M1 | M2 Condos, 1070 Sheppard Ave W: Liberty’s Twin Towers at the Subway

M1 and M2 are the two towers I point to when a buyer tells me they want to be on the subway without paying Yonge Street prices. Liberty Development built them in 2010 on a former furniture-store site at Allen Road and Sheppard, across from what is now Sheppard West station. With more than 460 suites, there is always something for sale here, which is both the opportunity and the challenge. I’m Jatin Dua, RE/MAX Quantum Realty.

The first two towers of Metro Place

M1 and M2 were the first two buildings in Liberty Development’s Metro Place, a four-phase community on the west side of Allen Road, just north of Sheppard. The later phases, Metropolis and Parkside, followed on the same site, with Parkside at the north end. UrbanToronto credited the master plan’s design to Kirkor.

Before Liberty, the site was the home of the Idomo furniture store, surrounded by parking and lawns. The pitch was simple and it still holds: you are across the intersection from the subway, a few stops from Yorkdale, and close to Highway 401 and York University.

The subway station opened as Downsview and has since been renamed Sheppard West. Since the Line 1 extension opened, it is no longer the end of the line, so trains north towards York University and Vaughan pass through as well as trains south to downtown. The data panel shows the walking time.

Downsview Park, close to 600 acres of former federal land, lies to the south-west. It is one of the largest open spaces in this part of the city, and it is the reason some suites here have a far more open outlook than the address suggests.

Two towers, and the unit count question

Sources disagree slightly on the size of the project. Condos.ca records one corporation with 467 suites and lists the height as 15 storeys. The original marketing described two towers, one of 14 storeys with 193 suites and one of 16 storeys with 269 suites, for 462 in total. The difference is small, but it is a reminder to check the status certificate for the exact suite count.

Each tower was designed with its own lobby, party room and guest suite, and the two share an amenity centre reached underground. That is a useful arrangement, because it keeps each lobby at the scale of a single mid-sized building while giving owners a larger amenity package.

Because M1 and M2 sit in one corporation, you share a single reserve fund and a single board across both towers. Read the minutes for both buildings, not only the one you are buying in, because a repair in one tower is paid for by owners in both.

A large corporation has advantages too. With more than 460 owners, the cost of a new roof or an elevator overhaul is spread thinly, and the building can afford full-time staff and a concierge without the fee per suite climbing as steeply as it would in a small building.

Layouts: full-width balconies and split bedrooms

Condos.ca records suites from about 346 to 1,389 sq ft, a wider range than the 515 to 1,460 sq ft quoted at launch, which probably reflects how individual suites have since been measured and listed. Most of what trades here is one-bedroom and one-bedroom-plus-den plans, with some two-bedroom and two-bedroom-plus-den suites.

The launch materials made a point of balconies that run the full width of each suite and two-bedroom plans with the bedrooms on opposite sides of the living area. Split bedrooms are worth having if you are sharing with a roommate or renting to students. Two-storey penthouse lofts were offered only in the taller tower.

Suites facing away from Downsview Park were marketed as overlooking a one-acre park on the site, with paths and public art. Ask which way the suite faces. Views towards the park and the Allen Road corridor are very different from views over the internal park and the later phases.

The fee has doubled from the launch estimate

At launch, monthly fees were estimated at about 43 cents per square foot, with one parking space included per suite. Based on current listings, condos.ca now works the fee out at about $0.92 per square foot. That is not unusual for a building of this age, but it is a useful reality check for anyone buying a new tower based on today’s estimates.

Condos.ca lists air conditioning, common elements, heat, building insurance, parking and water as inclusions. Heat, cooling and parking in the fee are worth a meaningful amount compared with newer buildings, where those are often separate. Hydro was individually metered from the start, so you pay your own electricity.

Confirm that the suite you are buying actually comes with a parking space and whether there is a locker. The launch promised parking with every suite, but resale buyers should never assume it; check the status certificate and the parking unit numbers.

What M1 and M2 cost

Condos.ca puts the building average at about $710 per square foot. That is well below newer towers along the Line 1 corridor, and it reflects a 2010 building with a large supply of one-bedroom suites.

When I checked, there were nine suites listed for sale and none for lease. Asking prices on the current listings ranged from about $419,900 to $639,900. With this many listings at once, buyers have room to negotiate, and you should expect to compare several similar suites before making an offer.

In a building this size, the data panel’s recorded sales are a reliable guide, because there are enough of them to show a real pattern. If you own here and are thinking of selling, the competition from other listings is the main thing to plan for. I can show you what has actually sold through my building sold report.

Building specifications

Amenities at M1 | M2 Condos

At launch the shared amenity centre was described as about 5,200 sq ft, reached underground, with a gym, an indoor golf simulator and an indoor pool. Confirm what is operating today, because amenities in older buildings are sometimes changed or closed, and a pool is one of the most expensive to keep.

Jatin’s honest take on M1 | M2 Condos

M1 | M2 Condos — frequently asked questions

Looking at Downsview, Weston, York University Heights, Rexdale and northwest Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.