More Unoccupied Toronto Homes Are Catching Fire
Several devastating fires have struck residential construction sites in the Greater Toronto Area over the past year, leading to significant property damage and sparking concerns about the safety of homes under construction.
In the latest incident, a fire erupted in a Richmond Hill subdivision on Thursday evening, starting in one home and quickly spreading to three others. The York Regional Police reported that the fire caused extensive damage to these unoccupied properties, and while the cause remains unclear, lightning could be a potential factor.
In a similar incident a month earlier, a blaze broke out in an Oakville subdivision near Dundas Street East, resulting in major damage to ten homes. The rapid spread of the fire— fuelled by strong winds, posed a significant challenge to the Oakville Fire Department, but they were able to successfully contain the situation without any reported injuries. Some of the homes affected were part of a development by Mattamy Homes and were nearing their turnover period.
The same developer, Mattamy Homes, has recently faced protests from buyers of pre-construction houses who claim that the fall in home values has severely impacted their investments. They say the lower prices at which Mattamy Homes is now selling similar pre-construction properties have further exacerbated their financial predicament.
Similarly, in April, a fire caused massive damage to 71 homes in a Vaughan subdivision, again raising concerns about the safety of homes under construction. And nearly a year ago, a fire ravaged 23 units in a recently developed area in Hamilton, resulting in an estimated $10 million in damages.
Given the frequency of these incidents, the Ontario Fire Marshal’s Office has been engaged to conduct thorough investigations into the cause of these fires. As it stands, however, the reason behind these peculiar incidents remains a mystery.
Information for this briefing was found via the sources mentioned within the article. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
