5940 Yonge St: A Six-Storey Boutique Condo Near Yonge and Cummer

5940 Yonge is one of the lowest-priced ways to own a condo on Yonge Street between Finch and Steeles, and the reason is simple: it is a small, plain building with a high fee per square foot. For a buyer who wants an entry-level suite near the subway with heating and cooling covered, that can be a good trade. For an investor, it usually is not. I’m Jatin Dua, RE/MAX Quantum Realty.

A small mid-rise on a street of towers

Most of what has gone up on Yonge north of Finch in the last 20 years is tall. 5940 Yonge is the exception: six storeys and 75 suites, built by Evergreen Villa Homes and registered in 2006. It reads more like a low-rise apartment building than a condo tower, and that is how it lives.

A building this size has real advantages. There are few neighbours, the lobby is quiet, and owners have a better chance of knowing who sits on the board. The drawback is that every cost is shared across only 75 suites, so a single large repair weighs more heavily on each owner than it would in a 300-suite tower.

I found little published about the developer beyond its name on this building, so I would judge the construction on the reserve fund study, the status certificate and a careful inspection, not on reputation.

Compact suites, mostly one- and two-bedrooms

Condos.ca lists suites from about 505 to 903 square feet. That covers compact one-bedrooms through modest two-bedrooms, with nothing in the large family or downsizer range. The one suite for sale when I checked sat in the 900 to 999 square foot band, which puts it at the top of the building’s size range.

Smaller suites suit first-time buyers, single professionals and people who need a pied-à-terre near transit. They are also the suites that tenants want, so expect a mix of owners and renters, even though very few suites were listed for rent when I checked.

Fees: what you get for the number

Condos.ca lists air conditioning, common elements, heat, building insurance, parking and water. Hydro is the main bill not on that list. Having heating and cooling in the fee keeps your monthly costs steady through the year, which helps on a tight budget.

The fee per square foot is high for the area. Small buildings carry fixed costs, such as concierge staffing, elevator contracts and insurance, across very few suites, and small suites push fee per square foot up further. Compare the total monthly cost against a newer building where heat, cooling and parking may each be billed separately.

Ask the property manager for the last few years of fee increases and the current budget. In a 75-suite building, that history tells you a great deal about how well the corporation is planning ahead.

Reading the paperwork in a 75-suite building

In a small corporation, the status certificate and the reserve fund study carry more weight than usual, because there is less room to absorb a surprise. A $300,000 repair spread across 75 suites is a very different conversation from the same repair spread across 300.

When you review the documents, look at the reserve fund balance against the planned spending over the next ten years, the size of the annual contribution, and whether any special assessment has been levied or discussed. Read the last year of board minutes too. In a building this size, they often tell you about leaks, elevator problems or upcoming major repairs long before they show up in the fee.

None of this is a reason to avoid the building. It is a reason to spend an hour on the paperwork before you commit.

Yonge between Finch and Steeles

Liv.rent places the building near Yonge Street and Cummer Avenue. This stretch of Yonge is a busy commercial strip of shops, restaurants and services, and newer towers such as The Palm at 5740 Yonge have been filling it in. That means more amenities over time, and more construction nearby.

The bigger change is the Yonge North Subway Extension. Metrolinx is extending Line 1 about eight kilometres north from Finch Station into York Region, and early works at Finch began in 2023. Check the City of Toronto’s development application site for anything proposed on neighbouring lots before you commit. The transit, schools and walkability details are in the data panel on this page.

About $549 a square foot, below its neighbours

Condos.ca puts the building average at about $549 per square foot. That is well below The Palm at 5740 Yonge at about $727, 118 Finch Avenue West at about $737 and 777 Steeles Avenue West at about $673. Part of that gap is the building itself, which is small and plain, and part is the high fee, which buyers price in when they make offers.

There was only one suite listed for sale when I checked and none for rent, so there is no meaningful asking range to quote. The recorded sales in the data panel are a better guide.

The lower price per square foot is the opportunity here. If the reserve fund is healthy and the fee history is steady, a buyer gets into a Yonge Street condo for less than almost anywhere nearby. If the reserve fund is thin, that discount may be the market warning you about future costs.

If you are comparing a suite here with one at The Palm or 777 Steeles, line up total monthly costs, including heat, cooling, hydro and parking, against the purchase price. That is the only fair way to compare buildings with different fee packages.

Building specifications

Amenities at 5940 Yonge

The amenity list is basic: a concierge, a party room, a meeting room and visitor parking. There is no gym or pool listed, which keeps those costs out of the budget; you will be joining a gym on Yonge instead.

Jatin’s honest take on 5940 Yonge

5940 Yonge — 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.