Toy Factory Lofts Condo Guide: Inside Liberty Village's Most Recognizable Address

Liberty Villiage Rachel Currey July 27, 2026

If you have ever pictured living in a Liberty Village loft, the building in your head is probably the Toy Factory. The short version for anyone weighing a purchase: 43 Hanna Avenue is a genuine early 1900s factory conversion, one of the most sought-after loft addresses in the west end, and the units inside range from raw brick-and-beam hard lofts to polished modern suites on the upper floors. It is a building where the right unit almost never sits long, and where knowing what you are looking at matters more than usual.

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First it made paper, then it made toys

The bones of this building have been working for over a century. It started life in the early 1900s as a paper factory, and in 1940 it became home to Irwin Toy, the company behind a good chunk of the toys in every Canadian basement of a certain era. That is the name the building still trades on, and honestly, "I live in a toy factory" remains one of the better answers to a small talk question this city offers.

In 2008 the building was converted into the mixed-use loft address it is today, with commercial space alongside the residential floors. The conversion kept what makes a factory worth living in: the heavy timber, the brick, the oversized windows built to light a shop floor.

What the lofts are actually like

The Toy Factory is eight storeys with a little over 200 units, and the important thing to understand is that it is really two buildings in one. The lower floors are authentic hard lofts, exposed brick, timber posts, ductwork, with ceilings that run from about ten feet to as high as seventeen in some units. The upper floors are newer soft lofts, built during the conversion, with a more contemporary finish and many with private balconies or terraces. Two units on different floors can feel like entirely different homes, which is exactly why this building rewards a buyer who has walked through more than one.

Living on Hanna Avenue

You are in the middle of Liberty Village without being in the middle of the King West noise. The Liberty Market Building and its food and shops are a short walk, the King streetcar and Exhibition GO cover the commute, and the lake and Ontario Place trails are ten minutes on foot. For the full picture of the neighbourhood, the coffee, the dog parks, the rush hour realities, we wrote a whole spotlight on it, linked below.

Thinking Liberty Village? These three will round out the picture:

What buyers should look at before offering

Everything we tell condo buyers goes double for a conversion. Read the status certificate carefully, because a century-old structure has a different maintenance story than a glass tower, and the reserve fund needs to reflect that. Ask what is original and what was replaced in 2008. Check how the maintenance fees compare for what is included. And if the unit comes with parking, understand what that is worth in this neighbourhood before you negotiate. None of this should scare you off. It is simply the homework that separates a great loft purchase from an expensive surprise.

The market picture

Hard lofts are a scarcity market. Toronto is not making any more old factories, and buildings like this one trade on character that new construction cannot copy, which historically has helped them hold value better than the average glass tower condo when the broader market softens. Within Liberty Village, the Toy Factory sits firmly in the most-wanted tier. If you are weighing it against the newer towers nearby, the honest trade is this: more character and scarcity, in exchange for more homework.