Mattamy Homes is bucking economic concerns in some sectors of the development industry and forging ahead with BLVD. Q, its latest condominium development in Toronto.
“We’re seeing a mix of investors and end users,” Alison O’Neill, VP of sales, marketing and design studio at Mattamy Homes, told RENX.
“Investors see the benefit of the Queensway,” O’Neill added of the Etobicoke-based project just east of Islington, where swift access to downtown Toronto and record immigration continue to drive significant increases in rental rates.
“From an end-user perspective, there are a lot of young professionals who grew up in the Etobicoke area and they understand the Queensway vibe, so we’re seeing a mix of local young professionals and investors.”
Construction on BLVD. Q is projected to begin in the spring, owing to the success that Mattamy Homes’ GTA Urban Division has enjoyed since launching in 2021. O’Neill said this is a response to the “enduring need for increased density and greater affordability.”
Canada’s largest metropolitan area is forecast to grow by up to three million people over the next 15 to 20 years. Home construction, however, hasn’t kept pace with population growth, and there are few indications that situation will change.
Mattamy also launches Phase III at ClockWork
But Mattamy intends to do its part to meet the demand, with thousands of units in its pipeline. Mattamy has launched 12 buildings since 2012, and it’s poised for more launches.
BLVD. Q was Mattamy’s third launch of the year, and it was quickly followed by the third phase of ClockWork in the Upper Joshua Creek area in North Oakville.
When all is said and done, that master-planned community will have delivered seven building across six phases. The two-tower first phase of ClockWork has already been sold, and in launching its second phase — the seven-storey, 163-unit third tower — the development will be the latest addition to a rare nascent neighbourhood in the GTA.
“To the north, we have an existing Mattamy site of single-family townhouses, so there’s already a developed community there,” O’Neill said. “Building 1 of ClockWork has retail and a promenade, which will be great when it’s completed; we’re looking at bringing in a great little boutique restaurant and coffee shops, and other such services.”
Upper Joshua Creek is attractive for a host of reasons, not the least of which because Oakville is one of the most coveted jurisdictions in Canada. The neighbourhood also borders Mississauga and has easy access to both the Queen Elizabeth Expressway and Hwy 403.
Mile and Creek in Milton
Mattamy is also preparing to launch the third phase of Mile and Creek in Milton — the first phase sold out while the second is three-quarters of the way there — and while building design is being finalized O’Neill said it will likely be 160 units across eight storeys.
The neighbourhood backs onto 16 Mile Creek, the sprawling nature trail, and it sits beside another low-rise community built by Mattamy Homes.
In Mattamy’s deep pipeline is the 32-acre Cloverdale Mall site in Toronto, where it’s developing a 2.3-acre “Triangle Site” with QuadReal Property Group. The redevelopment project is comprised of 32- and eight-storey towers, 500 residential suites, and it and will feature roughly 2,400 square feet of retail.
QuadReal will oversee the district master plan of the Triangle Site and Mattamy will handle development, construction, sales and marketing.
GTA's population continues to boom
Economic headwinds have certainly cooled the GTA’s housing market, however, Mattamy remains undeterred because of the region’s booming population. Rental rates for one-bedroom units in and around the city’s core have hit $2,700 and that has brought investors out of the woodwork.
Moreover, with a lot of developers currently reluctant to launch new projects, investors are competing each other for fewer new pre-construction units entering the market.
“Our pipeline of projects is robust and growing. We are delivering an incredible number of homes, at meaningful scale in every corner of the GTA,” O’Neill said.
With 14,000 units in its development pipeline, O’Neill added Mattamy’s Urban Division is underpinned by the GTA’s growth projection.
“With the GTA’s population increasing by at least three million people over the next 15 years, Mattamy is well poised to help service that growth,” she said. “Within five years, Mattamy’s multifamily units will match the number of single-family units in our portfolio.
"And we project to deliver 2,300 urban closings per year by 2030.”