Upcoming Development That Could Boost Property Value in Winnipeg
Winnipeg’s real estate scene is entering a transformative phase with several large-scale developments in the pipeline. These projects are poised to reshape neighbourhood dynamics, attract investment, and enhance long-term property value. Here's a closer look!
1. Portage Place Redevelopment
One of downtown’s landmark projects, the Portage Place mall is being reinvented as a mixed-use campus. The space will deliver a 265,000 sqft health-care space, a 15‑storey residential building with affordable units, retail space, grocery store, public space and community amenities.
Impact on property values: This major physical and social investment is expected to draw new activity, employment, and foot traffic—all strong appreciation drivers.
2. Forks Railside Redevelopment
Adjacent to The Forks, this transformative mixed-use neighbourhood envisions multiple residential buildings, shops, offices, parks, and pedestrian infrastructure on former parking lands. Construction on Phase 1 of the development is slated to begin in 2025. This initial phase will feature 10 buildings, two landscaped courtyards, pedestrian-friendly alleyways, and thoughtfully designed public spaces. Once Phase 1 is complete, the project will move into Phase 2, expanding further into The Forks area with additional Railside development. Impact on property values: With construction underway and zoning approvals in place, this visionary project is poised to enhance the entire area’s desirability and walkability.
3. Southwood Circle
On 113 acres near the University of Manitoba, Southwood Circle is a long-term, phased development featuring 11,000 residential units and 300,000 ft² of retail space—a project estimated at $6 billion.
Impact on property values: This new neighbourhood will support dense housing, local services, and transit, making surrounding Waverley West and Fort Garry neighbourhoods more attractive.
4. Downtown Towers & Conversions
Several multi‑storey residential buildings are in development downtown—including:
New Towers
· 300 Main: 42 stories mixed use building with 400 rental apartments.
308 Colony St: 21 story mixed use building with 214 rental units, 84 affordable units.
109 Mayfair Ave: 15 story building with 96 apartments.
127 Bannatyne Ave: A mixed-use building including 80 rental suites.
Conversion:
52 Albert St: A heritage building renovated into 31 rental apartments.
101 Paulin St: An old warehouse converted into 109 rental apartments.
175 Carlton St: A former office building converted into 35 rental apartments.
Former Winnipeg Hotel: Renovated into a Boutique Hotel.
The Bay building (Wehwehneh Bahgahkinahgohn): Undergoing transformation into a mixed-use space, including residential units, by the Southern Chiefs Organization.
Meanwhile, many underutilized office towers are being acquired and repurposed by Indigenous groups to reduce vacancy and restore downtown density.
Impact on property values: Renewed demand for rental inventory and live/work downtown is improving rent potential and revitalizing urban cores.
5. City-Supported Housing Acceleration Programs
Winnipeg’s Housing Accelerator Fund, combined with newly launched Multi‑Family Sustainable Housing Infrastructure Program (MSHIP), provides grants, tax‑increment financing, and up to $10,000 per unit in incentives to developers building high-density and affordable housing.
Impact on property values: Accelerated development on vetted sites helps meet demand quickly and supports appreciation in emerging zones.
💡 Why These Matter to Investors & Buyers
Neighbourhood Revitalization
Projects like Portage Place and Forks Railside draw new activity, services, and appeal.
High-Density Living Trends
Downtown and university-area projects reflect increasing demand for rentals and urban lifestyles.
Infrastructure Support
City-backed programs reduce risk and support development in growing areas.
Long-Term Appreciation
Early buyers/investors in these zones may benefit as projects mature and attract interest.
Where to Watch
Downtown / Portage & Main area: Strong activity via Portage Place, Colony Street, Mayfair, Bannatyne.
The Forks & Waterfront: Railside development transforming underutilized assets into residential hubs.
South Waverley / Fort Garry: Southwood Circle setting a new benchmark for suburban-infill communities.
City-wide, especially near transit corridors: Leveraged by city programs and zoning updates focused on missing-middle housing.
Ready to Explore Opportunities?
Whether you're targeting early investment, planning your first home purchase, or looking for income-generating properties, I’d be happy to share sample properties, projected timelines, or how to position yourself ahead of these exciting launches.
Amy McDermid
Cell: 204 l 470 l 5356
Email: Amy@QueenTeam.ca
#AgentAmy
