Waterworks Lofts, 2362 Queen St E: 10 Suites With Hydro in the Fee

Waterworks Lofts is one of the smallest buildings I review, and it has one of the most complete fee structures in the east end. Ten suites, three storeys, and a maintenance fee that includes heat, air conditioning, hydro and parking. It sits near the very end of Queen Street East, named after the Art Deco water plant that defines this corner of the city. I’m Jatin Dua, RE/MAX Quantum Realty.

Named for the Palace of Purification

The building takes its name from the R.C. Harris Water Treatment Plant at 2701 Queen Street East, where Queen meets the lake at the foot of Victoria Park Avenue. Built between 1932 and 1941 to designs by Thomas Pomphrey, the plant is the Art Deco landmark Torontonians call the Palace of Purification. It was named a national historic civil engineering site in 1992, designated under the Ontario Heritage Act in 1998, and still supplies roughly 30 per cent of the city’s water.

It has also appeared in dozens of films and TV shows, and its grounds are open to the public. For residents of this end of Queen, it is the neighbourhood’s landmark and its quiet back garden, with lawns that run down toward the water.

Condos.ca describes the plant as across the street from the building. Given the plant’s address, I would check the actual sightlines from any suite you are considering rather than assuming a direct view.

Ten suites, all close in size

Condos.ca puts suite sizes at roughly 813 to 937 square feet. That narrow range tells you the building is mostly two-bedroom or one-bedroom-plus-den plans of similar size, rather than a mix of studios and penthouses.

Despite the loft name, I could not confirm from a source I can cite whether the building is a conversion or new construction. The 2002 build and registration dates, and the uniform suite sizes, point toward a purpose-built low-rise with a loft-style finish. Ask the seller or the corporation for the original plans if hard-loft character matters to you.

With 10 suites over three storeys, there are very few shared walls and very few neighbours. Condos.ca notes a pet restriction and that barbecues are permitted; confirm the details in the declaration and rules.

A fee that covers almost everything

The most unusual thing about Waterworks Lofts is the fee. Condos.ca lists common elements, heat, air conditioning, hydro, building insurance, water and parking as included. Hydro in particular is rarely bundled into a Toronto condo fee, and having it included removes one of the bills most owners have to budget for separately.

That makes the fee look high next to buildings that bill utilities to each suite, and it makes cost comparisons misleading. To compare fairly, take another building’s fee, add a year of hydro, heating and cooling, plus parking if it is extra, and divide by twelve. In my experience, an all-inclusive fee often comes out level or ahead.

The trade-off is that the corporation carries the utility risk. If energy costs rise, the whole building’s fee rises with them, and owners who use little power subsidise those who use a lot. In a 10-suite building, that is a conversation worth having with the board.

Life at the east end of Queen

This is the quiet end of the Beach. The busiest shopping stretch of Queen Street East is to the west, and to the east the street runs out at the water plant and the lake. You get the beach, the boardwalk and the R.C. Harris grounds within walking distance, with fewer crowds than the blocks around Kew Gardens.

Transit, schools and Walk Score are covered in the data panel on this page. Day to day, owners here tend to live on foot and by streetcar, and to accept that larger shopping trips mean heading west or north.

Waterworks or Green House Lofts?

Buyers who like this building usually also look at Green House Lofts at 2012 Queen Street East, a 12-suite soft-loft building from 2005 facing Kew Gardens. The two are similar in scale and age, though Green House is self-managed while Waterworks uses a management company.

The differences are clear. Green House has the busier, more central location on the park, an elevator and larger suites, and it trades lower per square foot. Waterworks is quieter, closer to the R.C. Harris grounds, and has the far more inclusive fee. If you want to walk out to shops and festivals, Green House fits better. If you want calm and a single predictable monthly cost, Waterworks does.

Either way, the deciding document is the status certificate. In buildings this small, the health of the reserve fund matters more than any finish or view.

Waterworks Lofts on price

Condos.ca puts the building average at about $943 per square foot. Among the east-end boutique lofts I have reviewed in this group, that is near the top, above Upper Beaches Lofts at about $852 and Green House Lofts at about $831, and just below Modern Beach Lofts at about $969.

Part of that premium is the location near the lake, and part reflects the fee, which removes most of your utility bills. Buyers pay more up front for a lower and more predictable total monthly cost.

With 10 suites, sales here are rare, and a single trade can move the average. There were no active listings when I checked. For recorded sale figures, see the data panel on this page or ask me for a building sold report.

Building specifications

Amenities at Waterworks Lofts

There is no gym or party room. In a 10-suite building, the money that would go to amenities goes into the utilities and parking your fee already covers, and the real amenities are the lake, the boardwalk and the water plant grounds.

Jatin’s honest take on Waterworks Lofts

Waterworks Lofts — frequently asked questions

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