Metropolitan Essex, 298 Jarvis St: Downtown’s Low Price per Square Foot

Metropolitan Essex is one of the cheapest ways to buy square footage in downtown Toronto, and I want you to understand why before you get excited about it. This 1991 Polygrand tower on Jarvis Street has a pool, a squash court, real two-bedroom-plus-den plans and a fee that covers nearly everything, including parking. The low price per square foot and the high monthly fee are two sides of the same story. I’m Jatin Dua, RE/MAX Quantum Realty.

A white tower above a commercial base

Metropolitan Essex is a 17-storey tower in white concrete and glass, set above a two-level podium that is leased for commercial use. That mixed base is typical of Jarvis Street buildings from this period, and it means the ground floor is shared with businesses rather than given over entirely to the residential lobby.

Polygrand Developments built it in 1991. With 124 suites over 17 floors, there are only a handful of suites per floor, which tends to mean quieter corridors and less waiting for elevators than in the large towers further south.

Jarvis Street has a long history. It was laid out after Samuel Jarvis sold his Hazel Burn estate in 1845, and through the late nineteenth century it was one of the city’s wealthiest residential streets, before money drifted north to Rosedale. Between Gerrard and Carlton today, the east side is almost entirely Allan Gardens, the Jarvis Street Baptist Church holds the corner at Gerrard, and the west side, where Metropolitan Essex stands, is mostly twentieth-century apartment buildings with an older mansion at 362 Jarvis now used as offices.

Suites with real space

Condos.ca puts suites at about 557 to 1,456 square feet. The upper end of that range is a genuine family-sized plan, and the listings I saw included a one-bedroom-plus-den in the 700 square foot band and a two-bedroom-plus-den. That is more room per bedroom than almost anything built downtown in the last two decades.

Like most buildings of its age, Metropolitan Essex has suites in every state, from original early-nineties kitchens to complete renovations. The low entry price leaves room in the budget for updating, and that is often how the best value is made here.

Ask which side the suite faces. Views east over Allan Gardens are a different experience from views into neighbouring buildings, and that difference is reflected in resale.

The fee covers almost everything

Condos.ca lists common elements, heat, hydro, air conditioning, building insurance, parking and water as included. That is about as complete as fee inclusions get in Toronto. Your remaining monthly costs are largely internet, insurance on your contents and property tax.

The result is a fee that looks high next to a newer building, and it is. Before you rule the building out on that basis, add hydro, heating, cooling and a monthly parking charge back onto the newer building you are comparing it with. The gap shrinks, though in an older, bulk-metered building it rarely disappears.

Fees in a 124-suite building also carry a pool, a sauna and a squash court across fewer owners than a big tower would have. That is the cost of the amenity package, and the reserve fund study will tell you whether it is being funded properly.

Daily life on Jarvis Street

From here, Toronto Metropolitan University, the Church Street village, the Yonge Street shops and the College Park area are within walking distance. Allan Gardens across the street is one of the few large green spaces in this part of downtown, and its conservatory is open to the public. For a building with parking in the fee, it is also an easy location to live without using the car most days. The automatic panel on this page lists the nearest transit, parks and food.

Jarvis is a wide, busy arterial street. Traffic noise is a fact of life on the street side, and higher floors or suites away from Jarvis will be calmer. This is a downtown neighbourhood with a wide social mix, and I would encourage you to walk the block at different times of day before you buy, as you should anywhere downtown.

What Metropolitan Essex costs

Condos.ca puts the building average at about $525 per square foot, one of the lowest figures I see for a downtown Toronto condo. That is the headline, and it is real, but it is not free money.

Two suites were listed for sale when I checked, with asking prices from about $340,000 to $569,000, from a one-bedroom-plus-den to a two-bedroom-plus-den. That is a very low entry point for this much space this close to the core.

Supply is thin. With 124 suites, two listings for sale and none for lease when I checked, there are few active comparables at any one time, and asking prices can be a weak guide. Sold data over a longer period, adjusted for suite size and condition, is the only reliable way to price an offer here.

The low price per square foot reflects three things buyers weigh together: a 35-year-old building, a high all-inclusive monthly fee, and the Jarvis Street location. When you judge value, compare the full monthly cost of ownership, fee plus mortgage plus tax, with what a similar-sized suite would cost elsewhere downtown with utilities and parking added. For a check on a specific suite, I can pull sold comparables through my building sold report.

Building specifications

Amenities at Metropolitan Essex

A pool, sauna and squash court in a 124-suite building is a generous package, and it is part of why the fee is what it is. If you would never use them, you are still paying for them, so weigh that honestly.

Jatin’s honest take on Metropolitan Essex

Metropolitan Essex — 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.