Canada Housing Market

Leon’s Furniture, with a long history of over 100 years in Ontario’s home furnishings industry, is ready to make big changes in the Toronto real estate market. The company recently announced its groundbreaking entry into residential development, planning to introduce approximately 4,000 new homes in North York, Toronto.

Transforming North York with New Housing

This monumental project involves the transformation of the land surrounding Leon’s corporate headquarters, situated near the junction of Highways 401 and 400. The proposed development envisions a diverse mix of high-rise towers, mid-rise buildings, townhouses, rental apartments, condos, and single-family homes, along with inclusive community spaces.

A Strategic Shift in Business

Leon’s move into housing development signifies a strategic expansion, capitalizing on the booming housing market. As expressed by company executives to BNN Bloomberg, this venture is seen as a “huge opportunity” that aligns with their core business of selling furniture, mattresses, and home essentials.

Phased Development Plan

The ambitious plan is still in its nascent stage, with construction set to occur in phases over several years. The initial phase includes constructing new corporate offices for Leon’s and a state-of-the-art flagship showroom. The company aims to submit a detailed secondary plan to the City by summer 2025, having already received approval from the provincial government for rezoning the site from employment use to a regeneration area.

Addressing Housing Demand in Toronto

Leon’s emphasizes in their press release that this project will introduce much-needed housing density to Toronto, helping to meet the city’s escalating demand for housing. This initiative places Leon’s alongside other retail giants like Canadian Tire, who have also ventured into residential development with condo tower projects.

Future Expansion Possibilities

The likelihood of additional proposals from Leon’s is high, especially considering their exploration into establishing a Real Estate Investment Trust (REIT) as of last May. The company highlighted to shareholders the potential of their “attractive real estate portfolio” which spans approximately 5.2 million square feet.

Conclusion

Leon’s Furniture’s leap into residential development marks a significant turning point for both the company and Toronto’s housing landscape. With a vision to blend their home furnishing legacy with innovative real estate solutions, Leon’s is set to make a substantial impact on meeting Toronto’s housing needs while expanding their business horizons.