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Anticipating the Completion of Over 1,700 Home Closings Across Our Portfolio in 2024

Date:
March 26, 2024
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Across our portfolio, we completed over 1,600 home closings last year both in Ontario and South Florida, with the momentum continuing into 2024 with over 1,700 homes set to occupy and close throughout the year. Whether it is a single-family detached home, a condominium unit, or a townhome, in a real estate market where demand is outstripping supply, we are thrilled to welcome homeowners to their new homes, officially bringing new supply online and to achieve this important milestone across so many of our projects.

In late 2023, occupancies commenced at our Linx Condominium project in Toronto. The 27-storey development is nearing completion, and registration has recently been received. It is set to welcome over 370 additional homeowners to their new homes at Danforth Avenue and Main Street this year with a good portion of the building already occupied.

East of Toronto, in the Durham Region, considerable development progress across three of our low-rise communities has contributed to the new housing supply in this ever-expanding region. Construction at our Symphony Towns townhome community with partner Marlin Spring in Oshawa is substantially complete, and final home closings are expected to conclude in the first half of this year, with over 96% of homes closed to date. A short drive away in North Oshawa, our Greenhill freehold townhome and single detached community with partner Stafford Homes, construction is progressing well, enabling over 60 units to close last year, with the remaining homes scheduled to close in 2024. With construction complete, nearly all the townhomes and single-detached homes in our Kingsview Ridge community in Oshawa’s Eastdale neighbourhood with partner Treasure Hill closed last year, with the handful of remaining final closings targeted for the first half of 2024. Together, these projects are bringing over 600 ground-related units to the Durham Region, an area marked by Greybrook through our investment in 15 projects that will bring over 3,800 units to the Region.

Stretching north from Toronto to Lake Simcoe, York Region is a rapidly growing municipality comprising nine cities and townships and home to more than 1.2 million residents.1 Across the Region, we have four of our low-rise developments that are in the home closing stages or expected to begin home closings in 2024.

In Richmond Hill, our Ivylea Towns project, a 444-unit townhome development with partner Marlin Spring, is set to commence first home closings in the spring of 2024. Throughout the year, over 260 Phases 1 and 2 homes are scheduled to close welcoming new homeowners to this new community at the corner of Highway 19 and Leslie St.  South of Richmond Hill, in the highly sought-after suburb of Thornhill, our Evoke Modern Towns development with partner Treasure Hill completed all home closings earlier this year, and the 114-unit townhome community is now fully occupied. West of Highway 400 in the prestigious community of Kleinburg, our McMichael Estates luxury estate homes with partner Treasure Hill successfully completed the vast majority of the home closings of its spacious 60’ and 70’ homes in 2023, with the few remaining scheduled to close by the summer. Additionally, closings continue at our Village Homes on The Avenue project in Markham.

Evoke Modern Towns Community 

McMichael Estates

North of Toronto, in the township of Adajala-Tosorontio, construction at our Colgan Crossing and development with Tribute Communities has progressed rapidly over the past year enabling the start of home closings last year with over 600 closings to be completed at the 191-acre master-planned development throughout 2024.

Greybrook’s first investment in Wellington County was our Storybrook project with developer partner Tribute Communities in the town of Fergus. Each phase of the 929-unit master-planned community has been well-received by the market and has led to the transformation of this small town that neighbours Guelph. Construction at the four-phased development has progressed steadily over the years, with Phase 1 entirely sold and closed and Phases 2 and 3 in construction and set to complete final closings in the fall of this year. Northeast of Fergus in the Town of Shelburne, our Emerald Crossing single-detached and townhome community with partner Fieldgate Homes has made significant progress over the past year, allowing for the commencement of home closings at this multi-phased development in 2023 and 2024 with the remaining sold units scheduled to close later in the year.

South of the border in sunny Florida, our luxury development, The Elser Hotel & Residences, with partner PMG in Miami, established a steady home closing momentum throughout 2023 and is slated to complete its final closings of sold units throughout 2024. This unique, 49-storey luxury condominium in downtown Miami launched sales in 2022 and has attracted waves of strong demand since. Leading to its appeal is a host of top amenities and a unique value proposition, The Elser Hotel & Residences Owners Program, which grants owners the flexibility to rent their units for short-term stays and unlimited day rentals.

As we build on the closing momentum of 2023, we anticipate future successes for Greybrook and our investors through the successful continuation of home closing programs across our projects in 2024. The need for more housing is pressing, and as we celebrate our accomplishments of increasing housing supply through completing home closings at scale, we’re committed to continuing our efforts to address the housing supply shortage in Southern Ontario.

Check back regularly for project updates. To learn more about Greybrook projects with homes for sale, visit the Buy A Home page on the Greybrook Investor Portal to receive special insider incentives on for-sale homes in our portfolio and to register priority access to new sales launches exclusive to Greybrook investors.

 

1 York Region Population Steadily Increases

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