Opera Place, 887 Bay St: The Condo Built Where an Opera House Wasn’t

Opera Place is named for a building that was never built. What stands here now is a quiet, well-located 1999 building whose real selling point is a fee that covers almost everything. I’m Jatin Dua, RE/MAX Quantum Realty.

The opera house that became two condo buildings

The name is a piece of city history. In 1984 the Ontario government promised a provincially owned site at Bay and Wellesley for a new home for the opera and ballet, and Moshe Safdie won the design competition. The project was approved in 1988 and the existing government offices on the land were cleared.

Then the recession arrived. After the 1990 provincial election, the new government balked at a project priced at more than $300 million, asked for it to be scaled back, and eventually withdrew funding. The land was sold to developers, and the opera and ballet waited until 2006 for the Four Seasons Centre on Queen Street.

What went up instead were Opera Place at 887 Bay and Opera Place II at 889 Bay, with the Allegro at 909 Bay just to the north. Knowing that history helps you read the block: these buildings sit on a large, assembled site rather than a slot between older towers, which is part of why the setting feels calmer than most of Bay Street.

A mid-sized building with practical suites

At 16 storeys and 161 suites, Opera Place is small by Bay Street standards. That has real day-to-day benefits: fewer neighbours sharing elevators, a concierge who knows faces, and a party room and meeting room that are actually available when you want to book them.

Suites range from about 538 to 1,296 square feet. That is a more generous spread than most newer towers nearby, where one-bedrooms often start under 500 square feet. Late-1990s plans here tend to give you proper separate kitchens and more closet space, at the cost of the open layouts and floor-to-ceiling glass buyers see in new construction.

Because the building is only 16 storeys, views are mostly city views over the surrounding blocks rather than long skyline or lake views. If a view matters, walk the specific suite and ask what sits directly across from it.

Original late-1990s suites also vary a lot in condition. Some have been fully redone with new kitchens and flooring; others still have the builder finishes. That gap shows up in price, so when you compare two suites of the same size here, price the renovation, not just the square footage. A dated suite at a discount can be the better buy if you are planning to renovate anyway.

A fee that covers hydro and parking

The fee here includes common elements, heat, hydro, air conditioning, water, building insurance and parking. That is close to an all-inclusive package, and it is less common than people assume. Most newer downtown buildings bill hydro and often water to each suite, and many charge separately for a parking space.

So when you compare Opera Place with a newer tower that seems to have a lower fee, add back the hydro bill, summer cooling and the parking charge before you decide which is cheaper. In older buildings with bundled utilities, the difference often shrinks or disappears.

The trade-off is that bundled utilities make the building’s operating budget sensitive to energy prices and usage. Look at how the fee has moved over the past few years in the status certificate and budget, and confirm that the suite you are buying actually comes with a parking space, because inclusions can depend on what is attached to the unit.

Daily life south of Bay and Wellesley

The location works well for people who want to walk to work and school. The Queen’s Park government buildings and the University of Toronto are a short walk west, the hospital district on University Avenue is within reach, and Yorkville and the Bloor Street shops are north of Wellesley.

The area right around the building is changing. The Wellesley on the Park development just to the north has added a tall new tower and a public park to the Bay and Wellesley area, and the corridor keeps densifying. That brings more shops and services, and more construction, so check what is planned near the suite you are considering.

Bay Street itself is busy, and suites facing it hear traffic in a way that suites facing the rear of the site do not. If you are sensitive to noise, ask which way the suite faces and visit at rush hour. The transit and walkability details for this address are in the data panel on this page.

How Opera Place prices against its neighbours

Opera Place averages about $847 per square foot on condos.ca. That puts it ahead of Opera Place II next door at about $789 and The Royalton at 801 Bay at about $777, and a little below the Allegro at 909 Bay at about $869.

Remember that the fee here carries hydro and parking, so a straight price-per-square-foot comparison understates its value against buildings where those are extra. Suite size also matters: smaller one-bedrooms carry a higher per-square-foot price than the larger two-bedrooms.

At the time of writing there were no suites listed for sale and two listed for rent, so supply is thin. For aggregate sold figures, see my building sold report.

Building specifications

Amenities at Opera Place

The amenity list is modest: concierge and security, a party room, a meeting room and visitor parking. No pool or large gym is listed, which keeps operating costs and future reserve fund pressure lower, but it means you will be paying for a gym elsewhere if you want one.

Jatin’s honest take on Opera Place

Opera Place — 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.