The partnership's Innisfil, ON development is slated to offer approximately 2,000 new homes
Major home builder Mattamy Homes and residential land-lease developer Parkbridge Lifestyle Communities have announced a new partnership that will create Ontario’s first mixed-ownership community.
Innisfil, Ontario will be home to the partnership’s Lakehaven development, which is anticipated to offer approximately 2,000 homes. The development is slated to be built in four stages over a period of 10 years.
Lakehaven will offer both traditional freehold homes and land-lease homes, Mattamy and Parkbridge said. Unit sales are expected to begin by late 2022.
“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,” said CEO Brad Carr. “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.”
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The land-lease ownership model is expected to continue making its presence felt in the Canadian market, said Mark Gow, CEO of Parkbridge.
“In a land-lease arrangement, the buyer owns the home outright and leases the land,” 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.”
