Why Move to Winnipeg? 5 Reasons Why
May 23, 2018 | Posted by: Ron Chan
So you're on the fence about moving to Winnpeg Manitoba and have typed 'why move to winnipeg' into your browser and came upon this article. I'm glad you did. As a longtime resident raising a family in Canada's most central metropolis (there's a reason right there!), I also have deeper insight than most, given that as a mortgage broker I get to see firsthand the joy that new residents experience when they claim their rightful place here.
Of course, there is a lot to consider. There are economic, social, personal, cultural, and a wide variety of other factors at play. Today, I touch on some of the key ones in order to convince you that you're making the right choice to call Winnipge home.
5 Reasons Why You Should Move to Winnipeg (and Buy a Home)
1. The Real Estate Market is Favorable, and Consistent
If you’re a first-time buyer looking for a house, this city is a great place to start. Recent reports show that new your money will go a lot further in Winnipeg when compared other Canadian cities, and in fact, first-time buyers make up at least 35 percent of the marketplace. Last year, new residential developments broke records, and the trend is expected to continue. What this means, is that you will have options to accommodate your wants, needs, and budget. This may sound like typical real estate trend reporting, asking you to strike while the iron is hot, but what's great about Winnipeg real estate, is that it is traditionally isolated from much of 'up and down' movement we all see across the other provinces. There is little or no 'gambling' when it comes to buying (and owning) a house in our neck of the woods, which is highly attractive to those seeking to make it their home.
2. Economic Diversity
There is always a level of risk to consider when moving to a new city. If you've moved for a job, what if it doesn't pan out? Will there be other options or will you have to go packing back to where you came from? This concern is minimal in Winnipeg, thanks to strong economic diversity. We don't rely on just one or two industries to keep our economy (and thus residents) afloat, like found within the energy-sector reliant province of Alberta and agriculture dependant Saskatchewan. Let's take a look at some figures to put the proof in the pudding.
Our manufacturing sector is currently on the rise with a healthy 4% growth projection, while the agricultural sector continues to be a strong performer for the province year in and out. Then there is the burgeoning tech sector, and tourism, which is returning to glory as evidenced by the five new hotel projects in development over next few years. Another important economic indicator of consumer confidence is retail performance, where sales are projected to rise from 3.7% in 2017 to 4.5% in both 2018 and 2019. This sort of diversity not only allows for a sustainable economy, it opens up a world of opportunity for each and every individual and household that joins our welcoming fold, yourself included.
3. Amazing Communities to Live In
Finding the place to live that suits you (and your household) within a city is one of the most essential qualifiers. In most other Canadian metropolises, you have your hands tied when it comes to matching your preferred lifestyle with available and affordable real estate. For example, many people living in the Lower Mainland of BC pine to live near the ocean and/or in the downtown core, but simply cannot fathom being able to afford the real estate price tag that comes along with it. It is not uncommon to see a price fluctation between homes in different districts for the exact same square footage (and design) run into the hundreds of thousands of dollars. Because of this, residents have to give up a ton of concessions and accept a different quality of life and/or lifestyle, which is simply...wrong. But in Winnipeg, these large fluctuations don't compare. Sure, there are preferred luxury communities that carry higher property values, but they are far more attainable than those compared to that in Vancouver or Toronto (etc.). Recent data states that for condos between $325,000 and $425,000, you can get an over 1,400 square foot space in Winnipeg, whereas for the same price range in Toronto, you're looking at 856 sq.ft and in Greater Vancouver, you have to settle for just 788 sq.ft. No thanks.
There are some amazing, diverse, and welcoming communities reading and waiting for you today. For example, those of you who embrace the centralized 'live, work and play' concept will love residential developments in the St. James/CF Polo Park mall area, or those near Grant Park Festival and the Shops of Kildonan Mall. Alternatively, family units seeking a home and smart investment may consider Charleswood, which boasts an idyllic ‘small town in a big city’ personality, including an eclectic mix of traditional country-style homes merged with new builds. There are also communities such as Westdale, which are seeing some pretty amazing new housing developments over the last five years, while remaining very affordable.
4. We're Contenders
There's no doubt about it - professional sports and city pride go hand in hand, and when you move to a new city, you adopt a love for the locale's sports teams, no matter how hard you may try to keep your original allegiances. It becomes an integral part of day to day life. It's the focus of watercooler conversations at the office, can dicate which places you go to eat and drink during the weekend, and when teams are playing at home the stadium, rink, or arena becomes a gathering place for the entire community. And here in 2018, things have really heated up for the city of Winnipeg. For one, the Winnipeg Jets made it to the NHL Conference Finals for the first time in the team's history, and are now considered to be serious contenders for years to come. Then there's the Winnipeg Blue Bombers, who have the third-highest win total in the Grey Cup among both active and defunct CFL teams. The Bombers have recently made some NFL-level aquisitions (Kenbrell Thompkins and Rueben Randle) that will have them returning to the Grey Cup soon enough.
Moving to a city with such promise in the national and international sports arena is not only highly attractive from a personal quality of life perspective, studies show it can help boost local consumer behavior, economics, and even real estate values.
5. It's a Great Place to Retire
If you're thinking about a major move to a new city (i.e. Winnipeg) then there is a good chance that it could very well become the place you retire in, even if it's part-time while you spend the winters in some tropical oasis (which smart financial planning may indeed allow). And while Winnipeg is quickly becoming known as one of Canada's revitalized and fastest growing vibrant communities, it's also a great place to spend your leisurely years, not that they need to be quiet ones, per se.
It's not just about the wealth of seasonal activities and amenities (golf, skiiing, boating, fishing, hiking, etc.) available to retirees, it's about lucrative opportunities that equate both personal and financial gain. For example, retirees are often on the hunt for a second home that they can use as both a revenue generating investment and vacation property. Well, with an incredible inventory of vacation home properties on the market, and a consistent demand to rent them (when not in use), you can do no wrong with this retirement plan when you work with a local broker who also specialzies in second home mortgages. While you're just now considering a move to Winnipeg, I encourage you to read up on why a second home mortgage could very well follow in your not-so-far future as a proud Winnipeg resident.
Convinced that a move to Winnipeg is on your immediate horizon? Need an additional nudge in the right direction? It all begins with finding the right mortgage for you. Contact me today to discuss your options.