Market Wharf Lofts, 3 Market St: The Low-Rise Half of Market Wharf

Market Wharf Lofts at 3 Market Street is the part of Market Wharf most buyers do not realise is a separate building. It is the eight-storey, 105-suite podium that faces St. Lawrence Market, with its own condo corporation, its own budget and smaller suites than the tower above it. If you want the market as your front yard without a 34-storey tower’s elevator wait, this is where to look. I’m Jatin Dua, RE/MAX Quantum Realty.

One development, two condo corporations

Context Development’s Market Wharf went up in stages around Market Street and Lower Jarvis. UrbanToronto reported the podium nearing completion in mid-2011, while the tower was still rising. The records line up with that: 3 Market Street was registered as TSCC-2198 in November 2011, and the tower at 1 Market Street followed as TSCC-2308 in May 2013.

That matters more than it sounds. Two corporations means two boards, two budgets and two reserve funds, even though residents of a project like this often share entrances, the garage and some amenities. When you read the status certificate, ask whether there is a shared-facilities agreement with the tower, which costs it covers and how they are split.

Listing sites do not always keep the two apart. Some label 1 Market Street as Market Wharf II Lofts, others call both buildings simply Market Wharf. Always confirm the address and the corporation number before you compare fees or sales.

A brick podium built to match the market

architectsAlliance clad the podium in masonry, with a scale and material palette chosen to sit comfortably next to St. Lawrence Market and the older brick buildings around it. It is the part of the project that feels like the neighbourhood rather than a new tower dropped into it.

The podium also does a practical job. Market Wharf’s single-storey Market Flats wrap the above-grade parking garage, so instead of a blank concrete wall, the street sees windows, and as far as I can tell from the registration dates and suite sizes, those flats make up much of this corporation. They look over the market and Market Street rather than the lake, and they tend to be the smaller, more affordable plans in the project.

The trade-off is that a suite wrapped around a garage has one exposure, and some face the market’s loading and delivery activity. A suite facing Market Street is a very different daily experience from one facing a quieter edge, so check the direction before you fall for the location.

Smaller suites and what the fee covers

Suites at 3 Market Street run from about 472 to 1,460 sq ft, and most of the listings I see are one-bedroom plans in the 500s. That makes this the entry point into Market Wharf: you get the same location as the tower at a lower ticket price, and a building with only about 105 suites.

Condos.ca lists heat and water as included in the fee. That is a shorter list than at many older buildings, so expect to pay your own hydro, and check whether air conditioning is on your own meter. Parking and lockers are not listed as fee inclusions, so confirm whether your suite comes with either.

Across the two active listings when I checked, fees were about $570 to $600 a month, which works out to roughly $1.06 per square foot. That is high for a small mid-rise, and part of the reason may be shared costs with the tower. Ask the manager to explain the shared-facilities charges line by line.

Living across from the market

The daily reality here is the market itself. Saturday mornings are busy, deliveries start early, and the streets fill with visitors on weekends. If you cook, there is nowhere better in the city to live. If you need silence at 6 a.m., pick your exposure carefully.

The Esplanade’s restaurants and pubs are at your door, and to the east is Crombie Park, which the architect describes this development as anchoring at its western end. The lake and the Financial District are both walkable, and the automatic panel on this page covers transit and walkability in detail.

The other daily factor is the rail corridor to the south. The architect notes the site sits just north of it, and the area between here and the lake has been filling in with new towers for years. Suites facing south may hear trains and construction, while suites facing the market hear the market. Neither is a deal-breaker, but both are worth hearing for yourself before you sign.

What Market Wharf Lofts costs

Condos.ca puts the building average at about $944 per square foot. That is close to the tower at 1 Market Street, which sits slightly higher, and the gap is mostly about views. The podium suites trade on location; the tower suites trade on location plus lake views.

When I checked, two suites were for sale and one for lease. Both sale listings were one-bedrooms in the 500 to 599 sq ft band asking between $399,000 and $499,000. That is a wide gap for similar-sized suites, and it tells you that floor, exposure, parking and condition move the price here a lot.

With only about 105 suites, comparables are limited, and sales at the tower are not a direct substitute. If you want a fair value for a specific suite, I can pull the recent sales from both corporations and separate them properly through my building sold report.

Building specifications

Amenities at Market Wharf Lofts

The amenity list covers the basics: concierge, a gym, guest suites and a media room, with Beanfield fibre available. Confirm which of these sit in this corporation and which are shared with the tower, because that affects both access and cost.

Jatin’s honest take on Market Wharf Lofts

Market Wharf Lofts — 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.