Billionaire real estate developer Peter Gilgan, founder of Mattamy Homes, plans to launch Stelumar Advanced Manufacturing Inc., a new prefabricated homes factory in the Greater Toronto Area. This second attempt at prefab housing aims to significantly reduce construction timelines (from three years to under six months) and costs for multi-storey condo buildings, addressing Canada's affordable housing crisis with government support and new technology. The first phase is slated to open in 2026.
Mattamy Homes founder Peter Gilgan to start prefab housing factory in Ontario
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TL;DR: Key points with love ❤️Billionaire real estate developer Peter Gilgan, founder of Mattamy Homes, plans to launch Stelumar Advanced Manufacturing Inc., a new prefabricated homes factory in the Greater Toronto Area. This second attempt at prefab housing aims to significantly reduce construction timelines (from three years to under six months) and costs for multi-storey condo buildings, addressing Canada's affordable housing crisis with government support and new technology. The first phase is slated to open in 2026.
Trending- 1 Late 1990s: Peter Gilgan opened his first prefab home factory.
- 2 About a decade later: First factory shuttered.
- 3 More than a year ago: Stelumar Advanced Manufacturing Inc. began development.
- 4 September (unspecified year, but recent): Peter Hass joined Stelumar.
- 5 Current: Stelumar is close to selecting a site in the Greater Toronto Area.
- 6 2026: First phase of Stelumar factory slated to open.
- Potential reduction in construction timelines and costs for homes
- Increased supply of affordable housing
- Creation of over 300 jobs
- Potential for government aid
- Personal legacy project for Peter Gilgan
What: Peter Gilgan, founder of Mattamy Homes, is starting a new prefabricated housing factory, Stelumar Advanced Manufacturing Inc., in the Toronto area to produce modular components for multi-storey condo buildings.
When: Slated to open in 2026 (first phase), late 1990s (first factory opened), about a decade later (first factory shuttered), more than a year ago (Stelumar in the works), September (Mr. Hass joined), past year (little demand for new homes).
Where: Ontario, Toronto area, Greater Toronto Area, Canada, Europe (suppliers), U.S. (trade war).
Why: To address Canada's affordable housing crisis by speeding up construction and reducing costs, leveraging improved technology and government pressure for new homes. Gilgan also sees it as a personal project to make home ownership more affordable for young adults.
How: Stelumar will produce modular parts for six-storey condo buildings, aiming to cut construction times. The factory will use new fireproofing and soundproofing technology, with Mattamy Homes as the first customer and Mattamy Asset Management as the main investor. The project is expected to cost hundreds of millions of dollars.