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]
Business
Minto Group is divided into three divisions:
Minto Apartments manages multi-residential and commercial properties, some of which have been built by Minto. Minto Apartments owns 57% of Minto Apartment Real Estate Investment Trust.[12]
Minto Communities Canada is a home builder in Ottawa, Toronto, and Calgary. It has built 60,000 homes over its history. It builds both low-rise and high-rise housing, and in recent years has been building more luxury rental projects.[14] In 2015, Minto was the largest home builder in Ottawa, with 913 homes built, and 24 percent of the market.[15]
Minto Communities USA is a Florida home builder. It has built 25,000 homes over its history.[16] It was ranked as the 56th largest home builder in the United States in 2016.[16]
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]
1 2 3 4 5 Elliott, Bruce (1990). The City Beyond: A History of Nepean, Birthplace of Canada's Capital 1792-1990. the City of Nepean. pp.277–279. ISBN1-55036-258-5.
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