In anticipation of a population boom within the Greater Toronto Area, North America’s largest privately-owned homebuilder has launched a dedicated division to grow its portfolio of multi-family projects.
This week, Mattamy Homes announced the creation of its GTA Urban Development Division, an initiative to “expand and enhance” the company’s urban presence, including its mid- and high-rise offerings in the region.
The GTA Urban Development Division would include Mattamy Homes’ current roster of 40 high-rise projects and all of its multi-family developments within its master-planned communities across the Toronto area, explains a press release issued this week. All multi-storey projects will now be organized under the GTA Urban division.
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Mattamy Homes is a prominent low-rise developer in the region, with several single-family and townhome projects in the works or fully complete in GTA communities such as Milton, Oakville, Kitchener and Brampton, according to BuzzBuzzHome. A few of the company’s most notable multi-family projects currently in development include Vita on the Lake in Humber Bay and Saturday in Downsview Park Phase 2 in North York.
“Our new Urban division has been created to meet the region’s twin needs of increased density and affordability, with a best-in-class offering,” said Brad Carr, CEO of Mattamy Homes Canada, in the press release.
Carr explained in the release that the GTA’s current population of 6.4 million is projected to expand to 8 million people by 2030. He says that Mattamy Homes has “aggressive” growth targets for both the ‘416’ and ‘905’ regions, where the company expects to build “as many urban, multi-family, mid- and high-rise units as single-family low-rise units,” within the next five years.
“Multi-family, 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 GTA Urban Development Division will be led by David Stewart, who previously worked for Mattamy Homes prior to becoming President of Minto Communities Canada, said the release.
“We are building off an already strong base of multi-storey projects across the GTA, and we have an ambitious growth plan to expand that portfolio significantly in the short to medium term,” said Stewart.
“Our dedicated and growing team will spearhead our plan to deliver innovative, high-quality, multi-story housing in the Toronto region,” he added.