Leading Developers Collaborate for Housing Choice, Flexibility
Mattamy Homes, North America’s largest privately-owned homebuilder, and Parkbridge Lifestyle Communities, Canada’s leading developer of residential land-lease communities, have announced a partnership to bring the first mixed-ownership community to Ontario.
Lakehaven will sit on Lake Simcoe in Innisfil, Ont., and include about 2,000 homes, and be built out in four stages over 10 years. Approximately two-thirds of the homes will be single-family in the traditional ownership model and a third will be bungalow townhomes in the land-lease ownership model.
“At Mattamy we are deeply invested in doing our part to address housing choice and affordability and foster a sustainable housing market for buyers in Ontario,” Mattamy Homes Canada CEO Brad Carr said. “We believe in providing a variety of choice and homes that appeal to every type of homeowner who wants to have a home, some green space, live in a community and build equity in their home. In Lakehaven they will have that exciting opportunity of choice in a community with different options for ownership. We are so excited to be entering a new market for Mattamy and to be doing so with an amazing partner like Parkbridge.”
Carr said land lease as a model for homeownership is growing quickly in Canada, and is well established in the U.S. and Europe.
“In a land-lease arrangement, the buyer owns the home outright and leases the land,” Parkbridge CEO Mark Gow said. “By removing the expensive land portion from the ownership equation – a particular concern in central and southern Ontario – this model can increase affordability and offer an ideal housing option for people looking to downsize, or for first-time buyers.”
The start of sales for the community is expected in late 2022.
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