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Company type | Private Company |
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TSX: MI.UN | |
Industry | Real estate |
Founded | 1955 |
Headquarters | , Canada |
Key people | Michael Waters (CEO) Roger Greenberg (Executive Chairman) |
Owner | The Greenberg Family |
Number of employees | 1500 (2025) |
Website | https://www.minto.com/ |
Minto Group is a Canadian real estate company based in Ottawa, Ontario. It builds homes in Ottawa, Toronto, Calgary, Florida, and South Carolina and manages multi-residential and commercial properties in Ontario, Alberta and British Columbia. As of 2024, Minto has built 100,000 new homes, [1] and manages $2.9 billion in assets, including 13,000 multi-residential units and 2.7 million square feet of commercial space. [2] [3] The firm is one of Ottawa's largest residential landlords. [4] Minto also has a publicly traded subsidiary, holding some of its multi-residential units, called Minto Apartment Real Estate Investment Trust. Some of Minto's joint-venture partners have been with Lasalle Investment Management, Greystar, and CPPIB.
Minto Group was founded in 1955 by Gilbert, Irving, Lorry and Louis Greenberg, as a home builder. [5] It was originally called Mercury Homes, but renamed itself Minto Construction Company in 1957. Its first large development was Parkwood Hills in Nepean in partnership with Westmore Investments. [6] As part of that development, Minto built Canada's first high-rise condominium, Horizon House on Meadowlands Drive. [1] The firm developed a number of other subdivisions in the Ottawa area in the 1960s and 1970s; in 1971, three quarters of construction in Nepean was by Minto. [6]
In the early 1980s, the firm expanded to Florida. [7]
In 1991, Roger Greenberg, son of Gilbert, became CEO, after the death of his uncle Irving. [7]
In 2001, Minto completed the first Minto Dream Home for the Children’s Hospital of Easter Ontario (CHEO) Dream of a Lifetime Lottery.
In 2008, Minto built Canada’s first Net Zero Inspiration Home. [8]
In 2013, Michael Waters, who is not part of the Greenberg family, became CEO. [7]
In 2017, Minto Communities and Margaritaville Holdings announce a partnership to develop active adult communities, Latitude Margaritaville, with first location in Daytona Beach. [9]
In May 2018, Minto announced it would hold an IPO for its Canadian multi-residential properties. [10] The properties became part of a new entity, Minto Apartment Real Estate Investment Trust (REIT), which Minto Group continues to have a significant ownership stake in. The trust would initially own 4279 rental suites, 72% of which would be in Ottawa, with the intention of eventually holding all of Minto's 13,000 multi-residential units. Minto Group held the IPO in part to provide money to Minto's owners, the Greenberg family. Minto raised $200 million in the IPO, which took place on the Toronto Stock Exchange. [11] The IPO took place on June 29, 2018, with an initial price of $14.50 per share, and under the share symbol MI.UN. [12]
Named one of Canada’s Best Managed Companies in 2024. [13]
Minto Group is divided into three divisions:
The Greenberg family, who founded and still controls the Minto Group, [7] was listed as the 74th richest people in Canada in 2017, according to Canadian Business. [5]
Minto has been involved in a number of controversial developments, including Minto Mahogany in Manotick, [17] the Minto Midtown in Davisville, [18] Potter’s Key in Stittsville, [19] and Minto West in Palm Beach. [20]
Minto's 2017 decision to charge for visitor parking in its Ottawa buildings also angered some tenants. [21]