Winnipeg 14-storey residential building underway this year

With a $26-million federal investment, 14-storey Arts District will soon arise in Winnipeg.

The project, announced last week by the federal government and local officials, will help relieve some of the pressure for more space that caters to the city’s affordable housing needs.

Arts District is designed to provide 119 units for struggling middle-class families. Approximately 10% of the units will also be designed as barrier-free layouts.

“This investment is wonderful news for the Winnipeg middle-income families that will move into these new affordable rental housing units. It will contribute to build a foundation for their social and economic success as well as help create new jobs and stimulate our local economy,” according to Robert-Falcon Ouellette, Member of Parliament for Winnipeg Centre.

Read more: Majority of Canadians still hold on to dreams of home ownership

In Q3 2018, the median price of a condo unit in Winnipeg fell by 2.1% on an annual basis (down to $240,933). Despite this, affordability has been impaired by a considerable increase in condo fees, stemming from regulations mandating reserve fund studies for condo projects.

“Demand hasn’t been strong enough to keep up as those units come onto the market, and this has caused some downward pressure on condo prices,” Royal LePage Prime Real Estate managing partner Michael Froese said back then.

On the whole, however, Froese stated that “Winnipeg’s housing market has been very resilient, buoyed by the region’s stable and diverse economy.”

“Inventory has crept higher, and sales activity has fallen slightly from the strong 2017 market, but home prices have remained steady. The market is relatively affordable across a wide variety of housing types, which is a positive environment for buyers.”

 

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