Quote:
Originally Posted by Gravity Wins
I don't buy that argument at all. Winnipeg isn't just building slow compared to Toronto or Vancouver... it's slow compared to Kelowna. A sleepy lakeside town that is currently reaching for the skies with its downtown core thanks to a new UBC campus, a growing tech industry, and a bigger city to model themselves after (Vancouver).
Winnipeg has two major Universities that aren't doing anything to help densify the core. A local business culture that want suburban office malls for an easy commute home. And an urbanist forum content with saying "Well, at least we aren't Boise".
We can and should do better.
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You can't make these comments without understanding the economics of each market. Winnipeg and Kelowna are two completely different rental and construction markets, and for very different reasons. As FactaNV has said, Kelowna has become a place for rich Canadian retirees and people priced out of Vancouver thanks to its favorable climate. Because of this, here are some things you should consider before whining that Winnipeg isn't "performing" at the same level as a relatively small, touristy, warm, retirement and tourism-centric city in BC:
- Average monthly rent in Kelowna is $1,634 and is $1,257 in Winnipeg. Believe it or not, being able to ask 30% more in rent can substantially alter the economics of what type and quality of building can feasibly get financed and built.
- Average selling price of new units built in Kelowna was $1.5M and was $630k in Winnipeg. Again, believe it or not being able to ask 130% more for a new built in Kelowna also changes the economics of what type and quality of building developers will build.
It's not that Kelowna economy is eons ahead of Winnipeg and is pumping out high-paying six figure (or seven figure) jobs well beyond the rate of what Winnipeg can produce. It's that developers in Kelowna are catering to wealthy Canadians across the country looking for a warm, pleasant, and relatively quiet community to retire or vacation in, which substantially alters the type of construction you will see.
Is the average Kelownaian purchasing a $1.5M house because their jobs are so much more high paying than ours? Hardly. Median employment income in Winnipeg was $36,400 and was $35,200 in Kelowna 2020. Meanwhile, median government transfers was $7,600/person in Winnipeg and $10,100 in Kelowna in 2020, reflecting the fact that Kelowna has a significantly higher amount of individuals bringing in Canada Pension and Old Age Security in Kelowna versus Winnipeg.
So no, it's not that Winnipeg sucks compared to Kelowna. It's that Kelowna has become a unique rich retirement community.
If you want to compare progress in Winnipeg, compare us to Edmonton, Hamilton, Regina, Saskatoon, or Quebec. Those cities will be much more comparable.