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Market Data as of August 31, 2026

Theory — Rental Market Data

203 College St, Toronto, Ontario M5T 1P9
Quick Rent Estimate
Active Suites8 Available
Type
Units
Avg Rent
1-Bedroom + Den
5
$3,240
2-Bedroom
2
$3,650
3-Bedroom+
1
$1,550

Building Summary & Rental Market Overview

Rental market analytics and building profile as of August 31, 2026.

Building TypeCondominium
Year Completed2021
Total Suites243
DeveloperParallax Corporation & Westdale

Theory at 203 College Street in Toronto's Downtown West submarket is a 243-suite residential tower completed in 2021 by Parallax Corporation and Westdale. As of August 31, 2026, eight units are actively listed, representing a 3.3 percent availability rate across the building. Leasing velocity remains brisk: eleven closed leases in the trailing 30 days at an average of $3,591 per month with a 24-day average time on market, and thirty-eight leases over the past 90 days averaging $3,629 per month with a 21-day average DOM.

Active asking rents average $3,131 per month at $5.20 per square foot across a 625-square-foot average footprint, compared to realized 90-day lease averages of $3,629 per month at $5.75 per square foot. The current listing inventory skews toward compact one-bedroom-plus-den suites at 570 average square feet, whereas historical leases averaged 623 square feet, meaning the active asking rate per square foot sits roughly nine percent below the realized lease rate despite a lower nominal monthly figure. Against the Downtown West submarket asking benchmark of $4.81 per square foot, Theory's active listings price 8.1 percent above the broader market on a rate-per-foot basis.

Active listings have sat on market for an average of 47 days, more than double the submarket benchmark of 20 days, signaling meaningful leasing deceleration on the currently available units even as closed-lease velocity remains healthy. Across all 45 tracked historical leases, tenants negotiated an average concession of $76 per month, or 2.08 percent below asking, with 42.2 percent of deals closing under the initial price point. Inventory depth is concentrated in the one-bedroom-plus-den tier with five active options, while two-bedroom and three-bedroom-plus layouts each offer only a single or dual listing, creating limited choice for renters seeking larger footprints.

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Active Rental Inventory & Asking Rates

Current market availability, asking prices, and unit price histories at Theory as of August 31, 2026 (comparing August 2026 vs July 2026).

Active Units8
-6 (42.9%)
Avg Asking Rent$3,131
-$410 (11.6%)
Avg Suite Size625 sf
-25 sf (3.8%)
Avg Days on Market47d
+21d (83.3%)
Avg Asking $/SF$5.20
-$0.34 (6.1%)

Active Market Insights & Questions

How has rental availability changed at Theory recently?

Theory at 203 College Street has eight active listings as of August 31, 2026, spanning a price range of $1,550 to $3,700 per month with an average asking rent of $3,131 and a median of $3,250. The average active suite measures 625 square feet at an asking rate of $5.20 per square foot. One-bedroom-plus-den layouts dominate the active inventory at 62.5 percent of available units, indicating the current listing mix leans toward compact entry-level and mid-tier suites rather than multi-bedroom executive configurations.

What floor plans and unit layouts are currently available at Theory?

The dominant active layout at Theory is the one-bedroom-plus-den, with five listings representing 62.5 percent of available inventory at an average asking rent of $3,240 per month across 570 square feet and a rate of $5.71 per square foot. Two-bedroom suites account for two listings (25 percent) averaging $3,650 per month at 650 square feet and $5.62 per square foot, while a single three-bedroom-plus unit (12.5 percent) is listed at $1,550 per month across 850 square feet at $1.82 per square foot.

What is the average asking rent and $/SF by suite size at Theory?

Theory's active asking rents range from a minimum of $1,550 per month to a peak of $3,700 per month, producing a dollar spread of $2,150 and a percentage spread of 138.7 percent. The median asking rent sits at $3,250 per month. The entry-level listing is a three-bedroom-plus suite at 850 square feet priced at $1.82 per square foot, while the peak asking rent corresponds to a two-bedroom unit at 650 square feet carrying a rate of $5.69 per square foot.

