Toronto-based Mattamy Homes has kicked off a campaign to expand its higher-density portfolio in the GTA with the goal of building as many mid- and highrise units as singles in the region within five years.
In June Mattamy announced the launch of its new Urban GTA development division to expand its focus on multi-family homes in the region.
David Stewart, president of the new group, told the Daily Commercial News the move would consolidate multi-family projects in three existing GTA-focused divisions to enable Mattamy to “substantially expand” its development portfolio, and was a show of faith in the Toronto market long term.
Stewart noted the GTA is already home to 6.4-million people and is expected to see its population increase to eight million by 2030.
“We believe that ongoing regional population growth will benefit both the city of Toronto as well as surrounding communities, creating strong demand for urban product in both,” he said.
The new division includes the company’s current portfolio of 40 highrise projects and all multi-family developments within its master-planned communities in the Toronto market.
Projects that are either launched or are coming soon include Vita Two, Vita on the Lake, Views on the Preserve, Upper Oshawa Creek, The Nine, Springwater, Soleil Condos, Soleil, Seaton Whitevale, Saturday in Downsview Park, Mount Pleasant North, Hawthorne East Village, Ellis Lane, Clockwork at Upper Joshua Creek and Bloom in Seaton.
“Most of these projects have been moved to the GTA Urban division and will continue to evolve together with many new neighbourhoods in the 416 and 905,” Stewart stated via email.
Growth plans over the next year include projects such as 10 St. Mary at Yonge and Bloor in Toronto, downtown Burlington and 1660 Bloor St. W. at Keele in Toronto, he said.
“We expect to expand our urban portfolio both within the 416 as well as in infill locations throughout the 905 and into the larger GTA and Greater Golden Horseshoe.”
Stewart started his career at Mattamy and moved to become president of Minto Communities Canada before rejoining Mattamy to lead the new Urban division.
He said the trend to work-from-home during the pandemic and the search for homes further from the city is not indicative of a permanent long-term shift in Toronto fundamentals.
“While the pandemic has caused some temporary shifts to greater housing interest in ex-urban and rural communities, Mattamy believes in the long-term fundamental value and strength of both existing and emerging urban centres throughout the GTA. People like to be around other people, whether for work or socializing, and urban locations, with their higher densities of jobs, amenities and homes, have been and will continue to be natural magnets.”
Condominium homes represent an affordable entry point into the housing market for many Canadians, Stewart said, and so Mattamy’s increased commitment to condos both in infill and suburban locations is consistent with addressing affordability.
“Mattamy believes the best way to ensure affordability is by meeting customer requirements and by expanding supply — specifically cutting down red tape that slows projects — as well as through design, finding ways to more efficiently address the needs of buyers at an attainable price point.”
In future all multi-storey projects, including highrise and multi-family housing within master-planned communities, will be organized under the Mattamy GTA Urban division. The current single-family business will be consolidated into the GTA Low Rise division.
The firm was founded by Peter Gilgan in Burlington, Ont. in 1978.