Congratulations To Mattamy Homes For Taking Action!

I have often written about how cyclical the real estate market is. Challenging economic conditions require cooperation among governments and the private sector. I have also commented on how adept our new home and condominium developers are when it comes to adapting to change. One current example of both ideas involves Mattamy Homes developer Peter Gilgan ramping up to initiate a home-building factory in the Toronto area to create prefabricated homes and condominiums (https://tgam.ca/4l0lGZE). This is a bold step toward fulfilling our federal government’s plans to boost and quicken the construction of new homes.

The new venture is called Stelumar Advanced Manufacturing Inc. and is slated to open in 2026. Mattamy Homes will be its first customer, and Mattamy Asset Management is its main investor. In its first phase, Stelumar will produce modular components for six-storey condo buildings. Construction timelines are expected to less than six months, whereas they would take up to as upwards of three years. In addition, this enterprise will lower construction costs, thereby lowering home prices.  Once the factory opens completely, it should be able to create these components for approximately 3,000 housing units per year.

Mattamy Homes has long been one of the leaders in our industry. Kudos to you, Mr. Gilgan, for once again serving as an industry inspiration. I wish you all the best in this new endeavour.