How much extra do parking spaces and dens cost at Theory?

Active den premiums at Theory cannot be reliably quantified due to insufficient paired sample data, so no dollar figure or square-foot delta can be stated for the marginal cost of extra den space. Active parking stall premiums are likewise inconclusive, as the available data reflects anomalous outliers or an insufficient paired sample to isolate a dependable monthly add-on cost. Historical lease records do confirm a verified parking premium of $288 per month, but this figure should not be extrapolated to current active listings without direct confirmation from the leasing office.

How do asking rents at Theory compare to local and municipal benchmarks?

Theory's active asking rent of $3,131 per month and $5.20 per square foot compare to the Downtown West submarket asking benchmark of $3,080 per month and $4.81 per square foot, placing the building 8.1 percent above the submarket on a rate-per-foot basis. The nominal monthly rent is only marginally higher than the submarket average, but the active suite footprint of 625 square feet is slightly larger than what the submarket rate implies, meaning renters are paying a modest premium for additional space rather than a significantly higher per-foot rate. Theory's eight active listings represent 4.7 percent of the 170 total available listings in the Downtown West submarket.

Recent Leased Transactions & Contract Prices

Recent lease transactions, absorption velocity, and the difference between landlord asking prices and actual prices agreed to by tenants at Theory (Data period: For the month of August 2026).

Units Leased11
Avg Leased Price$3,591
Avg Leased Size623 sf
Avg Days to Lease24d
Leased $/SF$5.86

Leased Transaction Insights & Questions

How many suites were leased at Theory last month, and how fast did they rent?

Theory at 203 College Street closed 11 leases in the trailing 30 days with an average DOM of 24, compared to a 90-day average DOM of 21 and a Downtown West submarket benchmark of 20 days. The 90-day window captured 38 closings, while the full trailing year logged 45 total leases, confirming that leasing cadence accelerated sharply into summer rather than moderating. The jump from 1 deal in April to 18 in July signals a clear absorption surge, and the 30-day pace of 11 closings keeps Theory well ahead of its own 90-day run rate.

What is the negotiation spread between asking rents and closed lease prices at Theory?

Theory tenants negotiated an average discount of $76 per month (2.08% below asking), translating to $912 in annual savings per lease across the tracked sample. Forty-two percent of all 45 closed leases settled under the listed asking price, confirming consistent tenant leverage and landlord concession in this submarket. The net negotiation spread of -$76 per month means landlords absorbed a measurable price pushback rather than collecting at or above list.

What are typical executed lease prices across different layouts at Theory?

The 1-Bedroom + Den dominates Theory's lease book with 28 closings at an average of $3,148 per month and a 23-day DOM, while the 2-Bedroom tier accounts for 13 leases averaging $3,853 per month with a faster 16-day DOM. Both tiers represent statistically robust benchmarks. The 1-Bedroom + Den median sits at $3,050 with a P25–P75 band of $2,988 to $3,300 across an average 562-square-foot suite at $5.62 per square foot. The 2-Bedroom median is $3,950 with a P25–P75 range of $3,600 to $4,000 across an average 669-square-foot suite at $5.77 per square foot. The 3-Bedroom+ tier recorded 4 closings averaging $4,925 per month with a 53-day DOM, a median of $4,900, and a P25–P75 spread of $4,800 to $5,025 across 900 square feet at $5.49 per square foot; this is a small sample and serves as a directional reference only.

What measurable rent premium did suites with parking achieve in closed leases at Theory?

Theory's verified leased parking premium stands at $288 per month, confirmed across paired lease records. This figure reflects the incremental cost tenants paid for a parking spot on top of their base suite rent. Active-listing parking data is inconclusive due to an unreliable outlier or insufficient paired sample, so no active asking-rate comparison can be drawn with confidence.

How does the lease-to-listing ratio at Theory reflect current tenant demand?

