Apartment

Bisha Hotel rental apartment in Toronto costs $2,900

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Price: $2,900/month

Piece: Neighboring communities

X factor: Located in the Bisha Hotel at 88 Blue Jays Way, this one-bedroom, one-den condominium offers “luxury living at its finest,” according to the listing on Kijiji. The hotel unit offers a view of the skyline; a restaurant with a starred chef, a poolside brunch and a Parisian café; plus a rooftop lounge with an infinity pool – with the backdrop of the CN Tower and Lake Ontario.

Around the corner from King Street West, there are several other bars and restaurants, as well as transit options and some of the city’s most notable tourist attractions, like the Rogers Centre, TIFF Bell Lightbox and Stackt Market.

The house includes a dishwasher and laundry room, and the building has a gym, pool, and concierge.

But if $2,900 seems expensive for this pad, that’s because, at least relatively speaking, it is. We spoke with real estate agent Othneil Litchmore for more insight.

Why is the price like this?

Compared to other one-bedroom, plus-den apartments in West Toronto, this unit — available for move-in Oct. 1 — is pricey.

Between September 1 and September 9, 111 one-bedroom or one-plus-den apartments south of Bloor Street, east of Lansdowne Avenue and west of Yonge Street were rented, explained Litchmore. On average, they’re rented for about $2,600 a month, he said.

So, is this unit really worth $300 more per month than an average condo?

“The layout can be unique and maybe you have good views,” Litchmore said. “But I think the main selling feature at $2,900 is the prestige that comes with living at Bisha Hotel.”

The average price for a bedroom or bedroom in the hotel is also much higher than the West End average, at around $2,850, Litchmore said.

“There’s been a lot invested in creating the imagery of wealth and opulence,” he explained. “They’re really trying to sell you on that.”

A photo in a listing for another unit in the building – 2807 – perfectly illustrates how sold this image is. A shiny red Bugatti is pictured next to the valet parking area.

“They want to show you… (that) you’re going to be around people with Bugattis,” Litchmore said.

The listing for recently rented unit 2807 at the Bisha Hotel includes a photo of a red Bugatti where valet parking is offered.

Other photos of listings in the hotel show the building’s everyday extravagance; large chandeliers shimmer near the elevators while marble tiles line the floors.

Size is also a factor. Litchmore pointed out that the layout of the unit is relatively spacious, covering 619 square feet, according to the listing.

A smaller one-bedroom unit in Bisha that is listed as under 500 square feet was rented for $2,700 the first week of September (although it was listed for $2,500). Meanwhile, a larger one-plus-den unit listed as having between 600 and 699 square feet was rented in late August for a hefty $3,375 (near list price of $3,400), it said. he adds.

Compare the price of the larger unit to the newly available 619-square-foot unit and suddenly, “$2,900 doesn’t seem like such a bad price,” Litchmore said.

That being said, the apartment will likely cost $2,900 or close to that, he added, rather than getting a higher offer.

“It’s not put together very well,” Litchmore said, comparing the listing photos to other recently rented homes in the hotel. “So there may be some hesitation (to praise it), but it’s not (listed) far from where it should be.”

The one plus den condo includes a gym, pool and concierge.

While the unit itself isn’t particularly special, it still has status to offer, Litchmore said.

“You can get similar things, similar look, similar layout, for maybe $2,500 or $2,600, but you’re going to pay a little more to live in a hotel.”

Plus, it’s not uncommon for one-bedroom apartments in the area to cover less than 500 square feet, he added, which is significantly less than what this apartment has, according to the listing.

At One King West Hotel, for example, one-bedroom condos are generally smaller, Litchmore said. However, even when comparing similar sized units, prices at One King West are much cheaper.

The downtown hotel sits at the corner of King and Yonge streets and is billed as ‘one of Toronto’s most acclaimed boutique hotels, highly regarded for its ambiance, luxury amenities and award-winning customer service’ .

This Bisha Hotel unit includes laundry facilities and a dishwasher.

There, Unit 2001, a plus-den listed as between 500 and 599 square feet, was rented Thursday for $2,300 (although it was listed for $2,150). In July, unit 701, a plus-den of about the same size, was rented for about the same price at $2,250.

Prices are always lower than a unit under 500 square feet at Hotel Bisha.

Notably, there’s a smaller one-bedroom unit at One King West, Unit 923, with less than 500 square feet. At the end of August, it was rented for $1,850, although Litchmore pointed out that it was rented a bit early with an October move-in date. It’s possible the landlord wanted to accept the first offer he received rather than have more visits and continually interrupt the current tenant, he said.

What drives up the price of this apartment is likely the prestige that comes with being at the Bisha Hotel, estate agent Othneil Litchmore said.

Any other tips for those looking for places like this?

Litchmore pointed out that potential tenants of the Bisha Hotel are most likely “invested in creating a luxury image”. To that end, they should keep their eyes peeled for apartments that become available at other downtown hotels or luxury condos.


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