City Celebrates Condo Building Boom

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City celebrates condo building boom

Construction has begun on a condo complex in Winnipeg's Exchange District, adding to the condo boom in the city.

Winnipeg realtor Cliff King has been selling condos since the 1980s, and he's noticed Winnipeggers are more willing to buy them today, and they're willing to pay more for them. The average price of a condo in Winnipeg increased 27 per cent in the past year.

"I'd think [the boom] is probably going to go on for at least another four or five years," he said.

The new development, called The Strand on the Waterfront, is the third of four projects to begin construction on Waterfront Drive.

Winnipeg Mayor Sam Katz said there is even more room for development downtown.

"If you travel through downtown, you will see many other buildings that are very suitable for either condos or apartments, and I want to see more and more of that," he said.

Condos aren't only going up in the downtown area, however. Across the river, construction has started on two new developments in St. Boniface.

For Norm Gousseau of Entreprises Riel, the economic benefits of these buildings are obvious.

"We're trying to encourage that kind of development," he said. "Higher density means businesses in the area will be able to thrive."

King says with housing prices on the rise condo buyers in Winnipeg fall into two categories: first-time homebuyers and retirees looking to downsize.

"For the longest time Winnipeg had a dearth of condos," he said. "There was no reason to build condos here because houses were so cheap."

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