The company, Stelumar Advanced Manufacturing, aims to produce modular components to eventually build about 3,000 housing units a year. The company is close to selecting a site for its factory in the Toronto area, and plans to begin operating in 2026. (The Globe and Mail)

Talking point:​​ Stelumar, which has been in the works for over a year, is well-positioned to take advantage of the federal government’s appetite for a home-building blitz. Modular housing is one component of Prime Minister Mark Carney’s plan to build 500,000 homes per year by 2035, with the government earmarking $25 billion in debt and $1 billion in equity for companies building prefab homes. The process is meant to be faster and cheaper than traditional home-building. Stelumar will start by focusing on six-storey condo buildings with one- to three-bedroom units. Mattamy Homes—a major developer in and around Toronto—will be its first customer and financing will come from Mattamy Asset Management, where Gilgan serves as CEO.