Manitoba economy increasingly reliant on real estate leasing

Latest data from Statistics Canada showed that Manitoba’s economic output is gradually depending more and more on real estate leasing as well as on its services sector.

In the agency’s 2016 Gross Domestic Product by Industry report released earlier this week, Manitoba’s economic-growth performance last year saw “notable contributions from retail trade, transportation and warehousing, health-care services, lessors of real estate and food and drinking places.”

“Finance and insurance services increased 3.9 per cent on higher output from financial-investment services, banking services and insurance carriers,” the report noted, as quoted by the Winnipeg Free Press.

The most significant contributions came from goods output, which increased by 3.4 per cent. Much of this boost could be attributed to the 20-per-cent increase in engineering construction output from two major projects in the northern part of the province, Statistics Canada stated.

However, strong performance in other sectors like manufacturing output and crop production was counteracted by notable declines in residential and non-residential building construction, the report added.

Overall, the province posted 2.4 per cent GDP growth in the previous year, up from 2.1 per cent in 2015 and 1.4 per cent in 2014. Only real estate hotspots British Columbia and Ontario managed to record stronger growth rates in 2016, at 3.7 per cent and 2.6 per cent, respectively.

Related stories:
Winnipeg councillor pledges ‘all-out war’ on illegal rooming houses


Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?