Theory's monthly lease trajectory shows a pronounced spring-to-summer ramp, with average rents climbing from $2,850 in April to a peak of $3,640 in June before settling at $3,591 in August. April saw 1 closing at $2,850 per month ($5.18 per square foot) with an 11-day DOM. May brought 5 closings at $2,900 per month ($5.11 per square foot) but a slower 40-day DOM. June accelerated to 10 closings at $3,640 per month ($5.43 per square foot) with a 36-day DOM. July peaked at 18 closings, $3,594 per month, and $5.81 per square foot in just 13 days. August held steady at 11 closings, $3,591 per month, $5.86 per square foot, and a 24-day DOM. The nominal dip from June to July reflects a shift toward compact suite footprints rather than property devaluation, as the rate per square foot actually rose from $5.43 to $5.81.

De-Listed & Terminated Rental Market Dynamics

Analyze withdrawn listings, tenant price resistance, and subsequent re-listing discount trends at Theory (Data period: For the month of August 2026).

Delisted Units3
Avg Asking Price$3,960
Avg Suite Size650 sf
Avg Days on Market40d
Delisted $/SF$6.11

De-Listed Market Analysis & Questions

How many listings de-listed at Theory, and what was their re-listing price compared to previous asking?

Theory logged 3 delisted units against 11 trailing-30-day leases, producing a delisted-to-leased ratio of 27.3% (or 6.7% against the lifetime volume of 45). The breakdown includes 1 terminated listing and 2 suspended listings, with zero expirations. At this low absolute count the ratio functions as a minor friction indicator rather than a systemic vacancy signal, but the suspension pattern suggests landlords are pulling units off market to reassess pricing rather than letting them expire naturally.

How do asking prices on de-listed suites compare to executed leases and active listings at Theory?

Theory's 3 delisted units carried an average asking rent of $3,960 per month, which is $369 per month (10.3%) above the realized lease average of $3,591 per month. The delisted rate per square foot averaged $6.11, a clear overpricing premium relative to the $5.65–$5.86 per square foot range tenants actually paid. This spread confirms that unrented units were priced above market-clearing levels, creating direct pushback on price and extending time on market.

What market friction causes rental listings to stall or de-list at Theory?

Theory's delisted units sat on market for an average of 40 days, compared to a 24-day realized lease DOM in the trailing 30 days, producing a 16-day excess marketing period. Those 16 days represent roughly 0.53 months of lost rent at the $3,960 asking rate—approximately $2,111 in foregone revenue per unit—plus ongoing condo maintenance fees during the vacancy carry. The excess is not trivial: it means landlords absorbed nearly two weeks of carrying cost before either relisting or terminating the listing.

Historical Active Listings & Market Dynamics

Analyze availability, historical asking prices, price per foot ($/SF), and days on market over time. Use filters below to benchmark specific layouts.

