Water’s Edge at The Cove, 38 Annie Craig Dr: A New 56-Storey Resale

Water’s Edge at The Cove at 38 Annie Craig Drive rises 56 storeys over the Humber Bay Shores waterfront, and it took about a decade to get built. It is brand new, it has a full amenity package, and there is a lot of resale supply on the market right now. That combination can work in a buyer’s favour, if you know what to check. I’m Jatin Dua, RE/MAX Quantum Realty.

A ten-year build, finally finished

UrbanToronto described Water’s Edge as having a construction timeline of roughly a decade, with slow early sales and changes in direction along the way. The Conservatory Group finished its 16-storey neighbour, The Cove at Waterways, and focused on selling it while this tower was paused.

By October 2023 the tower had reached the 48th floor, and by early 2024 the podium was clad and interior finishing had started. Condos.ca now lists the building as completed in 2025, and there is an active resale and rental market here.

Why does the history matter to you? Because a building that took this long often has a large share of original buyers who are now closing, reselling or leasing at the same time. That is exactly what the current supply looks like.

It also means the building is still settling in. In the first year or two of a new tower, owners are usually still working through deficiency lists, the board is new, and the property manager is learning the building. None of that is unusual, but it is a different experience from buying in a tower with ten years of history behind it.

The tower and the podium

At 56 storeys and about 182 metres, Water’s Edge is a tall single tower by Richmond Architects. The podium has an angular form, and reflective glass balcony guards give the facade a shifting pattern as you walk past. A separate two-storey commercial building sits beside Lake Shore Boulevard West.

Suites recorded on condos.ca range from about 466 to 1,477 square feet. In practice, the listings on the market right now are mostly one-bedrooms and one-plus-dens under 600 square feet, with only a few two-bedrooms. The larger plans exist but are less common on the market.

On a building this tall facing the lake, orientation is everything. A south or east-facing upper suite with a clear lake or skyline view is a different product from a lower suite facing the neighbouring towers, even at the same size. Price them separately.

Heat, cooling and water in the fee

Condos.ca lists the fee inclusions as common elements, heat, air conditioning, building insurance and water. Having heating and cooling inside the fee is less common in new towers, many of which meter heating and cooling to each suite, and it makes your monthly costs more predictable.

Across the current active listings, fees run from about $317 to $467 a month on suites that are mostly under 700 square feet. Hydro and internet are not on the inclusion list, so budget for them separately. Because this is a first-year building, remember that the fee you see now comes from the developer’s first budget, not years of actual operating history.

First budgets are often set low, and fees in new towers commonly rise once the board has a year or two of real costs to work from. I would plan for increases rather than assume today’s number holds, and compare the budget’s reserve fund contribution with what the reserve fund study recommends.

Living at Lake Shore and Park Lawn

In plain terms, this is Lake Shore Boulevard West near Park Lawn Road, in the cluster of towers that make up Humber Bay Shores. Neighbours include The Cove at Waterways, Ocean Club, Jade Waterfront, Lago at the Waterfront and Key West, so you are buying into an established condo community rather than a lone tower.

The draw is the waterfront itself: the lake, the trail and the parks along the shore. The data panel on this page covers transit, grocery, parks and schools. What I tell buyers is to drive the Lake Shore approach at rush hour before you commit. A cluster of this many towers funnels a lot of cars onto a few roads, and you should know what your commute feels like before you sign.

What the current listings tell you

There were eight active listings in the data I worked from, asking from about $444,900 to $580,000. Most of that supply is compact one-bedroom stock, which is why the range is tight. Eight listings at once in a single new tower is a lot of choice, and it gives you leverage on price and closing terms.

Condos.ca did not publish a building average per square foot here yet, which is normal for a building this new with little closed resale history. Use the sold and leased medians in the automatic panel as they build up, and compare against the older Humber Bay Shores towers nearby.

A lot of supply in a new building usually means room to negotiate, especially where several sellers have similar suites. I would rather you buy the best-facing suite in a crowded field than the cheapest one. When you resell, it will be up against the same kind of supply again, and the suite with the better view and layout is the one that sells first.

Building specifications

Amenities at Water’s Edge at The Cove

This is a full lifestyle package, with an indoor pool, gym, media room and guest suites, so you will not need a separate gym membership. Guest suites matter more than people expect in a building full of one-bedrooms.

Jatin’s honest take on Water’s Edge at The Cove

Water’s Edge at The Cove — frequently asked questions

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