Some 670 new condo units and 130 new apartments will be added under the existing tax incentives. Developers were eligible for up to $40,000 in grant money for each housing unit built in the downtown area. A minimum of 10% of the units also need to be designated for low-income earners and people with disabilities.
A national forecast produced earlier this month by Royal LePage said house prices in Winnipeg will rise at the fastest pace of any major Canadian city in 2011. The average house price in Winnipeg had already risen 10% between 2009 and 2010, but will jump another 7% in 2011 to reach $244,000, said Royal LePage.
As Winnipegâ€™s economy has prospered, demand for housing has risen. Encouraging more residential construction in downtown would add to the listings, possibly impacting pricing as well.
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Now the city is considering offering up more, according to the Winnipeg Free Press over the weekend. Developers have approached the city and province with plans for 12 new buildings, if the program is extended, said the article.