Wallace Station Lofts, 371 Wallace Ave: Hard Lofts on the Railpath

Wallace Station Lofts sits at the end of Wallace Avenue, right where the West Toronto Railpath and an old steel footbridge meet the rail corridor. It is a genuine factory conversion with high ceilings and post-and-beam bones, and plenty of people who live a few blocks away have never noticed it. That low profile is a big part of the value. I’m Jatin Dua, RE/MAX Quantum Realty.

A factory loft, with some details still in dispute

Loft guides describe 371 Wallace as a former glue factory converted into authentic hard lofts in 2007, with exposed brick, the original post-and-beam structure, curved walls in places and ceilings reported to reach about 18 feet in the tallest suites.

The basic facts vary between sources, and I would rather tell you than pick one. Condos.ca lists 38 suites, three storeys and George Powers as the developer. A Toronto loft guide describes a four-storey building with four adjacent coach houses, lists 40 lofts, and names Terradigm Developments as the developer. The difference in suite count may be the coach houses.

If any of this matters to your purchase, the registered declaration and the status certificate are the final word on how many units the corporation has and which ones are part of it.

Layouts: big, quirky and not interchangeable

Suites here range from about 640 sq ft to more than 2,300 sq ft. The character comes from the industrial shell, so two suites of the same size can feel completely different depending on where the beams, windows and curved walls fall.

The coach house suites are described as having private rooftop terraces, with both single-level and two-level plans. If outdoor space is a priority, those are the units to watch.

The honest caution is that layouts can be quirky, and some suites may still have their original 2007 finishes. Big volume for the price is the attraction, but walk the space with furniture in mind. Very high ceilings are dramatic, and they also make heating, cooling and lighting harder.

Loft guides also mention an original freight elevator and landscaped grounds. Ask how the elevator is maintained and which suites it serves, because in a converted building it is not always a standard passenger elevator, and that matters for move-in day and for anyone who cannot manage stairs.

The Railpath and the Wallace Avenue bridge

The West Toronto Railpath, a multi-use trail run by the City of Toronto, passes right by the building. It is for walking, running and cycling only, with no cars or e-bikes, and it connects north through the Junction Triangle and south toward Dundas West. North of Bloor Street, there is direct access from the trail to the GO and UP Express Bloor Station.

Next to the building is the Wallace Avenue pedestrian bridge. The Friends of the West Toronto Railpath note that it was built in 1907 by the Ontario Bridge Company, is an early riveted steel truss bridge, and is protected under the Ontario Heritage Act. It carries you over the Georgetown rail corridor to Dundas Street West.

That bridge is both the charm and the catch. Walking to Dundas means crossing it, which is lovely in June and less so in February. The rail corridor is also right beside the building, so ask about train noise and look at which way your suite’s windows face.

A Junction Triangle that has changed around it

When these lofts were finished, much of the Junction Triangle was still industrial. Since then, the area has filled in with new housing and with cultural uses such as the Museum of Contemporary Art, which moved into a former industrial building in the neighbourhood.

The Railpath has become a community spine, and the area under and around the Wallace bridge is now a neighbourhood meeting spot. For an owner, that is the kind of change that makes a hidden building less hidden over time.

Change can also bring construction. An area that is still filling in can see new building on nearby lots for years. If quiet matters to you, ask the seller what has gone up nearby recently, and look up active planning applications for the blocks around the building before you firm up an offer.

For daily errands, Dundas West and Bloor are where you will shop. The data panel on this page shows the transit, school and park details.

What Wallace Station trades for

Condos.ca puts the building average at about $907 per square foot. That is above Foundry Lofts at about $734 and Iron Works Lofts at about $878, and well below the church conversion at Victoria Lofts in the Junction at about $1,048.

The premium over Foundry reflects the Railpath location, the direct access to Bloor Station and the ceiling heights in the best suites. With fewer than 40 suites, though, the average is built on a small number of sales each year and can swing with one large suite.

With no active listings, the best guide is the sold history and the condition of the specific suite. A renovated two-level suite with a terrace and a dated single-level unit will trade far apart, even at a similar size.

Parking is in the fee, along with water, building insurance and common elements, which helps the monthly math. There were no suites listed for sale or for rent at the time of writing. If you want to know how recent sales have gone, use the building sold report.

Building specifications

Amenities at Wallace Station Lofts

The amenities are modest: a party and meeting room, BBQs and visitor parking. The real amenity is outside the door, where the Railpath gives you a car-free route for walking, running and cycling and a direct way to Bloor Station.

Jatin’s honest take on Wallace Station Lofts

Wallace Station Lofts — frequently asked questions

Looking at the Junction, Corso Italia, Hillcrest Village and west-central Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.