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Sunday, October 4, 2020

This is what a $27,500 a month condo looks like in Toronto

For roughly as much as an entire downpayment on a home in some parts of Canada, you can rent a luxury penthouse condo in downtown Toronto for one single month.

A penthouse suite at 500 Wellington Street West, a boutique development on a wide, pretty, quiet street that's comprised mostly of ad agencies in restored heritage buildings just hit the rental market for $27,500.

That's per month, of course, which may sound ridiculous but hear me out: This is no regular skybox we're talking about.

500 Wellington Street WestPenthouse 1001 boasts a staggering 4,000 square feet of living space — a practical palace in the sky, compared to most downtown living spaces.

The building itself, completed in 2011, has only 16 units across 10 storeys — each of them with private elevator access.

500 Wellington Street WestIt doesn't come furnished, as one might expect from a place that costs as much for one month of occupancy as a brand new Toyota Corolla. 

It's got your typical floor-to-ceiling windows and gorgeous authentic wide plank hardwood floors.

500 Wellington Street WestWith the right decor, this three bedroom, three bathroom place could be absolutely stunning, though you won't get the same airy height as a typical Toronto hard loft: The ceilings are only 10 feet high.

500 Wellington Street WestIt's a nice place for chefs or aspiring chefs, though, with a wrap-around gourmet Scavolini kitchen.

500 Wellington Street WestWhy yes, that is a gas stove. Good eye!

500 Wellington Street WestOther luxe features include a wood-burning fireplace....

500 Wellington Street WestSomething realtors describe as a "marble spa bath"...

500 Wellington Street WestAnd the aforementioned 2,200-square foot private terrace with a raised glass pool, hot tub and outdoor kitchen.

If you're wondering, the 2,200-square-foot terrace doesn't count as part of the suite's roughly 3,900-square-feet of living space; it's a bonus.

Even the smallest of the three bedrooms has ample closet space, which is probably important for anyone who could afford to spend $27,500 a month on rent, since they also (presumably) have tons of dope clothes...

500 Wellington Street WestSome of you may be asking "If you can afford to pay $27,500 in rent, why don't you just buy a place?"

This is a logical question that I also had before looking up how much units in the building actually sell for. 

A two-bedroom, three-bathroom, roughly 2,499-square-foot condo on the fifth floor of 500 Wellington is one of just two units currently available, with a sale price of $5 million.

500 Wellington Street WestYou could rent the penthouse for three years, technically, for a literal fifth of what you'd pay to buy that condo... though, again, if you're pulling in enough money to spend nearly 30 grand each month on rent, you could probably get a mortgage.

Either way, this is one impressive pad, the likes of which I can't wait to gawk at again from below once again as I ride my bike along Wellington West.

500 Wellington Street West


by Lauren O'Neil via blogTO

5 comments:

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  3. Hi there, loved your post quite informative. Hardwood flooring is such a classic flooring choice that I had it at my grandparent’s house in Toronto. The cost was a big factor for me, I wanted an affordable option. After much looking I came across a store called Reno Superstore. I found some lovely oak hardwood flooring at a great price. The best thing is I short listed a few types from their online catalogue and then visited their store in Toronto.

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