How a Toronto builder is getting shovels in the ground on Willowdale townhouses - Toronto Star
The GTA townhome boom has largely missed Toronto, where they're pricy to build. Here's how one builder made it work.
Renderings of the Winston Collection townhomes planned for Willowdale. The townhomes are described as “luxury” and start at $1.5 million.
A developer in Willowdale has managed to get shovels in the ground on new housing at a time when many other builders are facing stalled or cancelled projects.
The secret? The team is not building shoebox units, but family-friendly three-bedroom townhomes with yards, basements and even garages.
Insoho is planning 31 condo townhomes a short walk from North York Centre subway station, which the company says offer a solution for buyers looking for “missing middle housing” to live in, rather than use as an investment.
It’s part of a broader shift toward townhomes in the Toronto region amid the condo crash, spurred in part by the HST rebate on new homes.
The boutique developer, which focuses on infill projects within the city, managed to pre-sell about 60 per cent of the homes, which allowed it to get the financing to move forward, said Josh Dennill, development manager with Insoho.
“It’s not like things are flying off the shelves like the way they did in 2020, but we got to the finish line, which is really important,” said Dennill.
The rendering shows surrounding detached homes. The new project also includes some detached homes as part of a deal with the city.
Typically condos need around 70 per cent of units sold to start construction.
But Dennill said the company has a good relationship with its bank based on previous projects, including 15 brick townhomes and semis at Danforth Avenue and St. Clair Avenue East, and 25 freehold townhomes in Scarborough.
Construction on the homes should start by the end of the year with occupancy about 18 months from then, he added.
During a tour of the site, where workers had recently paved the road and put pipes in the ground, Dennill noted there are few options in the area besides the tall condo towers on nearby Yonge Street and the larger detached homes that flank the lot.
Renderings of the inside of one of the townhomes, which will all be three-bedroom units.
“And that’s where our project came up, people were extremely excited to be able to have a home in the neighbourhood,” Dennill said.
Dubbed the Winston Collection, the complex will consist of nine detached homes facing the street at the front of the lot, in addition to the townhomes. All the townhomes are three storeys coming in around 2,200 square feet with three bedrooms.
They also have features tailored to buyers who will make them homes instead of investments, such as large kitchen pantries and even a place to put the vacuum, Dennill added.
