Mattamy Homes Posts Strong Revenue Amid Falling Future Sales

TORONTO, ON – January 30, 2026 – Mattamy Group Corporation, North America's largest family-owned homebuilder, today announced robust second-quarter revenues that clash with a sharp decline in future sales, painting a complex picture of a housing market caught between past momentum and future uncertainty.

The Toronto-based builder reported a significant 20.6% increase in revenue to $1.41 billion for the quarter ending November 30, 2025. However, the strong top-line performance was tempered by a 15.8% drop in net sales orders and a substantial 36.7% decrease in its sales order backlog, signaling potential headwinds for the industry giant.

Executing on a Historic Backlog

Mattamy's impressive financial results for the quarter are largely a story of successful execution. The company closed on 1,865 homes, a 16.1% increase over the same period in the prior year. These figures reflect the builder's ability to work through a substantial backlog of homes that were ordered during the more frenzied market conditions of previous years. The last-twelve-months (LTM) data further reinforces this trend, with revenue climbing 18.3% to $6.7 billion and homes closed increasing 15.6% to 8,856.

This performance highlights the operational strength of Mattamy, which operates in 11 major U.S. markets—including high-growth areas like Phoenix, Dallas, and across Florida—and key Canadian metropolitan areas such as Toronto, Calgary, and Edmonton. The ability to convert past orders into closed sales and revenue demonstrates resilience in a complex supply chain environment and showcases the company's capacity to deliver for the roughly 8,000 families it serves annually.

However, the very nature of these results, driven by fulfilling past commitments, raises critical questions about the company's future performance as the pipeline of new orders begins to shrink.

A Glimpse of Coming Headwinds?

The more forward-looking indicators in Mattamy's report present a starkly different narrative. Net sales orders—a key metric for future revenue—fell to 1,622 homes for the quarter, down from 1,927 in the prior year. This represents a significant cooling of buyer demand compared to the previous year.

Even more telling is the 36.7% plunge in the sales order backlog, which now stands at 3,784 units compared to 5,982 units a year ago. The backlog represents homes sold but not yet closed, acting as a crucial buffer for builders against market fluctuations. This sharp decline suggests that new sales are not keeping pace with the rate of home completions, a trend that, if it continues, will inevitably impact future revenues. The LTM figures echo this concern, showing a 13.0% decrease in net sales orders for the full year.

This slowdown is not occurring in a vacuum. It reflects a broader North American housing market that spent much of 2025 grappling with significant affordability challenges driven by high home prices and elevated mortgage rates. While interest rates began to ease in late 2025, providing some relief, the cumulative impact appears to be weighing on buyer confidence and purchasing power.

Navigating a Divergent North American Market

Mattamy's results serve as a barometer for a housing sector facing divergent regional trends and persistent economic pressures. In the United States, the market began showing signs of life in late 2025 as mortgage rates dipped below 7%, with some analysts forecasting a modest rebound in sales for 2026. This has been particularly true in Sun Belt markets where Mattamy has a strong presence, such as Florida and Arizona. The company has been actively expanding in these regions, recently opening new communities and acquiring land in anticipation of continued long-term demand.

Conversely, some Canadian markets, especially in Ontario, face a more challenging outlook. While markets like Calgary have shown resilience due to relative affordability, the Greater Toronto Area has been under significant pressure. Experts project that affordability will improve slightly in 2026, but after a tough 2025, many potential buyers remain on the sidelines.

The challenge for builders like Mattamy is to navigate these disparate conditions. The decline in new orders suggests that even with strategic expansions and a strong brand, the company is not immune to the macroeconomic forces shaping buyer behavior. As one industry analyst noted, "2026 is expected to be a steadier housing market, but it's not yet off to the races."

An Industry-Wide Pressure Test

A comparison with publicly traded competitors reveals that Mattamy's mixed results are part of a wider industry trend, though with notable variations. NVR, another major builder, also reported declines in orders and revenue in its recent fiscal reports, indicating a broad-based market slowdown.

However, PulteGroup's latest quarterly results offer a different perspective. While PulteGroup also faced market challenges, including a rise in its cancellation rate to 12%, it managed to post a 4% increase in net new orders for its quarter ending December 31, 2025. This contrast suggests that while the overall market is tough, some builders are finding more success in attracting new buyers, possibly through aggressive incentives like mortgage rate buydowns.

The decline in Mattamy's backlog and new sales, therefore, points to a competitive environment where builders are fighting for a smaller pool of active buyers. The results underscore the critical importance of converting existing backlog into revenue, an area where Mattamy has demonstrated clear strength. The coming quarters will be a crucial test of the company's ability to adapt its sales strategies to rekindle demand in a market that remains cautious, even as it shows early signs of stabilization.