Sales Progress Steadily at Ivylea Towns in Richmond Hill as Acquisition of Neighbouring Parcel of Land Brings Total Number of Units in the Development to Over 440

Construction of the townhomes remains on track to begin in September, with sales successfully progressing as units are gradually released to the market. We are pleased to report that Phases 1 and 2 are 92% and 66% sold, respectively, and the entire development is now ~55% sold-out as of the first week of June.

We are delighted to announce the recent closing of a small adjoining parcel of land located in the northwest corner of our Ivylea Towns at Richmond Hill site. The newly acquired 0.84 acres piece of land will form Phase 4 of the project and will establish the foundation for the construction of 18 additional units, bringing the total number of townhomes in the project to 444.

The development continues to advance through the sales and servicing phases. Building off the momentum and success of our initial sales launch in June 2020, we are thrilled to announce the tremendous response received by our Phase 2 sales launch in November 2020 of which 115 out of the initial 130 units released sold firm as of March 2021. We will continue to release homes to the market over multiple phases, ensuring balance against the project servicing and construction programs.

Earthworks for the entire site nears completion as servicing of the municipal roads continues to progress. In accordance with our timeline, we anticipate construction will commence as planned in September 2021, with servicing for Phase 2 and 3 on track to begin in July 2021 and completed in sequence with the construction of the Phase 1 townhomes in the fall.