Sheppard Place, 5580 Sheppard Ave E: Malvern Entry Price, Low Fees

Sheppard Place is one of the cheapest ways I know to own a Toronto condo with parking included. This 13-storey building at Sheppard and Markham Road was registered in 1985, the suites are modest, and the amenity list is basic. For a first-time buyer who wants to stop renting, that combination can be exactly right. I’m Jatin Dua, RE/MAX Quantum Realty.

An older building, and a question about its start

Sheppard Place is one of the older condominiums in Malvern. The corporation was registered in June 1985, but one rental listing I reviewed gives a 1979 construction date and a different building name. I cannot confirm which is right from public sources.

The developer name on record, Sheppard Place Apartments, hints at one explanation: the building may have opened as rental apartments and been registered as a condominium a few years later. That was not unusual in Toronto at the time. If it matters to you, ask the property manager or check the declaration, and treat the building as dating from the late 1970s for the purpose of judging its systems.

Either way, this is a building with four decades of history. That cuts both ways: plenty of records to examine, and plenty of original components that have reached, or passed, the end of their expected life.

Compact suites for first-time buyers

Recorded suites range from about 609 to 1,069 square feet. Current listings are one-bedroom and one-plus-den suites, and the largest plans, at roughly 1,000 square feet or more, have room for two bedrooms. Even the smallest suites here are larger than many new downtown one-bedrooms.

Renovation levels vary a lot. Some suites have been fully redone with new flooring and kitchens; others are close to original. In a building this age, the difference between a renovated and an unrenovated suite is often larger than the difference between floors, so compare like with like.

Air conditioning is not on the fee inclusion list. Ask how each suite is cooled, whether through-wall or window units are permitted, and whether any owner has installed a newer system with the corporation’s approval.

Storage is the other practical question, because a compact suite fills up quickly. Ask whether a locker is assigned to the suite, and if not, whether the corporation rents spare lockers to owners.

Low fees, and what they leave out

Fees are the building’s strongest selling point. Current listings show fees of about $464 to $477 a month, and the average across active listings works out to about 71 cents a square foot.

The fee covers common elements, heat, water, building insurance and parking. Hydro and air conditioning are not listed, so add your own electricity bill to the monthly cost. Even so, the total stays low by Toronto standards.

A low fee in a 40-year-old building is only good news if the reserve fund is healthy. Ask for the most recent reserve fund study and look for windows, balconies, elevators, the garage, the roof and the heating plant. If big projects are coming and the fund is thin, the fee will rise or owners will face a special assessment.

For investors, the low fee is the attraction, but check the declaration and rules on leasing before you buy, and ask what share of suites are currently rented. I will not guess at those numbers here; the status certificate and the management office are where the real answers sit.

Living at Sheppard and Markham Road

This is the historic heart of Malvern. In the 19th century, the village centre and post office moved south to the corner of Sheppard Avenue and Markham Road, then called Malcolm’s Corners. Today the intersection is a busy suburban crossroads with plazas, groceries, restaurants and services close by.

Condo sites list public transit as a building feature, and TTC buses run along both Sheppard and Markham Road; the details are in the data panel on this page. Highway 401 is a short drive for anyone who commutes by car.

Transit is improving to the west. The Scarborough Subway Extension is bringing Line 2 to Sheppard Avenue and McCowan Road, with a planned connection to a future Sheppard subway extension. That is several kilometres away, but it should shorten trips to the subway once it opens.

Sheppard Place pricing in context

The building average sits around $447 per square foot, low for Toronto and typical of older condos in east Scarborough.

When I checked, three suites were for sale with asking prices from $329,000 to $349,900, and none were for rent. That puts it among the lowest price bands I see for a Toronto condo with parking included.

Combine that price with fees under $500 and the monthly cost of ownership can sit close to, or below, what a comparable rental costs in the area. That is the core of the case for this building. The risk is all in the condition of the building, which is why the status certificate matters more than the price.

For a side-by-side, Regency Court is a short walk east at 5780 and 5800 Sheppard Avenue East. It is smaller, five years newer by registration and has larger suites, but its fees are noticeably higher. Seeing both on the same day makes the trade-off between space and carrying cost very clear.

Building specifications

Amenities at Sheppard Place Condominium

There is no pool or large gym to pay for, just a party room, a meeting room, a recreation room and security. That simplicity is one reason the fee is low, and for buyers who use outside gyms anyway, it is a reasonable trade.

Jatin’s honest take on Sheppard Place Condominium

Sheppard Place Condominium — frequently asked questions

Looking at Scarborough Bluffs, West Hill, Guildwood, Woburn, Malvern and Rouge more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.