Old Mill Terrace Residences: 20 Self-Managed Townhomes by the Humber

Old Mill Terrace Residences gives you something that is very hard to find near the Old Mill: a three-bedroom home with a garage and a backyard for less than a detached house on the surrounding streets. It is just 20 townhomes, run by the owners themselves, and that last part is what you need to understand before you buy. I’m Jatin Dua, RE/MAX Quantum Realty.

Townhomes in a neighbourhood of large houses

The streets around the Old Mill are mostly large freehold houses on the slopes above the Humber valley. Condominium townhomes are rare here, and that scarcity is the reason Old Mill Terrace Residences has buyers when it lists. You get the address without the price of a detached house.

The area has a long history. The Old Mill takes its name from mill ruins on the west bank of the Humber, now the Old Mill hotel and spa, and the river was a working mill site in the 1800s. Old Mill station on Line 2 sits on a partly elevated structure over the valley.

The complex was designed in 1997 and registered that September as MTCC-1157. Condos.ca lists the builder simply as Old Mill Terrace Residences, which usually points to a single-project company. I could not find a published record of the firm behind it or an architect.

A vertical house, with a garage below

Condos.ca records the homes at about 1,650 square feet. A past listing description shows how that space is arranged: you enter at grade, take the stairs to a kitchen with an island and a living and dining area with a fireplace and a balcony on the second floor, and the bedrooms sit above that.

That same description mentioned a primary bedroom with its own gas fireplace, a walk-in closet and an ensuite, laundry on the bedroom level, and a double garage with tandem parking and interior access. There is a backyard at the rear. Not every home will be finished the same way, so check the specific one.

Tandem parking means one car parks behind the other. For a household with two drivers who leave at different times, that is a daily shuffle, so think about how you would actually use it. Visitor parking is not on the published amenity list, so ask where guests park.

The trade-off is stairs. A home spread over three or more levels works well for a family or a couple with a home office, but less well for someone planning to stay into their eighties. If one-floor living matters, this is the wrong product, however good the location.

Self-managed: what that really means

Condos.ca lists the corporation as self-managed, and a past listing said the same. There is no outside property management company. The board, made up of owners, arranges insurance, snow clearing, landscaping, repairs and the reserve fund study, either doing the work itself or hiring contractors directly.

Done well, self-management keeps fees down and decisions quick. Done poorly, it can mean records that are hard to follow, an overdue reserve fund study or repairs that wait until a volunteer has time. With only 20 homes, the board may be three owners, and its quality matters a great deal.

Before you buy, ask who keeps the books, when the last reserve fund study was done, and how insurance is placed. A self-managed corporation still has to produce a status certificate, and I would read it with extra care.

Self-management also changes how you buy. There is no manager’s office to call with questions, so requests for documents go through the board or whoever it has appointed. Build a little extra time into your conditional period so the paperwork can arrive and be reviewed properly.

Do not confuse it with the building next door

Listing websites use a very similar name, Old Mill Terrace Townhomes, for a separate complex at 71 Old Mill Road. They are different corporations with different finances and rules. Always confirm the corporation number, MTCC-1157 for this one, before you rely on any fee or sales history you find online.

This also matters when you look at comparables. Sales from the other complex, or from the newer condo buildings on Old Mill Road, are not the same product. Compare like with like: condo townhomes of similar size with garages.

The data panel on this page covers transit, schools, parks and nearby food in more detail.

How to think about price here

There is no reliable building-wide price per square foot for Old Mill Terrace Residences, because 20 homes produce very few sales in a year. One home was for sale when I wrote this. In a complex this small, the best guide is recent sales here, and then condo townhomes and semi-detached houses nearby of similar size.

When I price a home here, I adjust heavily for condition. Two homes of the same size can differ by a renovated kitchen, updated bathrooms and a finished lower level, and in a 1997 complex those differences are often worth more than the gap between one sale year and the next.

The fee covers common elements, building insurance and parking. Heat, hydro and water are not on the published inclusion list, so ask for a year of utility bills. Townhome corporations generally carry lower fees than a high-rise of the same size, because there is no lobby, elevator or concierge to pay for.

Lower fees only mean value if the reserve fund is keeping pace. For recorded sale figures, see the data panel on this page or ask me for a building sold report.

Building specifications

Amenities at Old Mill Terrace Residences

There are no shared amenities in the condo-tower sense. What you get is your own garage, your own backyard where BBQs are permitted, and the Humber valley and the Old Mill on your doorstep, which for most buyers here is the point.

Jatin’s honest take on Old Mill Terrace Residences

Old Mill Terrace Residences — frequently asked questions

Looking at Humber Bay Shores, Mimico, the Queensway and central Etobicoke more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.