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  #41  
Old Posted Apr 20, 2015, 6:20 PM
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I agree with Biff and Phil's neighbour. Unfortunately as the city grows more physically divided (the social divides were always there but the physical divide is becoming much more pronounced), you end up with a generation of youngsters like CoryB who think there be dragons anywhere north of Portage. And that just exacerbates the situation.

Some of the best housing deals in town can be found in the EK, WK and Garden City areas, partly because of the "North End discount" due to the proximity of that area. Just yesterday I saw a spectacular house on Bredin (off Henderson), right on the river, beautifully done, $600K. That would be a million dollar+ house if it were on the Assiniboine. Just one example. Scotia Street, Ambassador Row, Kildonan Drive are examples of areas with homes undervalued due to location, even though there is nothing wrong with those areas in and of themselves... it's just that a generation of young adults who grew up in River Park South, Island Lakes or whatever whitebread suburbs won't even consider them.

In my work life I have dealt with a good number of professionals and fairly wealthy people who live in the areas surrounding the North End, your Scotia Drives, Bredin Drive, Henderson-along-the-river type areas. The one thing they have in common is that they're all over 60... not many young people of means live north of downtown anymore (unless it's beyond the Perimeter). This is an ominous sign for Winnipeg.
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  #42  
Old Posted Apr 20, 2015, 6:33 PM
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Personally I know there are many nice neighbourhoods in what I described as the "no-go" zone. The reality for a lot of middle class though it seems that no matter how great the bargain is on housing or what other benefits there might be to the "no-go" zone they will do whatever they can to stay outside that area. This is very much the demographic that was backing Gord Steeves in the election last year.
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  #43  
Old Posted Apr 20, 2015, 7:07 PM
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I am in my early 40s and I would have to say that I am a bit of an NK snob. I would never think of living on the west side of the Red River. I have lots of friends that live in the Riverbend area and although nice I just couldn't do it. We currently live in north, north-east NK and honestly wouldn't likely move anywhere else in the city for that matter.

We did however live just off Kildonan Dr and would move back to the area once the kids move out.
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  #44  
Old Posted Apr 20, 2015, 7:29 PM
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Originally Posted by Biff View Post
I am in my early 40s and I would have to say that I am a bit of an NK snob.
Is there any other kind....?



It is interesting though, that the only people I know who live in that general area of the City, also grew up there, and work there.

It's kind of like people from Transcona and St. James...

And people from Charleswood, who will only live south the Assiniboine, and west of the Red. Except this one. But I am among a very small minority.
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  #45  
Old Posted Apr 20, 2015, 8:25 PM
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As I mentioned, east of Main and north of St. John's park is a pretty nice area. There are far fewer run down houses there. I owned and lived at 10 Emslie Street in the early 80's, it was nice around there then and it still is today.
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  #46  
Old Posted Apr 20, 2015, 10:08 PM
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Winnipeg is a city of neighbourhood loyalists. Doesn't matter if you are talking about Norwood, river heights, sunny St James or anywhere. To me that indicates most people have pretty good memories of their early years in the Peg. Hope the next generation feels the same way.
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  #47  
Old Posted Apr 21, 2015, 10:32 AM
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Originally Posted by Biff View Post
I am in my early 40s and I would have to say that I am a bit of an NK snob. I would never think of living on the west side of the Red River. I have lots of friends that live in the Riverbend area and although nice I just couldn't do it. We currently live in north, north-east NK and honestly wouldn't likely move anywhere else in the city for that matter.

We did however live just off Kildonan Dr and would move back to the area once the kids move out.
I grew up in "All seasons estates" off of Sun Valley Drive, I loved it then, but the idea of living so far away from everything now, is completly un appealing.
I did live on Henderson at kildonan drive for ten years and Loved it so much! Even being right on Henderson Highway.
Now I live in Elmwood and it's okay, the area is considered more "working class" but lots of people around, and unlike Kildonan drive my car hasnt been broken into once!
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  #48  
Old Posted Apr 30, 2015, 2:56 PM
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[The Globe and Mail] 'High risk' of correction in Regina, Winnipeg housing markets: CMHC

Interesting. It doesn't really feel as though Winnipeg went crazy overbuilding housing, but I guess all those modestly-sized subdivisions and condo projects added up.
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  #49  
Old Posted Apr 30, 2015, 3:53 PM
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[The Globe and Mail] 'High risk' of correction in Regina, Winnipeg housing markets: CMHC

Interesting. It doesn't really feel as though Winnipeg went crazy overbuilding housing, but I guess all those modestly-sized subdivisions and condo projects added up.
Here is the actual CMHC report:

http://www.cmhc-schl.gc.ca/en/corp/n...04-30-0900.cfm

I find it strange, looking at Winnipeg, Regina and Saskatoon, that the same reasons why the report says Saskatoon at lower risk is the same reasons it says the capitals are at higher risk. And stranger still that apparently Saskatoon starts (largely what is setting up the potential impending crashes) are again at record highs where Regina and Saskatoon have started to slow.

