Toronto Approves 48-Storey Tower With 612 Residential Units Downtown

The City of Toronto issued final approval July 9 for a 48-storey tower at the corner of York Street and Front Street West, one block south of the financial district core.

The decision arrives as average Toronto home prices sit at 1.1 million CAD and downtown condo units trade above 700,000 CAD, with immigration numbers continuing to support rental demand in the core.

Site and neighbourhood links

The project sits directly above the PATH network entrance at Union Station and within 300 metres of the Toronto-Dominion Centre. It also borders the southern edge of the Entertainment District, where the city’s Housing Now program has already converted three surface parking lots into affordable rental buildings since 2023.

Planning staff noted the site will contribute 122 purpose-built rental units under the city’s inclusionary zoning rules that took effect in 2022. The remaining 490 units will be sold as condominiums, with 15 per cent priced below market under a separate city incentive tied to the Downtown Community Improvement Plan.

Market numbers and next steps

Recent resale data from the Toronto Regional Real Estate Board shows 1,847 downtown condo transactions in the first half of 2026, up 9 per cent from the same period last year. Average price per square foot in the financial district reached 1,185 CAD in June.

Site plan drawings call for ground-floor retail along Front Street and a public plaza at the York Street corner. Construction is scheduled to begin in spring 2027 once the developer secures final building permits from the Toronto Building Division. Prospective buyers should track the city’s development applications portal for any design changes before sales launch in late 2027.