Location is, indeed, everything in real estate.

That’s why Equiton Development has chosen Guelph as the home of Marquis Modern Towns, where it’s unveiling 40 new lots this weekend as part of a 96-unit, upscale stacked townhouse project.

“We’re located in this vibrant city of Guelph, very close to downtown, but what’s also very unique is where we are situated is surrounded by a lot of greenery,” Kimberley Crescini, Equiton’s VP of sales and marketing, told RENX Homes.

“What we offer our residents is to live in an area with a lot of greenery but to also have the amenities that any city can offer, with groceries, shopping, cafes, banks and hospitals close by.”

The development is geared toward end users. But with the University of Guelph nearby, Marquis Modern Towns will likely have some appeal in the investor community, which understands that student housing, of which there’s a dearth, comes at a premium these days.

“We’re expecting our residents, our buyers, will be end user, but it’s also a good investment because of the proximity to the University of Guelph,” Crescini continued.

Throwback sales strategy

Equiton will host an event this Saturday (Sept. 14) for past purchasers and registrants, as well as folks from the neighbourhood, as a way to help it reach the finish line faster. 

And the project is a bit of a throwback, too, with three model homes for interested homebuyers to interact with. End users have been driving much of the sales activity in the region’s housing market, and Equiton understands they can be more fastidious than investors.

The strategy appears to be paying off.

“We’re fully financed and progressing to almost finishing construction. We’ve got less than 50 per cent left to sell,” Helen Hurlbut, president, CFO and co-founder of Equiton, said.

The housing market has largely been in the doldrums the past couple of years, but there’s reason for optimism. There have been three quarter-point interest rate cuts from the Bank of Canada, which is slowly rebuilding consumer confidence in the housing market.

Moreover, according to Hurlbut, releasing another 40 units this week makes sense because, coming off summer break homebuyers tend to be motivated in the fall.

“There is demand from people slightly on the sidelines, but because it’s only just a few units, it will catch on with the end user, especially because a lot of people want something that’s pretty much move-in ready,” she said. “Of course, it helps that interest rates have come down and that further interest rate cuts are going to happen does obviously help the situation, but it wouldn’t have been the only reason because the price point is good.”

First residents ready to begin moving in

The project was underwritten five years ago — and, as such, the first residents will begin moving into Marquis Modern Towns as soon as next month, while others will close in early 2025 — before home prices surged to where they are today, which Hurlbut believes is value added.

That and the location are also why Marquis Modern Towns start in the high $500,000s.

But Hurlbut said the real value will be derived from the location.

“When we’re looking at any new development opportunity, we always look at the market fundamentals in the area — what’s happening with growth, what’s happening with immigration, what are the schools nearby,” she said. 

Marquis Modern Towns is appealing to end users with central amenities like backyard patios, landscape accents, children’s play areas and barbeques, while unit suites use full-height ceilings, offer balconies and sunken terraces, and tony ceramic tiling in the bathrooms.

Equiton's other housing developments

Equiton is well-known for its apartment fund, but it’s beginning to make more noise through Equiton Development, which is also launching Kül Condos along The Queensway in Etobicoke, just east of Guelph in Toronto. Sales for the 177-unit boutique condo are already underway.

Additionally, Equiton Development has Sandstones Condo in Scarborough for sale on the market, a 320-unit mid-rise with lake views, Moreover, Sandstones’ eighth-floor amenity room also offers stunning views of Lake Ontario.

Equiton Development will also launch the 350-unit Ten99 in Toronto next year. Perhaps Ten99’s ultimate selling point will be its proximity to Yorkville, Forest Hill and the Danforth — established neighbourhoods brimming with a variety of cuisine choices, concert halls and other entertainment options.

In Ottawa, Equiton is also behind Maison Riverrain, an 1,100-unit purpose-built rental development with condo-quality finishes that will feature prominently in the city’s Vanier neighbourhood.