565 Kennedy Rd: A Nine-Suite Plaza Conversion With a Tower Proposal

565 Kennedy Road is one of the smallest and most unusual condominiums in Scarborough. It is nine suites on one level, created by turning an old roadside commercial plaza into apartments around 2000. Today the same address is the subject of a nine-storey condo proposal, and that changes how I would think about buying here. I’m Jatin Dua, RE/MAX Quantum Realty.

From roadside plaza to nine apartments

In 1998, the former City of Scarborough considered an application to convert two existing one-storey commercial buildings at this address into nine apartment units. The plan changed the land use from highway commercial to medium-density residential, and cut on-site parking from 18 spaces to 12.

The condominium was registered in March 2000. What you are buying, then, is a suite inside a converted commercial structure, not a purpose-built apartment. That can mean unusual layouts, ceiling heights and window placements, and it is worth seeing several suites if you can.

Sources differ slightly on who did it. Condos.ca lists Kopas & Burrit Financial Agents Ltd as the builder, while the City report names Kopas Management & Development Incorporated as the applicant. They are likely related, but I could not confirm it.

Converted buildings can also carry quirks in insulation, sound separation and plumbing that purpose-built apartments do not. A good home inspection matters more here than in a typical condo, and I would ask the inspector to look at the roof, the envelope and how each suite is heated.

The tower proposal on the same site

SkyriseCities and Square Yards both list a pre-construction proposal at 565 Kennedy Road: a nine-storey, roughly 35-metre building of 113 condo suites with a small retail space at grade, designed by Studio JCI for 2833307 Ontario Inc. The published mix is 80 one-bedrooms, 21 two-bedrooms and 12 three-bedrooms, with 32 parking spaces.

A proposal is not an approval, and it is not a sale. But a new building on this site would require the existing condominium to be sold or wound up. Under Ontario’s Condominium Act, selling the whole property needs the support of owners of at least 80% of the units.

If you are looking at a suite here, this is the first thing to ask about. Request the status certificate, read recent board and owner meeting minutes, and ask directly whether the corporation has received an offer, signed any agreement, or held a vote about selling the site.

If there is an agreement, read how it treats a new owner. Some site sales are conditional for long periods, and the price, the closing date and what happens if the deal fails all affect what your suite is worth to you. Get a real estate lawyer to read the documents before you firm up any offer.

Living in a nine-suite condominium

With nine owners, the board is effectively most of the building. Decisions are fast when everyone agrees and slow when they do not, and there is little room to spread the cost of a repair. Condos.ca lists no property manager, so find out who handles day-to-day maintenance and the books.

The fee covers air conditioning, common elements, building insurance, parking and water. Heat is not on that list, so plan on paying for it yourself, and confirm how suites are heated and metered.

The listed features are a security system and an enter-phone. Recent listings show at least some one-bedroom suites. For transit, schools, stores and parks, use the data panel on this page.

Small corporations sometimes skip formalities that larger ones cannot, such as regular reserve fund studies, audited statements or annual meetings. Ask to see the most recent of each. If they are missing or out of date, that tells you something about how the building is run.

Single-storey living has its own advantages: no elevators to wait for or maintain, no stairs, and parking close to your door. For an older buyer or anyone with mobility needs, that can matter more than amenities.

Mortgages and insurance on a small, unusual condo

Lenders look closely at very small condominium corporations, converted buildings and sites with redevelopment activity. Talk to your mortgage broker before you make an offer, and make the offer conditional on financing so that you are not caught if a lender declines the property.

Ask the corporation for a copy of its insurance certificate and deductible, and find out what your own unit policy needs to cover. In a nine-suite building, a large insurance deductible can fall on a small group of owners.

None of this means you should avoid 565 Kennedy. It means you should buy here with your eyes open and your conditions in place.

Pricing: the site may matter more than the suite

There were no active sale listings in the data I have, and with only nine suites there is no meaningful building-wide price per square foot. The 12-month TRREB figures in the panel, where there are enough sales to show, are the best guide.

The bigger pricing question is the land. If a developer is assembling or buying the site, a suite’s value may be tied to what the corporation as a whole can sell for, not to comparable apartments nearby. That can work for or against a buyer depending on timing and terms.

Do not pay a premium for redevelopment potential unless you have read the documents and understand where any discussions stand. If you want help reading them, book a call with me.

Building specifications

Amenities at 565 Kennedy Road Condos

There are no shared amenities beyond secure entry. This is a place you buy for the suite and the parking, or for the site, not for facilities. The 12 approved parking spaces for nine suites are, in practice, the main shared asset.

Jatin’s honest take on 565 Kennedy Road Condos

565 Kennedy Road Condos — frequently asked questions

Looking at Agincourt, L’Amoreaux, Milliken, Dorset Park and Wexford in Scarborough more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.