Eight Wellesley St E: 81 Lofts Steps From Wellesley Station

Eight Wellesley Street East is the building for someone who wants to live at Yonge and Wellesley without living in a 50-storey tower. It is a 10-storey, 81-suite loft-style building from 1997 with exposed concrete ceilings, a glass corner on the intersection and penthouses that are larger than many houses’ main floors. Its age is both its value and the thing to investigate. I’m Jatin Dua, RE/MAX Quantum Realty.

A mid-rise in a forest of towers

Yonge and Wellesley has become one of the densest tower clusters in the city, with a run of tall towers completed or under way within a few blocks. Eight Wellesley predates almost all of them. At 10 storeys and 81 suites, it is a mid-rise with a modern exterior and a prominent vertical-glass corner that marks the intersection.

That scale gives it a different feel from its neighbours. Elevator waits are short, the lobby is small and you can know the people on your floor. It also means a smaller pool of owners funding the reserve, which matters more as the building approaches 30 years.

One thing to keep in mind is that tall new buildings nearby can change views and light. A suite facing an empty lot or low building today may not keep that view, so ask what is approved or proposed on the adjacent sites before you pay for an outlook.

Concrete ceilings and penthouses with real volume

The suites are soft lofts: a concrete building with loft-style finishes rather than a converted factory. Listings describe exposed coffered concrete ceilings, large windows and hardwood floors. It is a more architectural interior than most 1990s condos, and that is the main reason people buy here.

Sizes run from about 555 to 2,099 sq ft. Two-bedroom, two-bathroom plans of around 1,000 to 1,100 sq ft are a common size, which is larger than what new towers nearby offer for two bedrooms.

The penthouse level is where the building is unusual. One penthouse featured in 2018 had a living area with ceilings of about 14 feet, a gas fireplace and roughly 1,500 sq ft. Those suites are scarce and do not behave like the rest of the building in pricing.

Outdoor space is limited for most suites. Several plans have Juliet balconies rather than usable balconies, and lower suites can look onto neighbouring roofs. If a balcony matters, check the plan; the shared rooftop deck is the building’s main outdoor space.

Fees: what is and is not included

The fee covers common elements, building insurance and water. Heat, hydro and air conditioning are not listed among the inclusions, so budget for them separately and ask the seller for a year of utility bills. A large suite with tall ceilings costs more to heat and cool than its square footage suggests.

Parking varies by suite. Some suites have come with a space and others have not, so confirm what is on title. At Yonge and Wellesley you can live comfortably without a car, but a suite with parking will resell to a wider pool of buyers.

Because utilities are outside the fee, comparisons with nearby buildings need care. A tower down the street that includes heat may show a higher fee and a lower total monthly cost. Ask for the current fee schedule, the last few years of increases and the seller’s utility bills, and compare the all-in figure.

Yonge and Wellesley, every day

You are a few steps from Wellesley Station, with the Church-Wellesley Village immediately east and Yonge Street’s shops and restaurants at the door. Toronto Metropolitan University, the Toronto Reference Library and Yorkville are all a walk away. The panel shows the exact transit and Walk Score figures.

This is a busy corner, and the construction around it has been close to constant for years. Expect street noise on the Yonge and Wellesley sides and quieter conditions on suites facing away from the intersection. Visit at night as well as during the day.

The upside of the corner is that daily life needs no car. Groceries, pharmacies, gyms, clinics and late-night food are all within a few minutes on foot, and the Village’s restaurants and patios are on the next block east. For many owners here, that convenience is the whole point of buying.

Per foot, an older-building discount

The building average is about $686 per square foot, below what newer towers within a few blocks command. You are trading new finishes and amenities for larger rooms, concrete-loft character and a mid-rise.

Because suites range from a small one-bedroom to a 2,000-plus sq ft penthouse, the average hides a lot. Price a suite against others of the same type and floor in this building first, then against loft-style buildings in the Village, rather than against the tower condos on Yonge.

Penthouses deserve their own comparison. A suite with 14-foot ceilings and a fireplace competes with townhouses and larger lofts across the downtown core, not with the one-bedrooms on the lower floors, and it takes a more patient buyer to sell. Price it, and expect it to sell, on that basis.

There is one suite for sale right now, a two-bedroom. One listing is too few to describe the market here, so for recent sold and leased figures, see the data panel or my building sold report.

Building specifications

Amenities at Eight Wellesley Street East

The rooftop deck with barbecues is the amenity people actually use, since most suites have little private outdoor space. The gym and party room are modest by tower standards, which helps keep the shared costs reasonable.

Jatin’s honest take on Eight Wellesley Street East

Eight Wellesley Street East — 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.