MARKET LANDS INITIATIVE
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DOWNTOWN HOUSING MARKET REPORT UNDERSCORES THE NEED FOR CONTINUED INCENTIVES FOR DOWNTOWN DEVELOPMENT
The IUS report identifies two broad themes in its study of Winnipeg’s downtown. First, the demographic and market conditions are unique compared to the rest of the city, and this is driving both demand for housing and also constrains what the market can offer. Secondly, Winnipeg’s downtown has historically been most successful when all three levels of government are involved in its ongoing development; but success seems to stall when the downtown is ignored. The report highlights the following observations that are critical to informing future investment in downtown housing:
“We need to better understand the purchasing power of people who want to move downtown – young people, new immigrants, and older retired adults to better address how we can continue to support affordable options for both renters and buyers,” said Jino Distasio. “Winnipeg has a long history of policy and program intervention in the downtown and tax increment financing has been an effective tool used over the last decade.”
“We want to welcome new-comers, millennials, and boomers to the downtown. The demand is there, but we are limited in our ability to deliver a right-priced product,” said Mathieson. “With higher land prices and high-rise construction costs that can be as much as 50% more than suburban building forms, there is an economic gap, making programs like Live Downtown so critical.”