Terrace Heights II — Rental Market Data

Terrace Heights II has 2 active listings as of August 31, 2026, with asking rents ranging from $2,800 to $2,998 per month, an average of $2,899, and a median of $2,899. Both units average 800 square feet at $3.63 per square foot, and 100 percent of active inventory is 2-bedroom layout. The current offering skews toward mid-size two-bedroom suites rather than compact entry-level or multi-bedroom executive configurations.

The sole active layout at Terrace Heights II is the 2-bedroom tier, with both available units representing 100 percent of current inventory. The two 2-bedroom listings average $2,899 per month across 800 square feet at $3.63 per square foot, forming a small but consistent selection within the building's 24-suite roster. No 1-bedroom, studio, or 3-bedroom units are currently on the market.

Terrace Heights II's active asking rents span from a minimum of $2,800 to a peak of $2,998 per month, a dollar spread of $198 and a percentage spread of 7.1 percent. The median asking rent sits at $2,899 per month. The entry-level option is a 2-bedroom unit at 750 square feet asking $3.73 per square foot, while the peak listing is a 2-bedroom at 850 square feet asking $3.53 per square foot.

Terrace Heights II does not have quantified den premium data; the dollar amount and square-footage delta for additional den space cannot be reliably isolated from the current two-unit sample. Active parking stall premiums likewise cannot be reliably isolated due to an insufficient paired sample, though historical closed leases show a verified parking add-on of $200 per month.

Terrace Heights II's active asking average of $2,899 per month at $3.63 per square foot compares to the Downsview submarket asking benchmark of $2,472 per month at $3.87 per square foot. The building's nominal rent is higher, but the 6.2 percent lower rate per square foot reflects the larger 800-square-foot average footprint versus the submarket norm. Terrace Heights II accounts for 2 out of 97 active listings in the Downsview submarket, a 2.1 percent share of total available inventory.

Terrace Heights II's all-time average realized lease rent of $2,375 per month sits $300 below the four-building comp benchmark of $2,675, with the two active competitors—Terrace Heights I and Hampton Plaza—both pricing above the subject. Terrace Heights I at 897 Sheppard Ave W (0.09 km, built in 1993) closed one lease transaction over the trailing 180 days at an average of $2,600 per month, $3.06 per square foot, and 850 square feet, placing the subject $225 lower on a monthly basis. Hampton Plaza at 920 Sheppard Ave W (0.15 km, built in 2008) closed two lease transactions at an average of $2,750 per month, $2.69 per square foot, and 1,025 square feet, putting the subject $375 lower monthly. Terrace Heights III at 906 Sheppard Ave W (0.08 km) and The Plaza Suites IV at 890 Sheppard Ave W (0.1 km) each recorded zero closed leases in the trailing 180 days and therefore carry no realized rent benchmark for direct comparison.

Terrace Heights II trades at $3.52 per square foot on an average 706-square-foot suite, a rate premium over both active nearby alternatives while offering materially fewer interior square feet than either. Against Terrace Heights I (850 sq ft, $3.06 per square foot), the subject commands a $0.46 per square foot (15.0%) premium yet provides 144 fewer interior square feet, meaning the $225-per-month rent gap is driven by the smaller footprint rather than a lower asset valuation. Against Hampton Plaza (1,025 sq ft, $2.69 per square foot), the subject commands a $0.83 per square foot (30.9%) premium while providing 319 fewer interior square feet, so the $375-per-month nominal discount reflects the compact suite size rather than a weaker per-unit rate. In both cases, a renter choosing Terrace Heights II accepts a tighter interior footprint in exchange for a lower total monthly outlay, with the per-square-foot cost actually running higher than the larger neighbouring buildings.

Terrace Heights II offers a lean three-item amenity package—Concierge & Security, Gym & Fitness Centre, and Rooftop Terrace—that is functionally a subset of every one of its four nearby competitors. Terrace Heights I adds a Party & Lounge Room, Meeting Room, BBQ Area, Dining Room & Kitchen, and Sauna & Steam Room on top of the same core trio; Hampton Plaza layers in a Party & Lounge Room, Meeting Room, BBQ Area, and Garden & Courtyard; and the zero-volume references Terrace Heights III and The Plaza Suites IV each carry eight or more lifestyle features including business centres, hot tubs, and billiards rooms. The subject therefore operates as a streamlined, low-maintenance residential building that forgoes the social and wellness add-ons present at every peer, appealing to cost-conscious professionals and small households who prioritize a modest monthly rent and a simple concierge-secured environment over the expanded recreational and remote-work facilities that define the broader Sheppard Avenue West rental corridor.