jobs and services to the wider area, and with them a great deal of new supply.

For an owner at Ion, that cuts both ways. Long-term investment nearby tends to support values, but large volumes of new condos can compete directly with a 2015 building for buyers and tenants.

Price per square foot and active listings

The building average sits around $683 per square foot, noticeably higher than the late-1980s and early-1990s high-rises in this part of northwest Toronto, which mostly report averages between $450 and $500. Smaller suites always trade higher per square foot, and newer construction carries a premium.

At the time of writing, seven suites were listed for sale, asking from $369,000 to $529,000, with fees from about $512 to $745 a month. With that many listings, buyers have real choice, and asking prices on similar layouts vary enough that negotiation is realistic.

When I price a suite here, I compare it against other 2010s mid-rises nearby, then adjust for exposure, floor, parking and the layout of the den. Older buildings with bigger suites are cheaper per square foot but not always cheaper per month once fees are counted. For the actual sold comparables, see my building sold report.

Building specifications

Amenities at Ion Condos

The amenity package is compact but well chosen for a 200-suite building: a gym and yoga studio for daily use, a party room, dining room and terrace for hosting, a theatre room, and a guest suite for visitors. There is no pool, which keeps one large future cost off the reserve fund.

Jatin’s honest take on Ion Condos

Ion Condos — frequently asked questions

Looking at Downsview, Weston, York University Heights, Rexdale and northwest Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.