The no balcony thing makes sense on one hand -- walk around any inner city neighbourhood and look at the balconies; you'll see stuff stored out there, a barbecue, flowers if they're ambitious, but rarely any people. But on the other hand, as a prospective tenant, it's something that people look for (even if they won't use it much) -- again, the reality isn't as important as the perception, because people make decisions based on their perception.
The market that makes sense without balconies is students, especially out-of-towners who might only be in their unit 8 months, 6 of them snowy and cold.
That said, there is apparently a rooftop amenity space, which might actually make more sense -- the balconies would probably be tiny anyways, a shared space could be a lot nicer. Here's the view:
Which is pretty good, especially since you wouldn't be able to see this building from the rooftop.
As a side note, a 6 storey building that is this blocky barely breaks 4 FAR. Floor area ratio is hard to get your head around sometimes...