Mattamy Homes' GTA Urban division is pressing ahead with three new condominium launches this fall, opening with The Laurels in Milton and following with projects in Oakville and Etobicoke before the end of the month.
Sales for The Laurels, a 14-storey, 216-unit building at 10180 Derry Rd. west of James Snow Parkway, began in September. About 10 per cent of the units sold in the first week of availability.
"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 told RENX he believes current conditions favour buyers, since pricing has eased and interest rates have begun to come down. He said Mattamy is reviewing constructability, livability, parking design and sustainability so its buildings "can be absorbed and is meeting the needs of our purchasers."
The Laurels details
The CORE Architects-designed first phase will include 5,000 square feet of retail space, with more planned in later phases. Amenities include a gym, yoga studio, party room and a promenade connecting to the adjacent natural heritage system.
Mattamy is including geothermal heating and cooling in Phase 1 as part of an effort to reduce the project's carbon footprint.
Prices start in the $500,000s. Sixty per cent of units will be one-bedroom-plus-den layouts, ranging from 503 to 803 square feet.
"We are at a blended average price point of just under $990 a square foot," Samardzic told RENX. "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."
The Laurels is planned as four phases, with Phase 1 occupancy slated for the fall of 2027 and full build-out expected by the winter of 2029.
Two more launches this month
Sales for ClockWork 4, a 12-storey, 143-unit building in the seven-phase ClockWork at Upper Joshua Creek development on William Cutmore Boulevard in Oakville, are set to open in late October, with construction anticipated to begin in April. The first three phases of that mixed-use project are already under construction, and the first two buildings are expected to be occupied before the end of this year.
Sales for The Clove, a 33- and nine-storey, 606-unit mixed-use development designed by Giannone Petricone Associates, open Oct. 16. It is part of the redevelopment of the 32-acre Cloverdale Mall site on The East Mall Crescent at Dundas Street in Etobicoke, a project Mattamy is advancing with QuadReal.
When complete, the Cloverdale 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 space.
Mattamy GTA Urban also has several other buildings in progress. Excavation is expected to begin by the end of the month on the 11-storey, 210-unit BLVD. Q at 935 The Queensway in Toronto, while construction is above grade at the 12-storey, 174-unit Westbend Residences at 1660 Bloor St. W., which is expected to be occupied next year. In Milton, the Mile & Creek buildings are at various stages on Whitlock Avenue.
"Mattamy is not only committed to selling, but we're really committed to building," Samardzic told RENX. "With everything that we've launched to date, we have either started construction or are starting this fall."
