Mattamy Homes’ GTA Urban division launched sales for The Laurels multi-residential development in Milton in September and will launch two more Greater Toronto Area condominium projects before the end of the month.
“Mattamy has a very long-term view on the strength of the (condo) market, so we’re committed to providing homes for Canadians even in a market that has softened,” GTA Urban sales and marketing director Quinn Samardzic told RENX. “We know that the market hasn’t been great, and we’re still actively selling a number of communities as a matter of fact.”
Samardzic believes now is a good time to buy condos, however, as pricing has softened and interest rates have started to decrease.
Mattamy is continuing to pursue multi-tower sites across the Greater Toronto Area and is prepared to weather any storm that may cause condo sales to slump.
“We are committed to meeting the market where it is today so we will do things like relook at our constructability, our livability, our undergrounds and our sustainability to ensure that the product that we bring to market is one that can be absorbed and is meeting the needs of our purchasers,” Samardzic said.
The Laurels
Mattamy has owned the former farmland at 10180 Derry Rd., west of the James Snow Parkway, for several years. It developed low-rise lands adjacent to the site of The Laurels about a decade ago.
The first phase of the CORE Architects-designed The Laurels will offer 5,000 square feet of retail space, with more planned for future phases.
“We don’t have any retail tenants yet, but we want to be really mindful that we’re bringing in tenants that will really serve the community and not just necessarily the highest bidder,” Samardzic said.
Residents will also benefit from a range of amenities, including a gym, a yoga studio, a party room and a promenade that integrates into the adjacent natural heritage system.
In line with an organizational focus on sustainability and a commitment to sustainable building practices, Mattamy is including geothermal heating and cooling in Phase 1 of The Laurels as part of an effort to minimize the project’s carbon footprint.
Emphasis on affordability
Prices at the 14-storey, 216-unit The Laurels start in the $500,000s. Sixty per cent of its units will have one bedroom and a den and sizes will range from 503 to 803 square feet.
“We are at a blended average price point of just under $990 a square foot,” Samardzic said. “It was really important to us that we launched at an average price that was under $1,000 per square foot since we think that’s where the market is.”
About 10 per cent of the units were sold in the first week of availability.
Construction should start in spring of 2025. Occupancy for Phase 1 is slated for the fall of 2027, with full build-out of The Laurels’ four phases expected to be completed by the winter of 2029.
ClockWork and The Clove
Sale are set to begin for two other buildings in coming weeks.
The first three phases of the seven-phase ClockWork at Upper Joshua Creek mixed-use development on William Cutmore Boulevard in Oakville are under construction: the 12-storey, 154-unit ClockWork 1; the 12-storey, 174-unit ClockWork 2; and the seven-storey, 163-unit ClockWork 3. The first two will be occupied before the end of this year.
Sales will launch for the 12-storey, 143-unit ClockWork 4 in late October and construction is anticipated to begin in April.
Sales will launch for the Giannone Petricone Associates-designed 33- and nine-storey, 606-unit The Clove mixed-use development on Oct. 16. It’s part of the redevelopment of the 32-acre Cloverdale Mall site on The East Mall Crescent at Dundas Street in Etobicoke.
When complete, the redevelopment will include more than 5,000 condo and purpose-built rental units, more than 180,000 square feet of retail space and 23,000 square feet of new community spaces.
Mattamy is developing a 2.3-acre portion of the property known as the “Triangle Site” with QuadReal, which is overseeing the district master plan. Mattamy will handle development, construction, sales and marketing for The Clove.
Other Mattamy GTA Urban developments
Mattamy GTA Urban has a handful of other projects at various stages of construction.
Excavation should begin by the end of this month on the 11-storey, 210-unit BLVD. Q at 935 The Queensway in Toronto.
Construction is above grade at the 12-storey, 174-unit Westbend Residences at 1660 Bloor St. W., two blocks east of Toronto’s High Park. It will be occupied next year.
“Those are not multi-tower sites, but they are really nice, boutique urban infill sites that have both launched and persevered in tougher market conditions,” Samardzic noted.
Mile & Creek 1 and Mile & Creek 2, each comprised of two, eight-storey buildings with a combined 226 units, are above grade on Whitlock Avenue in Milton. Construction of the eight-storey, 160-unit Mile & Creek 3 is still below grade.
“Mattamy is not only committed to selling, but we’re really committed to building,” Samardzic said. “With everything that we’ve launched to date, we have either started construction or are starting this fall.”
