177 VARSITY ROAD · Triplex

177 VARSITY ROAD is a 3-unit triplex in Toronto, ON, asking $1,215,000 — $405,000 per door.

That sits below the Toronto band of $425k - $750k per door. A price under the band usually means condition, location, or an in-place rent roll well below market — confirm which before treating it as a discount. Toronto cap rates screen 3.3% - 4.8% against average rent near $2,850 a door.

At 3 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

Toronto has unmatched rental depth but income yields are thin and diligence must focus on carry, policy, and execution. Investor demand reads very high, vacancy structurally tight.