I'm not sure why I am interpreting from the report that a growing glut of homes in Saskatoon is moderating prices there, while a shrinking glut of homes in the capitals is bad when the major cause of the price correction is ultimately a glut in homes. Even stranger when AFAIK the average household income is higher in Regina than Saskatoon (not sure how Winnipeg compares).
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  #50  
Old Posted Apr 30, 2015, 10:25 PM
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Originally Posted by esquire View Post
[The Globe and Mail] 'High risk' of correction in Regina, Winnipeg housing markets: CMHC

Interesting. It doesn't really feel as though Winnipeg went crazy overbuilding housing, but I guess all those modestly-sized subdivisions and condo projects added up.
I know two people who have taken an absolute bath on condos they purchased in the early 2000s and sold in the last couple years. Not surprised. I don't think it is bad in the sense that people are still buying the condos being built, but re-selling them anytime soon will be impossible.
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  #51  
Old Posted May 1, 2015, 12:07 AM
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Originally Posted by Danny D Oh View Post
I know two people who have taken an absolute bath on condos they purchased in the early 2000s and sold in the last couple years. Not surprised. I don't think it is bad in the sense that people are still buying the condos being built, but re-selling them anytime soon will be impossible.
In the sense that they sold them at an actual loss, or just that the gains weren't on pace with the market generally?

Some of the higher end condos that were sold in the early/mid 00s are now valued at prices not all that far off from what they were back then, which would probably be fairly depressing for an owner given that most SFHs have doubled or tripled in price since then.
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  #52  
Old Posted May 1, 2015, 2:32 AM
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Originally Posted by esquire View Post
[The Globe and Mail] 'High risk' of correction in Regina, Winnipeg housing markets: CMHC

Interesting. It doesn't really feel as though Winnipeg went crazy overbuilding housing, but I guess all those modestly-sized subdivisions and condo projects added up.
As much as we decry low-density sprawl in Winnipeg in this forum, the market's actually been pretty balanced over the last decade. Anywhere from a third to a half of all housing starts have been multi-family each year (with multi-family actually out-pacing single-family in the past year or two). Those inventories have been building up, and unlike single-family, once a development is in the pipe, it takes a bit more time to apply the breaks (harder to abandon those sunk costs when you're in year 3 or 4 of a 5 year project, for example). Definitely a blow to future major infill projects, as we're approaching (if not passing) the point of saturation.
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  #53  
Old Posted May 1, 2015, 11:11 PM
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Originally Posted by esquire View Post
In the sense that they sold them at an actual loss, or just that the gains weren't on pace with the market generally?

Some of the higher end condos that were sold in the early/mid 00s are now valued at prices not all that far off from what they were back then, which would probably be fairly depressing for an owner given that most SFHs have doubled or tripled in price since then.
One was purchased in 04 or 05 for $180,000 and sold for $150,000 last year. Terrible location a factor there too. Other one was $220,000 in 04 and sold for $200,000 in 2013.

Scary thing for a lot of people my age. A fair number of people bought condos because a major selling point was that the mortgage was actually the same or cheaper than renting a similar abode in the city with the added bonus that you could build equity so when you start a family and decide to buy a house you get a little bonus money. With the market so saturated with condos it just destroyed the market for sellers.
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  #54  
Old Posted May 1, 2015, 11:30 PM
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Originally Posted by Danny D Oh View Post
One was purchased in 04 or 05 for $180,000 and sold for $150,000 last year. Terrible location a factor there too. Other one was $220,000 in 04 and sold for $200,000 in 2013.
Wow, I am amazed by that. With the way the market went over the past decade, I didn't think that was possible at all but the highest end of the market where prices didn't seem to budge much... I am surprised that it would happen in the case of lower-end condos too.
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