Toronto-based real estate developer Mattamy Homes is looking past developing single-family homes and looking into the sky to build high-rise developments,according to the Globe & Mail.
In this new division of the company, now called Mattamy GTA Urban, will focus on “vertical communities” that will house mid- and high-rise housing with retail, office in the Greater Toronto Area (GTA).
Brad Carr, Chief Executive Officer in Canada at Mattamy Homes, says the company will focus on the Toronto area first, with land that it already owns. Mattamy has built more than 40 high-rise and multifamily home projects over the past 40-years and currently operates in Ottawa, Edmonton, Calgary and 11 U.S. markets.
“Multifamily mid- and high-rise housing is a core component of future development in the GTA, as Canada’s largest urban centre looks to provide increased supply of housing and livable communities while keeping the Greenbelt intact,” said Carr. “The Canadian government has made it clear that a central element of their pandemic response is going to be increased immigration, and we know that a great many of those new Canadians will want to be in the Toronto area, which will only increase the demand for affordable homes.”
Mattamy hired David Stewart, former president of Canadian communities at Minto Group Inc., to operate Mattamy GTA Urban. The company is expected to sell between 2,500 to 3,000 units. In the first three months of 2021, the average new condo sale in the GTA was $817,000, up from $770,000 a year ago, according to Urbanation.
“We are building off an already strong base of multistorey projects across the GTA, and we have an ambitious growth plan to expand that portfolio significantly in the short to medium term,” Mr. Stewart said.