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Chart Metrics
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Left AxisAsking Price
Avg Asking Price
Right AxisUnits Available
Avg Units Available
Historical statistics trends for active listings
DateUnits AvailableAvg Price ($)Avg SqFt (SF)Avg PSF ($/SF)Avg DOM (Days)
2026-04-271032255955.3949
2026-04-281032255955.3950
2026-04-291032255955.3951
2026-04-301032255955.3952
2026-05-011032255955.3953
2026-05-021133686275.3649
2026-05-031133686275.3650
2026-05-041233216295.2747
2026-05-051233216295.2748
2026-05-061233216295.2749
2026-05-071233216295.2750
2026-05-081332926235.2747
2026-05-091332926235.2748
2026-05-101332926235.2749
2026-05-111332926235.2750
2026-05-121433146255.2947
2026-05-131433166255.3044
2026-05-141433166255.3045
2026-05-151433166255.3046
2026-05-161433166255.3047
2026-05-171433166255.3048
2026-05-181433166255.3049
2026-05-191333416315.2847
2026-05-201333416315.2848
2026-05-211233116265.2834
2026-05-221333416285.3132
2026-05-231333416285.3133
2026-05-241333416285.3134
2026-05-251434456515.2933
2026-05-261434456515.2934
2026-05-271434456515.2935
2026-05-281235406585.3738
2026-05-291135896685.3738
2026-05-301235656675.3436
2026-05-311235656675.3437
2026-06-011136446775.3834
2026-06-021136446775.3835
2026-06-031136446775.3836
2026-06-041136446775.3837
2026-06-051136446775.3838
2026-06-061036386805.3541
2026-06-07937096945.3439
2026-06-08937927065.3831
2026-06-09937927065.3832
2026-06-10937927065.3833
2026-06-11937927065.3834
2026-06-121038116805.6030
2026-06-131038116805.6031
2026-06-141039086835.7528
2026-06-15938096535.8228
2026-06-16938096535.8229
2026-06-17938096535.8230
2026-06-18938096535.8231
2026-06-19937986535.8028
2026-06-20937986535.8029
2026-06-21937986535.8030
2026-06-221137166445.7626
2026-06-231137166445.7627
2026-06-241038036535.8230
2026-06-25839916795.8927
2026-06-26839796665.9927
2026-06-27939816646.0125
2026-06-28939816646.0126
2026-06-29839976765.9229
2026-06-30938736665.8316
2026-07-011038866695.8315
2026-07-021038866695.8316
2026-07-031138606765.7115
2026-07-041138606765.7116
2026-07-051239636915.7316
2026-07-061338976825.7115
2026-07-071438946745.7815
2026-07-081837596495.8013
2026-07-091937356445.8113
2026-07-101937356445.8114
2026-07-112037486455.8214
2026-07-121937356445.8115
2026-07-131837646475.8317
2026-07-141837596415.8717
2026-07-151837766415.9018
2026-07-161937826425.9118
2026-07-172037686425.8818
2026-07-181836516555.6519
2026-07-191836516555.6520
2026-07-201736306565.6222
2026-07-212036206505.6419
2026-07-221735776445.6422
2026-07-231635766445.6522
2026-07-241535576485.5824
2026-07-251535576485.5825
2026-07-261535576485.5826
2026-07-271435456435.6224
2026-07-281435456435.6225
2026-07-291335526505.5726
2026-07-301235736585.5329
2026-07-311435416505.5426
2026-08-011434066295.5225
2026-08-021634496255.6223
2026-08-031534196235.5924
2026-08-041534196235.5925
2026-08-051733986155.6323
2026-08-061634046195.6024
2026-08-071533986235.5526
2026-08-081533986235.5527
2026-08-091533986235.5528
2026-08-101432696075.5127
2026-08-111432696075.5128
2026-08-121332636125.4730
2026-08-131332636125.4731
2026-08-141432446145.4130
2026-08-151432446145.4131
2026-08-161532416105.4330
2026-08-171332566195.3932
2026-08-181232296255.3030
2026-08-191232296255.3031
2026-08-201232296255.3031
2026-08-211232296255.3032
2026-08-221232296255.3033
2026-08-231131596235.2235
2026-08-241131596235.2236
2026-08-251131596235.2237
2026-08-261131596235.2238
2026-08-27931166285.1340
2026-08-28831316255.2044
2026-08-29831316255.2045
2026-08-30831316255.2046
2026-08-31831316255.2047

12-Month Market Dynamics & Trend Trajectory

Theory's all-time average lease rent of $3,510 per month and $5.65 per square foot sit roughly 16% above the Downtown West submarket average rent of $3,033 and 26% above the submarket's $4.55 per square foot benchmark. The building commands a clear premium for its College Street address and Parallax/Westdale product mix, and the 24-day average DOM is only 4 days slower than the submarket's 20-day norm, indicating the premium is being absorbed without significant vacancy carry. On pricing discipline, 42.2% of Theory's 45 tracked leases closed below asking, with tenants securing an average $76 per month (2.08%) discount that annualizes to $912 in savings per lease. The net negotiation spread of -$76 confirms tenant-favorable leverage: landlords consistently conceded on price rather than holding at list. This pattern suggests the submarket's 170 active competing listings give tenants enough alternatives to push back, and Theory's landlords are absorbing that pressure to keep the 3.3% availability rate in check.

