Symphony Square, 23 Lorraine Dr: Ghods Tower at Yonge and Finch, Fee Review

Symphony Square is one of the buildings I point to when a buyer near Yonge and Finch wants the most square footage for the money, with the utilities already paid. It is a 21-storey Ghods Builders tower from 2000 on Lorraine Drive, with a pool, a concierge and a fee that, per square foot, is in line with much newer buildings that cover far less. The trade-off is age, and I will be direct about what that means. I’m Jatin Dua, RE/MAX Quantum Realty.

A 2000 tower from a builder still active on Yonge

Ghods Builders was founded by Ghasem Ghods, and it has stayed on this stretch of Yonge. In 2014 UrbanToronto reported on its plan for 5959 Yonge Street, a twin-tower project at Yonge and Cummer designed by Kirkor Architects. Symphony Square is from an earlier generation: a brick and concrete tower completed in 2000, set a block west of Yonge on a residential street.

The setting matters. Lorraine Drive is off the main road, so you are close to the Yonge and Finch retail strip without living on top of it. With 317 suites over 21 storeys, the building is big enough to support a full-time concierge and security, and to spread the cost of a pool, but not so big that the lobby feels like a transit station. Ask how move-ins and elevator bookings are handled, because 317 suites still means regular moving days and the occasional wait.

Condos.ca lists pet restrictions. Read the declaration and rules before you commit if you have a larger dog.

Layouts built for living, not just for renting

Condos.ca did not publish a full size range for this building, but the current listings tell you the shape of the stock. Most fall in the 600 to 999 square foot bands, with one-plus-dens in the 600s, two-bedroom and two-plus-den plans in the 800s and 900s, and a few three-bedroom suites.

That is a generous mix for a tower of this location. A two-plus-den near 900 square feet would be a large unit in a newer North York building, and here it is common. A recent listing describes the den as large enough for an office or guest room, ensuite laundry, and a combined living and dining area with an open west view.

Expect original finishes in suites that have not been updated. Kitchens and bathrooms from 2000 are functional but dated, so price a renovation into your offer, and check the corporation’s rules on flooring and plumbing work before you plan one.

The all-in fee, measured properly

Condos.ca lists common elements, heat, hydro, air conditioning, water, building insurance and parking in the fee. Across current listings the fee averages about $0.80 per square foot, and the eight listed suites carry fees from about $520 to $896 a month.

At $0.80 per square foot with hydro, heating, cooling and parking covered, this is competitive. Many newer towers near Yonge and Finch show a lower fee, but your own hydro, heating and cooling bill and a parking charge sit on top of it. Add those back before you call the newer building cheaper.

To put it in monthly terms: at about $0.80 per square foot, a 900 square foot suite pays roughly $720 a month with hydro, heating, cooling and parking covered. In a newer building with a lower headline fee, run the same suite size through the fee, then add a realistic hydro bill for heating and cooling and a monthly parking charge. That is the comparison I put in front of every buyer looking at Symphony Square.

The risk with bundled utilities is that energy costs rise for everyone at once. Look at the utilities lines in the last two budgets and ask whether the corporation has studied sub-metering or plant upgrades.

Daily life near Yonge and Finch

A recent listing places the building in the heart of Yonge and Finch, a short walk from Finch station, with restaurants and shopping along Yonge. Transit and walkability details are in the panel on this page. For everyday recreation, the City’s Edithvale Community Centre on Finch Avenue West, opened in 2010, has a double gymnasium, an indoor running track, a weight room and fitness studios.

The bigger change is policy. The City’s North York at the Centre study is reviewing the North York Centre Secondary Plan for Yonge from Highway 401 to Cummer Avenue, and looking at expansion areas within about 800 metres of Finch, North York Centre and Sheppard-Yonge stations. More height and density around Finch is likely over time, which helps retail and services and also means construction nearby.

What suites here ask

At the time of writing there were eight suites for sale, with asking prices from about $439,900 to $798,000. That spread gives buyers real choice, and it means current comparables exist inside the building.

Condos.ca did not publish a building average price per square foot, so for actual results use the recorded sales and leases in the panel on this page or my building sold report. Eight active listings is a lot of supply for one building, which usually gives a buyer room to negotiate. Look at days on market before you set your offer.

On a monthly basis, measure the fee per square foot with utilities included against a newer tower’s fee plus hydro and parking. That comparison, more than the asking price alone, is where Symphony Square tends to win.

Building specifications

Amenities at Symphony Square

Condos.ca lists the indoor pool, sauna, concierge and security, and a recent listing adds a gym, party room and recreation rooms. It is a practical, older amenity package, so judge it by condition, not by the list.

Jatin’s honest take on Symphony Square

Symphony Square — frequently asked questions

Looking at Willowdale, Yonge & Sheppard, Bayview Village and North York Centre more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.