Villa Elegance, 3088 Kennedy Rd: Why the Fee Is $1.51 a Foot

Villa Elegance at 3088 Kennedy Road is a building where the price and the fee tell two very different stories. Suites trade around $471 a square foot, which is low for a 1999 building, but fees on current listings work out to about $1.51 a foot. Understanding why is the whole job before you buy here. I’m Jatin Dua, RE/MAX Quantum Realty.

The fee is the story here

Fees on current listings at Villa Elegance work out to about $1.51 per square foot. Most buildings I review sit somewhere between $0.60 and $1.00. On a suite of about 850 square feet, that is roughly $1,300 a month.

Part of that is what the fee covers: air conditioning, common elements, heat, hydro, building insurance, parking and water. With hydro and cooling included, your utility bills are mostly folded in, which closes some of the gap with other buildings.

Part of it appears to be the kind of building this is. Recent listing descriptions market suites to retirees and describe on-site staff who respond to medical emergencies, plus social programming. I could not confirm those services independently, so read the declaration, the budget and any service contracts in the status certificate to see exactly what the fee pays for.

Compare it fairly. A buyer looking here is often weighing it against a retirement residence, where monthly charges are rent plus services and nothing is owned. Set the fee plus mortgage against those charges, and remember that here you keep the equity.

Who this building is built around

If the listing descriptions are right, Villa Elegance is effectively a condominium geared to older owners, with accessibility features and staff on site. For the right buyer, that is the point of the building, and the fee is the price of the support.

For a younger buyer or an investor, the same fee is a heavy carrying cost for services you may not use. That also narrows the pool of buyers when you sell, which is part of why the price per square foot is low.

Ask the manager directly whether there are any age rules, occupancy rules or mandatory service charges in the declaration. Do not rely on a listing description for that.

If you are buying for a parent, visit at different times of day, talk to the concierge, and ask residents what the building is like to live in. A building like this is as much about the people and the routine as about the suite.

Condos.ca lists a concierge, a gym, a party room, a meeting room, a rec room, a car wash, a security system and visitor parking. A staffed front desk and shared rooms for activities fit a building where social life is part of the offer.

The car wash bay is a small but real convenience in a Toronto winter. Ask what the rec and meeting rooms are actually used for, since programming is part of what you pay for here.

Tridel, 1999, and the suites

Condos.ca describes the building as a Tridel development, though its developer field is blank. Tridel is one of Toronto’s longest-running condo builders, and a late-1990s Tridel building generally means solid construction, but check the reserve fund study as you would anywhere.

Suites run from about 604 to 1,214 square feet, from one-bedrooms through larger two-bedroom plans. There is a penthouse level.

The one-bedrooms sit at the small end, around 600 to 700 square feet, and most of the current listings are two-bedrooms of 800 to 1,000 square feet. That is a sensible range for a downsizer who wants a guest room or space for a caregiver.

The neighbourhood is labelled differently by different sites, as Steeles or L’Amoreaux. For transit, schools, stores and parks near this address, use the data panel on this page.

How the fee changes the resale picture

When you sell, your buyer will look at the same fee you do. A high fee lowers the price a buyer can afford for the same monthly cost, and that is a big reason the price per square foot here is low for a 1999 Tridel building.

Eight listings at once is a large supply for 131 suites. It may simply be timing, but it means you are competing with other sellers when you leave, unless the market or the building changes. Factor a longer selling time into your plans.

If the services are what you want, none of this is a problem. You are buying a way of living, and the fee is part of it. Just go in knowing that the buyer pool is narrower than for an ordinary condo.

Pricing: low per foot, high per month

The building average sits around $471 per square foot. Eight suites are listed for sale, asking between $353,000 and $448,000, which is a large supply for a 131-suite building.

At an asking price around $400,000 with 20% down and a 4.5% rate over 25 years, the mortgage is about $1,780 a month. A fee near $1,300 on top of that is roughly 70% of the mortgage payment. That is the number to plan around.

With this many listings, you have room to negotiate. Check how long suites have been on the market, and use the 12-month TRREB sold figures in the panel rather than asking prices.

Fees on current listings run roughly from the mid-$900s for the smaller suites to the low $1,400s for the largest, so the size you choose moves your monthly cost by several hundred dollars.

Building specifications

Amenities at Villa Elegance

The package is built for daily social life and convenience rather than resort-style leisure. The concierge and activity rooms matter most if you are buying for an older parent. For a younger buyer, the gym and car wash are the features you will actually use.

Jatin’s honest take on Villa Elegance

Villa Elegance — frequently asked questions

Looking at Agincourt, L’Amoreaux, Milliken, Dorset Park and Wexford in Scarborough more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.