The Lotus, 8 Scollard St: A Lower-Priced Way Into a Yorkville Address

The Lotus is the most affordable way into a Yorkville address that I know of. It is a 2008 tower on the Yonge Street side of the neighbourhood, with studios and one-bedrooms that cost a fraction of what the big Bloor Street towers ask, and a fee that covers heat and air conditioning. It is also an older building with small suites, and that is where you need to be careful. I’m Jatin Dua, RE/MAX Quantum Realty.

The Yonge Street end of Yorkville

The Lotus sits at the west end of the block bounded by Yonge, Scollard and Davenport, on the side of Yorkville that faces Yonge rather than Bloor. You are a few minutes on foot from Yorkville Avenue’s restaurants and shops, and closer still to Yonge Street. It is a more everyday, less polished corner than Hazelton Avenue or Cumberland Street, and the prices reflect that.

When the tower was completed in 2008, the open space beside it was turned into the Frank Stollery Parkette, which was finished two summers later. That small park, and Town Hall Park nearby, give the building more breathing room than many towers on Yonge. It also means suites on that side look over green space rather than straight into a neighbouring wall, at least for now.

The developer was Shiu Pong Group, and sources disagree slightly on height: the building profile records 17 floors, while UrbanToronto calls it a 16-storey tower. The difference is usually a mechanical or mezzanine level, but it is worth knowing if you are comparing floor numbers.

Studios to family suites in one building

Recorded suite sizes run from about 413 square feet to roughly 1,788 square feet. The building is weighted toward small suites: of the six suites for sale at the time of writing, two were studios under 500 square feet and two were one-bedroom-plus-dens, with only two two-bedroom suites.

That mix tells you who lives here. Studios and one-bedrooms attract investors and first-time buyers who want the Yorkville postal code and can live with less space. The larger suites on upper floors are a different product, closer to what downsizers look for, and they trade far less often.

If you are looking at a studio, think about resale and rental demand as much as your own use. Small suites in an older building compete with newer ones nearby that have more amenities, so the condition of the suite and the fee per square foot matter.

For owner-occupiers, the better buys are usually the one-bedroom-plus-dens and two-bedrooms with a proper den or second bathroom. They give you a home you can live in for several years, and they appeal to a wider group of buyers when you sell.

What the fee includes and why it matters

The fee here is one of the more inclusive in the area: common elements, heat, air conditioning, building insurance, parking and water. In practice, that leaves hydro for lighting and appliances as your main utility bill. Many newer Yorkville towers meter heating and cooling to each suite, so a lower fee there does not always mean a lower monthly cost.

Parking is listed as included in the fee, but not every suite has a space, especially the studios. Confirm in the status certificate whether a space and locker come with the suite.

The amenity package is practical: a concierge and security, guest suites, a party room and meeting room, and a sauna. There is no pool. The guest suites are a genuine plus for owners in small suites who have visitors.

An inclusive fee has one more consequence. Because the corporation pays for heating and cooling, the cost of running and eventually replacing that equipment sits in the shared budget and the reserve fund, not on your own bill. In an older building, that is where I would look first in the reserve fund study.

A corner that is changing

This part of Yorkville is one of the most active development areas in the city. In 2016, a 59-storey tower by Cityzen Development Group and KPMB Architects was proposed for the south-west corner of Yonge and Scollard, right beside The Lotus, with plans to better connect the parkette to Town Hall Park. Check the current status of that site and any other applications nearby, because they affect views, construction noise and, over time, the neighbourhood around you.

The data panel on this page covers transit, schools, Walk Score and nearby food and parks.

Yorkville at a discount, with a higher fee per foot

The building averages about $829 per square foot, well below the newer towers along Bloor and Yorkville Avenue. You are trading new finishes and big amenity floors for a lower entry price and an older, established building. For many buyers, the address is the asset, and this is one of the least expensive ways to own it in a full-service building.

Across the six suites currently for sale, monthly fees range from about $510 to $1,260 and average around $1.18 per square foot. That looks high next to a new tower, but heat and air conditioning are included here. Add those back to a newer building’s fee before you compare.

At the time of writing, asking prices ranged from about $399,000 for studios to about $989,000. My building sold report shows what has actually closed.

Building specifications

Amenities at The Lotus

This is a practical package rather than a showpiece. Guest suites and staff at the door matter most for owners of small suites, and the parkette next door gives you a bit of green space at the front door.

Jatin’s honest take on The Lotus

The Lotus — frequently asked questions

Looking at Yorkville, the Annex and Midtown more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.