Winnipeg New Construction Updates - Are You Ready?
February 18, 2022 | Posted by: Ron Chan
If you've followed Winnipeg real estate news over the past year, then you know that inventory is getting lean. Home sales broke records throughout 2021, as both variable and fixed mortgage rates hit all time lows. Sales were further boosted by highly attractive pricing for desirable properties in Winnipeg, which despite increases, remained significantly lower than other big cities in Canada. This trend appears to be carrying over into Q1 of 2022. It has a number of new buyers and investors concerned. As is, inventory can only get tighter, and prices will correspondingly rise even higher, right? Not necessarily. In an effort to fill the demand, developers have made moves to complete new construction projects that will open up inventory for first time buyers. Below is a breakdown of new construction updates to watch out for in the months to come.
New Residential Construction Projects in Winnipeg that New Home Buyers Can Get Excited About in 2022 and Beyond
Pembina Highway Condos Coming Soon
There is an exciting new 82-unit condo coming up along Pembina Highway in Fort Garry, aptly named as Point on Pembina. The development intends to accommodate a new labor force that has emerged from the 2-year pandemic, with six main floor live/work units for professionals who work from home the bulk of the time. This will be a very attractive property for contractors and freelancers, working in the tech sector and other dynamic industries that no longer prescribe to traditional in-office human resource modeling. Point on Pembina will be joining another development that is slated to be replace the Pembina Hotel, in addition to a potential multi-residential complex in place of the Cambridge Hotel. The Pembina Highway section of Fort Garry is soon to be a major live-work-play draw for new buyers and investors. Get pre-approved on a mortgage soon so that you can throw your hat into the ring before your dream-condo gets scooped up.
Waverley West Bison Run Becoming a Beacon for Family Homes
Winnipeg's growing community of Waverley West is getting a big boost. In the final quarter of 2021, it was first announced that construction of two new schools was underway, including an elementary school and a high school. Where there are new schools, new homes are sure to follow (and vice versa). Among the residential developments, are new home projects managed by Qualico Communities in Bison Run. Phase 1 home inventory is already lean, which is why Qualico has announced plans for Phase 2 lots and potentially more. The number of phases will depend on market demand and the size of phases developed. The development area spans 435 acres. While the Pembina Highway condo developments addressed above will attract a hoard of young professionals, Waverley West's Bison Run will surely become a beacon for households on the hunt for single family home builds. Be sure to connect to a mortgage broker for self-build construction loans so that you're ready to take advantage of this opportunity.
Winnipeg new construction to fulfill existing demand is underway. Be ready to capitalize on the opportunity to own a new home by contacting Ron Chan at 204.290.9950. Let's chat about first time buyer mortgage programs and more.