Lawrence Avenue Condos, 4060-4064 Lawrence Ave E: Low Price, High Fees

Lawrence Avenue Condos at 4060 to 4064 Lawrence Ave E is one of the few places in Toronto where a three- or four-bedroom condo can still be listed for well under $450,000. The reason is in the monthly fee, which on current listings runs from about $1,100 to almost $1,900. If you understand that trade before you book a showing, this complex can make sense. If you don’t, it will surprise you. I’m Jatin Dua, RE/MAX Quantum Realty.

The fee is the building

Every conversation about this complex starts with the monthly fee. Across the eight suites listed for sale at the time of writing, fees ran from about $1,103 to $1,877 a month. That is high in absolute terms, and very high relative to asking prices that ran from $229,000 to $411,000.

This is how the market prices it. A buyer looking at a $1,500 fee is effectively carrying a second mortgage payment, so prices settle lower to compensate. Lenders also count the fee when they qualify you, which shrinks the pool of buyers and keeps prices down further.

Before you treat that fee as a negative, find out exactly what it pays for. An older listing description I reviewed said the fee covered heat and water, and condos.ca does not list the current inclusions. If heat is included in a 1970s building, part of that fee is replacing a utility bill you would otherwise pay. Get the inclusions in writing from the status certificate.

Two-level suites with ravine views

The suites here are a big part of the appeal. Listing descriptions describe two-storey plans, with the living room, dining area and kitchen on one level and the bedrooms upstairs. That gives you a townhouse-style separation between living and sleeping space that you rarely get in a condo apartment.

Suites on the ravine side look out over trees rather than Lawrence Avenue, which makes a real difference to how the place feels. Ask which side the suite you are viewing faces, because a ravine view and a road view at the same price are not the same purchase.

Current listings range from two-bedroom plans up to four bedrooms, several with a den. For the price, these are large homes.

The stairs inside each suite are worth thinking about. A two-level plan is great for a family that wants the bedrooms away from the living room, and less great for someone who expects to age in place. Walk the suite with that in mind, and look at how the kitchen and laundry have been updated, because condition varies a lot from one suite to the next in a complex this age.

What a 1977 complex asks of an owner

At almost 50 years old, this complex is well into the period where windows, balcony doors, roofing, the garage and the original mechanical systems come up for major work. A high fee does not automatically mean a well-funded reserve. It can also mean the corporation is paying for work now that was deferred in the past.

That is why I read three documents before anything else here: the reserve fund study, the last year of board minutes and the status certificate. They tell you how much is in the reserve, what work is planned, whether fees have been rising and whether anything special is coming. I am not aware of any specific issue, and I would not guess. The documents answer the question.

One more data note. Amenity lists for the complex differ between sources: condos.ca lists only a parking garage, visitor parking and BBQs, while an older listing description mentioned a gym, sauna and party room. Confirm what is currently open and maintained.

Living on Lawrence Avenue East in West Hill

The complex sits on Lawrence Avenue East just east of Kingston Road, toward Morningside Avenue, in an established part of West Hill. This is a car-friendly part of Scarborough, with Highway 401 within easy reach and everyday shopping along Kingston Road and Lawrence.

West Hill is a practical choice rather than a fashionable one. People buy here because they get more room for their money, the streets are established, and the drive east or downtown via the 401 is manageable. If you are coming from a rental apartment and need more bedrooms, that trade often makes sense.

The ravine setting behind the buildings is the natural asset. It gives the site a quieter, greener edge than its address on a busy arterial road suggests. Transit, schools and Walk Score are in the data panel on this page.

Asking prices, fees and how to compare

At the time of writing, eight suites were listed for sale, with asking prices from $229,000 to $411,000 and monthly fees from roughly $1,103 to $1,877. Nothing was listed for rent. I don’t have reliable square footage for the complex, so I am not quoting a price per square foot. The TRREB data panel on this page shows what has actually sold and leased.

The right way to compare this complex with a newer condo is total monthly cost, not price. Add your mortgage payment, the fee, property tax and any utilities that are not included, and compare that number. A suite priced in the high $300,000s with a fee of $1,400 or so can cost about the same each month as a much more expensive suite with a low fee, while giving you a lot more space.

Where the math breaks down is resale. Because the fee limits who can qualify, buyers here should plan to hold for a while. For a view of recent trades in comparable buildings, see my building sold report.

Building specifications

Amenities at Lawrence Avenue Condos

This is not an amenity building, and you should not buy it for the facilities. You are paying for space, the two-level layouts and the ravine setting, so confirm which shared facilities are still operating before you assume any.

Jatin’s honest take on Lawrence Avenue Condos

Lawrence Avenue Condos — frequently asked questions

Looking at Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.