Plaza introduces a 20-storey boutique condo across from the celebrated Drake Hotel
Affordable housing sounds like a contradiction in terms when talking about Toronto real estate.
So Epic Condos, a 20-storey boutique condo building across from the celebrated Drake Hotel, will surprise and delight. It’s already built — so no waiting years to move in — and a handful of suites are still available at extremely competitive prices.
While first time buyers will find the price tag of the smaller suites very attractive — 585-square-foot one-bedroom plus den at $343,900 — families will be bowled over by the value offered in the 1,080-square-foot three-bedrooms,which are priced at $589,900. The fabulous amenities, including a fully equipped gym, guest suites, rooftop patio with barbecue area as well as theatre and lounge areas, are ideal for entertaining or simply relaxing.
It’s obvious by the number of strollers that downtown is fast becoming a magnet for young families. Not surprising considering the amount on offer — museums, parks, the lake shore, celebrations and festivals, good schools, and great grocery shopping choices.
But the constant challenge for families is size and affordability of housing — lowrise homes are usually out of reach and condos in the price range just don’t offer the amount or kind of space they need. In recent years, however, the city of Toronto has advocated for more choice, and developers have been responding. Developer Plaza, for example, intentionally included several three-bedroom suites at Epic. The layouts are well-designed to offer ample room for children, and the $589,900 (or $562 per square foot) price tag is an extra incentive for moving downtown so your kids can take advantage of all the city has to offer.
And there’s another perk — those three-bedroom suites are penthouses on the top floor with great views.
Scott McLellan, senior vice president for Plazacorp, says the aim with Epic was to offer suites as affordable as possible. That’s one reason why the price includes all closing costs, except land transfer and legal fees. “The other is we thought it would make it easier for an end user to have everything included,” he says.
While prices alone offer plenty of incentive, the condos also offer a good array of features, such as granite counters, stainless steel appliances, stacked washer and dryer, and laminated hardwood flooring. Ten of those suites on sale are furnished models, adds McLellan. The biggest feature, of course, is the location. It’s part of the whole evolution of the Queen West area, which is now hopping with good restaurants, artisan and fashion boutiques, very close to Trinity Bellwoods Park, and within easy access to public transit, the island airport ferry, the Gardiner and the QEW.
Affordable housing is an elusive goal in large cities. And while it feels like Toronto is just out of reach, it’s a relatively inexpensive city compared to others, when looking at price to income. According to a National Bank of Canada survey that looked at 970 square foot condos in 18 global markets, the price in London UK was 33.6 times the average income, while Toronto’s condos come in as one of the most affordable at 9.4 times the income.
Even so, Epic is one of the most affordable options in Toronto, especially for families. Several suites remain in a variety of sizes and configurations, ranging from 585 to 1,080 square foot, priced from $343,900 to $589,900, with an average square foot price of $590.
Visit the Sales Office, located at 48 Abell Street, ground floor. The Sales Office is open;
from noon to 6 p.m. Monday to Thursday;
from 11 a.m. to 5 p.m. weekends and holidays;
Friday by appointment.
The new Condo Life Magazine is now online.