The Terraces of Old Mill, 2662 Bloor St W: Hydro Included at Old Mill

The Terraces of Old Mill is the building I think of when a buyer tells me they never want to see a utility bill again. Its fee covers hydro, heat, air conditioning, water, cable and parking, which is almost unheard of in Toronto. It sits on Bloor Street West beside Old Mill station, at the edge of the Humber valley. You pay well for all of that, and the fee is the number to understand. I’m Jatin Dua, RE/MAX Quantum Realty.

A fee that covers almost everything

Condos.ca lists the fee at the Terraces as covering cable TV, air conditioning, common elements, heat, hydro, building insurance, parking and water. Hydro is the one that stands out. Most newer Toronto condos meter electricity suite by suite, and many meter heat and cooling as well.

For comparison, when Tridel launched Two Old Mill down the street, The Globe and Mail reported a fee of about 51 cents per square foot with individually metered utilities. Lanterra’s Riverhouse at the Old Mill launched at about 56 cents. Those launch figures are years old, but the structure is the point: in those buildings you pay your own utilities on top.

So when you see a high monthly figure at the Terraces, do not compare it with the fee line at a newer building. Compare it with that building’s fee plus hydro, heating, cooling, cable and a parking space. The gap shrinks a lot, and for a large suite running air conditioning all summer it can close.

Suites from compact to very large

Condos.ca puts suites at about 595 to 2,212 square feet, across 11 storeys and 119 suites. The top end is a size most downtown buildings do not offer at all. Larger suites in a building like this are usually what draws downsizers from the Kingsway’s detached houses.

The smaller suites are a different proposition. With a fee that bundles hydro and cable, a compact suite carries more shared cost per square foot than its owner might use. If you are looking at the small end, ask whether the fee is allocated by unit size and run the numbers against your actual usage.

I could not find a published architect, ceiling heights or a detailed description of the terraces the building is named for. Ask about the suite’s outdoor space in person, and check whether it is a private balcony, a terrace on a setback or a shared roof area, because they are valued very differently.

Staffed, compact and quiet

Condos.ca lists a concierge, a rooftop deck, a sauna, an underground garage and visitor parking. That is a modest package for a building at this price point, with no pool listed. It reflects when and how it was built: a mid-sized building where the staffed lobby and the roof matter more than a big gym.

General Property Management is listed as manager. It is also listed for Kensington at Old Mill II on Old Mill Trail, which is worth knowing if you are comparing the two, since the same firm runs both. Condos.ca also flags a pet restriction, so read the rules if you have an animal.

A 2002 building is now past 20 years. Elevators, the roof, the garage membrane and the central heating and cooling plant all come due in this window, and in a building that supplies everyone’s hydro, the electrical and mechanical systems matter more than usual.

Life at the edge of the Humber valley

This stretch of Bloor sits where the Kingsway meets the Humber. Old Mill station, which opened in 1968, is next door at 2672 Bloor Street West. The Old Mill Inn and the Humber trails are close by, and the shops of Kingsway Village and Bloor West Village are close in either direction.

The area has a long history. By 1800 a mill on the Humber was cutting lumber for the first houses in York, and a series of mills worked the river until the last was abandoned in 1881. The Old Mill Inn took its name from the ruins of the grist mill on the west bank.

Change here is slow and mostly mid-rise, such as Tridel’s One and Two Old Mill and Lanterra’s Riverhouse. That keeps the area’s character, but it also means resale buyers have newer choices nearby. Transit, schools and Walk Score are in the data panel. For buyers who want the Old Mill setting with an older building’s inclusions, that trade-off is the decision.

Near $1,000 a foot, with the bills paid

Condos.ca puts the average at about $958 per square foot. That puts the Terraces at the top of the Old Mill buildings I track: Kensington at Old Mill II on Old Mill Trail averages about $921. For central Etobicoke resale, that is a premium price.

Part of that premium is the location beside the subway and the valley, and part is the fee structure. A buyer is paying for a building where hydro, heat, cooling and parking come with the suite, and that has a value at resale too.

One suite was listed for sale and none for rent when I checked, so I will not quote an asking range from a single listing. With 119 suites, resale supply is limited, and the large suites come up least often. For the recent sale record, use the data panel on this page or ask me for a building sold report.

Building specifications

Amenities at The Terraces of Old Mill

The amenity list is short, but it covers what this building’s owners use: a staffed lobby, a roof deck, and a sauna. You are not buying here for a gym; you are buying a quiet, serviced building next to the subway.

Jatin’s honest take on The Terraces of Old Mill

The Terraces of Old Mill — frequently asked questions

Looking at Humber Bay Shores, Mimico, the Queensway and central Etobicoke more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.