Building envelope retrofits is one of the options available to reduce energy consumption of postwar MURBs in Toronto. This study evaluates the impact of building envelope retrofits that meet current standards on energy consumption of a Toronto postwar MURB; utilizing eQUEST energy simulation software. Further upgrades also take place to evaluate how the impact of building envelope retrofits on energy use can be increased and optimized for all assemblies of building envelope and airtightness. Moreover, the retrofit strategies are ranked based on cost and energy-saving effectiveness. The results of the analysis reveal that building envelope retrofit based on OBC-2012 standards can reduce the energy consumption by up to 44%. Furthermore, the optimal RSI values of all building envelope components were found to be equal or less than code requirements which outcomes significant energy savings. Lastly, the ranking of the strategies helps to identify the best option according to the priorities of a project.