The Rio IV, 195 Merton St: The Last Rio, With a Garden on the Beltline

Rio IV at 195 Merton Street is the last of the four Rio buildings Heather Downs put up along this street, and it is the one with the most amenity space I could confirm: a yoga room, a gym with saunas, a billiards room and a garden that runs back to the Beltline. It also currently carries the highest price per foot of the group, and I want to explain why that number needs care. I’m Jatin Dua, RE/MAX Quantum Realty.

The fourth Rio, and a separate corporation

Heather Downs Developments built the Rio series on Merton Street between about 2000 and 2004: the original Rio at 35 Merton, Rio II at 253, Rio III at 225 and, last, Rio IV here at 195. Condos.ca calls it one of four towers on the street, and from the sidewalk they read as a set.

They are not one complex, though. Rio IV is its own corporation, TSCC-1597, with its own board, its own reserve fund and, according to condos.ca, a different manager from Rio III next door: Goldview here, Percel there. One listing went out of its way to praise Goldview’s running of the building and its finances. That is a seller’s claim, so test it yourself against the reserve fund study and the latest budget.

The exterior is concrete, according to listings, and I could not confirm the architect from a source I would rely on.

Gardens behind, Beltline beyond

At the back of the property, listings describe landscaped gardens with a barbecue area and seating under the trees, and past them the Kay Gardner Beltline, the old rail corridor that is now a walking and cycling trail. For a 124-suite building, that is a generous piece of shared outdoor space.

Gardens cost money, though. Mature trees, irrigation and landscaping are a line in the budget every year, and if any part of it sits over the underground garage, its condition is tied to the membrane below. Ask how both are handled in the reserve fund study.

It also protects the rear outlook. The Beltline cannot be built on, so suites facing it keep their green view and their quiet. The street side faces Merton, where newer buildings have gone up toward Yonge, so the exposure of the suite you buy matters more here than in most buildings.

Bigger change is coming to the wider area. The City is building a new aquatic and community centre east of Yonge and Davisville, with a lap pool, a leisure pool and a rooftop walking track, and its latest update targets an opening in spring or summer 2027.

A yoga room, saunas and the rest

Listings describe a 24-hour concierge, a gym with change rooms and saunas, a yoga room, a party room with billiards, underground visitor parking and underground bike racks. That is more than most buildings of this size offer, and the bike storage is a real plus next to a trail.

Condos.ca lists the building as pet-friendly, and one listing said dogs of all sizes are allowed. Do not rely on a listing for that; read the declaration and the rules, because pet clauses differ between corporations even when buildings look identical, and Rio III next door is listed with a pet restriction.

Layouts from studios to 1,600 square feet

Condos.ca lists suites from about 400 to 1,596 square feet, which is a wider range than Rio III and runs to some genuinely large homes at the top. One one-bedroom listing showed a living and dining room close to six metres long, which is roomier than most new one-bedrooms.

The suites on the market when I checked were all in the 600 to 700 square foot range, one-bedrooms and one-bedroom-plus-dens, which is the bread and butter of a building like this. Being a 2004 building, many suites will have original finishes, and the price difference between an updated suite and an original one can be large. Check what has been replaced and when.

Listings show suites selling with an owned parking space and an owned locker, and the garage has underground visitor parking. With parking inside the fee, confirm that the suite has a space on title before you compare it with a suite at Rio III, and ask whether a suite without one pays a lower fee.

Pricing: why $1,013 a foot needs care

Condos.ca puts the average at about $1,013 per square foot, against about $884 at Rio III next door, $839 at Rio II and $790 at the original Rio. Same developer, same era, same street; the gap is mostly about which suites happened to sell. Small one-bedrooms carry the highest price per foot, and when a building’s recent sales are mostly small suites, its average rises.

When I checked, two one-bedroom and one-bedroom-plus-den suites in the 600 to 699 square foot range were asking between $539,000 and $630,500, with fees of about $749 to $769 a month. That works out to roughly $1.17 per square foot in fees, which looks high until you remember that heat, hydro, cooling, water and parking are all included.

For a fair read on value, compare like for like: a one-bedroom here against a one-bedroom at Rio III or Rio II, not building averages. The sold and leased medians in the data panel, or my building sold report, give you the real recent trades.

There was also one suite for rent when I checked. For investors, the all-in fee is a real advantage with tenants, since the rent covers every utility. For owner-occupiers, it simply means one predictable bill instead of four.

Building specifications

Amenities at The Rio IV

The garden and the bike racks are what you will actually use, because the Beltline is right behind them. The yoga room and saunas make the gym a full workout space rather than an afterthought.

Jatin’s honest take on The Rio IV

The Rio IV — frequently asked questions

Looking at Yonge & Eglinton, Davisville and North Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.