The Lexington, 45 Carlton St: Family-Sized Suites Across From the Gardens

The Lexington at 45 Carlton Street is where I send buyers who need a real family-sized suite downtown and do not want to pay new-tower prices for it. Its suites start around 1,000 sq ft, it has an indoor pool and a squash court, and the fee covers hydro, heat and parking. It is also a 1981 building, and that shapes every decision you make about it. I’m Jatin Dua, RE/MAX Quantum Realty.

Suites built for living, not for investors

The Lexington was built before the downtown condo market tilted toward small investor suites, and its floor plans show it. Condos.ca lists suites from about 1,005 to 1,549 sq ft, so the typical suite here is a two-bedroom or a two-bedroom plus den, with room for a dining table and real storage. One current listing falls in the 900 to 999 sq ft band, so the smallest plans may be slightly under the posted range.

Rental listings for the building describe two-bedroom-plus-den suites of roughly 1,200 to 1,400 sq ft with two full bathrooms, where the den can work as a nursery or office. That is a format that is very hard to find in a downtown tower built in the last twenty years, and almost impossible at this price per square foot.

The building itself is plain: a 19-storey concrete and glass slab with a broad façade facing Carlton. People do not buy here for the architecture. They buy for the space, the amenities and the location.

Hydro, heat and parking in one fee

Condos.ca lists common elements, heat, hydro, air conditioning, building insurance, parking and water as included. Current listings show fees of roughly $1,040 to $1,350 a month, which works out to a little over $1 per square foot on the smaller suites. That is high for downtown on paper, but in a newer tower your hydro, heating and cooling, and parking would all be added on top.

Compare the total monthly cost of a suite here with a similar-sized suite in a newer building, and the gap usually narrows a great deal. Remember, too, that a similar-sized suite in a newer building would cost much more to buy in the first place.

The catch with a fully bundled fee in a building this age is that energy costs are shared across all 343 suites, and the heating and cooling equipment is old. Ask what system the building uses, when it was last replaced, and how the utility line in the budget has moved over the last few years.

A 1981 building: what to look for

At 45 years old, The Lexington is well into the stage where major components need replacement. Windows, balcony and façade repairs, elevators, plumbing risers, the pool and the garage membrane are all items that most buildings of this vintage have either already done or are planning.

None of that is a reason to avoid the building. A well-run older building with its big projects behind it can be a safer purchase than a newer building that has not yet faced them. The point is to find out which category this building is in before you commit, and the reserve fund study and board minutes will tell you.

Inside the suite, look at the age of the windows, the heating and cooling unit, the electrical panel and the kitchens and bathrooms. Many suites have been renovated, but some have not, and the price should reflect the difference.

Across Carlton from the Gardens

The Lexington sits on the south side of Carlton Street, across from the former Maple Leaf Gardens at the corner of Church. The Gardens now holds a large Loblaws on its lower floors and Toronto Metropolitan University’s Mattamy Athletic Centre above, so groceries are across the street and the university campus is all around you.

Yonge and College is a block west, and the hospitals on University Avenue and the University of Toronto are a reasonable walk further. Carlton is a streetcar route and a busy pedestrian street, so suites facing it hear the city. Higher floors and the quieter side of the building are generally the better choice if noise matters to you.

For families, the practical advantage is that daily errands can be done on foot. Groceries, the subway, Yonge Street’s shops and a university athletic centre are all within a few minutes, which makes a large suite here practical for a household that does not want to depend on a car.

What The Lexington costs

Condos.ca does not publish a building average price per square foot for The Lexington, so I would rely on recent sold data for the same plan rather than an average. Because the suites are large, a price that looks modest for the size still adds up to a substantial purchase.

When I checked, two suites were listed for sale, asking from about $620,000 to $649,000, with fees of roughly $1,040 to $1,350 a month. For suites of this size in this location, those asking prices are well below what newer buildings nearby would charge for the same space.

The fee is the factor that holds prices down, so run the total monthly cost before you decide. I can pull recent sold prices for the exact plan through my building sold report.

Building specifications

Amenities at The Lexington

An indoor pool, sauna and squash court make this a building where you can stay fit without a club membership, which matters to families and to people who work long hours at the nearby hospitals. These facilities are also among the most expensive to maintain, so their condition is part of your due diligence.

Jatin’s honest take on The Lexington

The Lexington — frequently asked questions

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