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Historical building statistics - leased transactions

This section tracks completed leasing transactions over time starting from May 1, 2026. Use the filters below to refine the trends by unit type, parking, den, and price performance.

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Latest leased insights and trends

Left AxisLeased Price
Avg Leased Price
Right AxisUnits Leased
Avg Units Leased
Historical statistics trends for leased transactions
DateUnits LeasedAvg Leased Price ($)Avg SqFt (SF)Avg PSF ($/SF)Avg DOM (Days)
2026-05-10128505505.1855
2026-05-17130005505.4548
2026-05-24328835864.9732
2026-05-31127005504.9183
2026-06-07239007505.2544
2026-06-14238507485.1838
2026-06-21331175835.344
2026-06-28339506606.0038
2026-07-050N/AN/AN/AN/A
2026-07-12736576355.7611
2026-07-19638326545.8916
2026-07-26432755575.8916
2026-08-02335675836.1215
2026-08-09242257006.0538
2026-08-16332675505.9422
2026-08-23335176505.4125

Building Amenities, Transit & Neighbourhood Features

Building amenities and neighbouring residential communities around Theory.

Building Amenities

  • Concierge & Security
  • Gym & Fitness Centre
  • Party & Lounge Room
  • Meeting Room
  • Media & Theatre Room
  • Games & Billiards Room
  • Library & Reading Room
  • Dining Room & Kitchen
  • BBQ Area
  • Rooftop Terrace

Data Methodology & Analytical Standards

How FastScreen aggregates public listing records, tracks active inventory, and calculates rental market metrics for Theory.

Snapshot Dates & Benchmark Cadence

  • Standardized Snapshot: Market metrics reflect a standardized monthly snapshot locked as of August 31, 2026.
  • Benchmark Comparison Cadence: Month-over-month comparisons evaluate changes across standardized month-end reporting windows (August 2026 vs July 2026), ensuring consistent baseline periods and eliminating intra-month reporting volatility.
  • Point-in-Time Daily History: Daily charts capture point-in-time active listings available on any given calendar day.

Public Data Aggregation & Thresholds

  • Public Data Aggregation: FastScreen aggregates residential rental listing and completed lease transaction records from publicly available sources.
  • Threshold Filtering: All listings are subject to a minimum monthly rental threshold of $1,000 to filter out standalone storage lockers, private parking spaces, and misclassified commercial entries from condominium statistics.

Calculation Formulations

  • Average Asking Rent: Weighted average of active asking prices across available suites in the reporting period.
  • Price Per Square Foot ($/SF): Calculated by dividing rent by square footage only for listings that provide unit dimensions (suites without stated square footage are excluded from $/SF calculations).
  • Days on Market (DOM): Measures elapsed calendar days between the date a suite is first listed and either the benchmark snapshot date (for active listings) or the finalized date leased.
  • Parking & Den Differentials: Average asking rent differences between suites with vs. without parking, and suites with vs. without a den.

Data Limitations & Scope

  • Exclusively Public Records: Statistics are derived exclusively from publicly available rental listings and completed lease records. Private direct-to-landlord arrangements, unadvertised tenant renewals, and off-market rental agreements are not captured.
  • Agreed Contract Amounts: Reported lease amounts reflect agreed contract rents and do not account for private move-in allowances or individual unit renovations that may influence pricing spreads.

Disclaimer: The information and statistics presented on this page (including asking rents, lease prices, de-listed listings, average square footage, days on market, and implied suite premiums) are aggregated from public listing sources for general informational, educational, and reference purposes only. FastScreen does not guarantee the accuracy, completeness, or timeliness of any data shown. This information does not constitute financial, investment, legal, or professional real estate advice. Users should conduct their own independent research and consult with licensed professionals before making any rental, leasing, property management, or real estate investment decisions.