Canary Block — Rental Market Data

Canary Block's all-time average realized lease rent of $2,361 per month falls $189 below the three-active-comp benchmark of $2,550, with the gap driven primarily by its smaller suite footprints relative to the two closest peers. Canary Commons at 35 Rolling Mills Rd / 180 Mill St (0.1 km) closed 27 leases in the past 180 days at an average of $2,826 per month, $4.17 per square foot, and 696 square feet—placing the subject $465 lower on a monthly basis. Canary Park Condos at 120 Bayview Ave (0.12 km) recorded 11 closed leases averaging $2,595 per month, $3.96 per square foot, and 657 square feet, leaving the subject $234 below that mark. Canary District at 455 Front St E (0.15 km) closed 10 leases at $2,229 per month, $4.15 per square foot, and 545 square feet, meaning the subject actually commands $132 more per month despite its lower per-foot rate. Harris Square – River City – 4 at 21 Lawren Harris Sq (0.16 km) logged zero closed leases in the trailing 180 days and therefore provides no realized rent benchmark for comparison.

Canary Block leases at $3.68 per square foot across an average 644-square-foot suite, a rate that sits below every active competitor in this immediate pocket and 18.8 percent under the East Bayfront submarket leased benchmark of $4.53 per square foot. Against Canary Commons (0.1 km), the subject trades at a $0.49 per square foot (11.8 percent) discount while providing 52 fewer interior square feet, so the $465 monthly rent gap reflects both a smaller footprint and a lower per-foot rate rather than a single driver. Versus Canary Park Condos (0.12 km), the subject offers a $0.28 per square foot (7.1 percent) discount with 13 fewer square feet, producing a $234 lower monthly rent. The sharpest trade-off appears with Canary District (0.15 km): the subject delivers 99 more interior square feet at a $0.47 per square foot (11.3 percent) discount, yet still realizes $132 more per month—meaning the higher nominal rent is entirely a function of the larger suite footprint, not a per-foot premium. Tenants choosing Canary Block over the 2016-era buildings gain additional living area at a lower rate per foot, while those prioritizing the smallest possible monthly outlay will find the subject's compact suites priced below both newer and older peers.

Canary Block offers a 12-item amenity suite that overlaps heavily with its East Bayfront neighbours but differentiates through a business-and-dining focus absent from several direct competitors. The building's Business Centre, Dining Room & Kitchen, and Pet Wash Station are features that Canary District (455 Front St E) does not provide, while its Games & Billiards Room and Garden & Courtyard are missing from Canary Commons (35 Rolling Mills Rd / 180 Mill St). Conversely, Canary Park Condos (120 Bayview Ave) carries an Outdoor Pool, Sauna & Steam Room, Yoga Studio, and Juice Bar that the subject does not match, and both Canary Commons and Harris Square – River City – 4 include a Kids' Play Room – Indoor that is absent here. The subject's package—centred on remote-work infrastructure (Business Centre, Meeting Room), social dining (Dining Room & Kitchen, BBQ Area, Rooftop Terrace), and pet convenience (Pet Wash Station)—is best suited to young professional renters and small-pet-owning households who prioritise a functional, work-from-home-friendly lifestyle over resort-style wellness or family-oriented play spaces.