Greybrook plans massive subdivision north of GTA
October 1, 2021
A massive residential subdivision is being planned for Lindsay, Ontario—the largest town in the Kawartha Lakes area north of the Greater Toronto Area (GTA).
Some say these new homes are needed to offset a slow home building pace in the GTA.
Greybrook Realty Partners Inc. announced it is planning a $43.2 million development with more than 2,600 homes including townhomes, duplexes and single-detached houses in Lindsay.
“This investment is in line with our focus on acquiring prime land for residential development in the growing Greater Golden Horseshoe Region in Southern Ontario,” said Greybrook Securities Inc. CEO Sasha Cucuz.
Greybrook is working with Tribute Communities on the planned community. “This will be our thirteenth residential development together and we look forward to not only offering our investors a great investment opportunity, but also bringing much needed housing to this growing region that will spur economic activity and growth beyond the Greater Toronto Area,” Cucuz said.
More housing appears needed in the GTA according to study by Royal Bank, released September 24, that claims the region has been falling behind in new housing supply since 2019.
RBC analyst Robert Hogue estimates that along with the high number of starts this year there are nearly 320,000 homes currently under construction across Canada—a record high.
“This is by far the highest number, and a 12 per cent increase from the end of 2019. About three-quarters of the total are apartments (mostly condos but also rental),” Hogue noted.
However, Toronto did not contribute much to the construction surge because its housing starts rose by only 1.4 per cent (or just 500 units) in 2020 compared to the 2019 average.