A building connecting Kensington Market to Chinatown just got a rent decrease

Between businesses shuttering and new modular units being built, Kensington Market has seen tons of ups and downs these past few months. Now, thanks to a community-led non-profit, more than two dozen housing units in the neighbourhood could see a rent decrease, with rent control implemented in perpetuity.

Related: This non-profit is raising millions to keep Kensington Market affordable

In late June, the Kensington Market Community Land Trust announced that it had acquired 302 Spadina Avenue, a five-story mixed-use structure just north of Dundas that connects the market to Chinatown. It is the KMCLT’s third acquisition to date.

The property, which holds 11 commercial spaces and 26 apartments, went on the market for $17 million in February of 2024. Those in the know may recognize the tower as the home of UCanada Gifts—the store with the massive wood-carved bear out front.

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“This is a win for community ownership that will stabilize affordable rents for residential and commercial tenants,” says KMCLT co-director Dominique Russell. “Our plan is to make the necessary capital repairs, institute property management and make stronger connections with our new tenants.”

The KMCLT will now spend the summer launching its Community Bond Campaign, aimed at raising $2 million to repay part of the building’s mortgage. The group is calling on ethically driven investors to sign up for its Purchase a Bond wait list. A celebration is also planned for later this summer.