388 Queen St E: A 12-Suite 1989 Low-Rise Near Queen and Parliament

388 Queen is one of those small east-end condominiums that only shows up on a buyer’s radar when a suite happens to be listed. Twelve suites, a 1989 registration, and suites that all sit at about 1,380 square feet, a size that is hard to find in a downtown condo. There is very little public information about it, which is itself the main thing to know. I’m Jatin Dua, RE/MAX Quantum Realty.

Small, uniform and under the radar

condos.ca records 12 suites over two storeys, with recorded suite sizes of about 1,381 to 1,382 square feet. In other words, the suites appear to be essentially the same size, which suggests a repeating townhouse-style or multi-level plan rather than a stack of apartments. I could not confirm the layouts from public sources, so ask for the floor plan of any suite you look at.

No developer or architect is listed, and I found no press or design coverage of the building. That is normal for a late-1980s infill project of this size. The original declaration and registered plan, which the property manager can provide, are the best record of how it was built.

At roughly 1,380 square feet, these suites are larger than most two-bedroom condos downtown, which is the main reason to look here.

Because the building has no shared amenities and no staff, the fee mostly pays for insurance, water, the common elements and the reserve fund. That makes the reserve fund contribution a larger share of the budget than in a tower, which is good if it is being funded properly and a warning sign if it is not.

Queen Street East near Parliament

This is the stretch of Queen East between Sherbourne and Parliament, with Moss Park to the west and Regent Park to the north-east. Queen has a streetcar and a run of small shops, cafés and services, and Corktown, the Distillery District and the King East corridor are within walking distance to the south.

The most important change coming is the Ontario Line. Metrolinx is building Moss Park Station near Queen and Sherbourne, a few blocks west, which should improve transit here considerably once it opens. Until then, expect construction along Queen and the inconvenience that comes with it.

This part of Queen East is mixed and still changing, and it feels different from the more polished blocks closer to Yonge. Walk it at different times of day before you decide. The automatic panel on this page covers transit, schools and walkability.

For people who work from home, the combination of a large suite and a low-rise building on a commercial street is a practical one. You can walk to a café or a grocery store in a few minutes, and you are not relying on an elevator or a busy lobby to get out the door.

Living in a 12-suite corporation

A corporation of 12 owners works almost like a co-ownership. Fees can stay modest because there is no concierge, gym or pool to run, and decisions are made by a handful of neighbours rather than a large board.

The risk is concentration. Every major repair in a 1989 building, whether roofing, windows, masonry, a parking area or plumbing, is divided only 12 ways. If the reserve fund has not kept up, owners feel it quickly. That makes the reserve fund study and the board minutes more important here than the suite finishes.

Insurance is another item to look at. Small corporations can see sharp jumps in their building insurance premiums, and with only 12 suites to share the increase, it shows up quickly in fees. Ask how the premium has moved over the last few years and what deductible the corporation carries, since that affects your own condo insurance.

Finally, find out how heating and cooling work. In a low-rise of this age, each suite may have its own furnace or system, which you would be responsible for replacing, or there may be shared equipment. Either answer is fine; you just need to know which one you are buying.

Pricing without a market to lean on

condos.ca shows a building average of about $538 per square foot, but with 12 suites and few trades, that number rests on a very small and possibly dated sample. There were no suites listed for sale or lease at the time of writing, so there is no current asking range to compare against.

To value a suite here, I would use the building’s own sales history over several years, other townhouse-style condos in Corktown and Moss Park, and freehold row houses nearby. The suite size argues for a lower price per square foot than a small new-build unit, while the location near a future subway station argues for patience.

Since suites here come up so rarely, it is worth being ready before one does. If this building fits what you want, talk to me early through a quick call so that financing and your list of questions are in place when a listing appears.

The fee covers common elements, building insurance and water. Heat and hydro are not listed as included, and parking is not listed as part of the fee, so confirm what a specific suite comes with. For aggregate recent trades, see my building sold report.

Building specifications

Amenities at 388 Queen Condos

There is no shared amenity package to speak of. Barbecues are permitted, which suggests some private outdoor space, but confirm what outdoor area belongs to the suite you are considering. In a building like this, the money you would otherwise spend on shared amenities stays in your pocket or goes to the reserve fund.

Jatin’s honest take on 388 Queen Condos

388 Queen Condos — frequently asked questions

Looking at Church–Wellesley, Corktown, Moss Park and Cabbagetown more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.