Winnipeg | CF Polo Park Redevelopment

[neutroniks]

Originally Posted by Hecate

LOL… those liberals are really solving this housing crisis.

What do Liberals have to do with a private development?

[WinCitySparky]

Just the usual ragebait —, don’t take the bait

[Kinguni]

Originally Posted by Hecate

LOL… those liberals are really solving this housing crisis.

Trolling for reaction I assume?

[trueviking]

Originally Posted by Hecate

LOL… those liberals are really solving this housing crisis.

so....there's this.

Asking rents in Canada averaged in June, showed a decrease compared to a year ago for the ninth straight month.

Canadian home prices have fallen to the lowest level since April 2021, falling 17.8%, or nearly $149,000 since February 2022.

[optimusREIM]

Originally Posted by trueviking

so....there's this.

Asking rents in Canada averaged in June, showed a decrease compared to a year ago for the ninth straight month.

Canadian home prices have fallen to the lowest level since April 2021, falling 17.8%, or nearly $149,000 since February 2022.

Is that list prices? I'm currently in the market, and know many other people in my cohort who are also looking. Anecdotally, the search for homes in Winnipeg paints an interesting picture. On the one hand, list prices have gone up quite a lot in the last year, particularly on 3/2 houses in established neighbourhoods. By my reckoning they're up a solid 50k since Christmas time. The list prices have not been reflecting what the market is doing either. I have heard of dozens of examples of houses selling for 70-80k over list, and in one case, a friend of mine put an offer on a place in river heights that sold for 170 over. Renters may be reaping some rewards there, but people entering the housing market are taking a beating right now, at least in Winnipeg. Condos don't seem to have gone up quite as precipitously, but they don't offer as good value over time in our market.

Currently considering making an offer on a 2bed 2bath place on the market for 320k. About a year ago that would have been considered a really steep ask on a property like that, now it's seen as fodder for a bidding war. The incentive structure is broken on housing.

[Winnipegger]

Originally Posted by trueviking

so....there's this.

Asking rents in Canada averaged in June, showed a decrease compared to a year ago for the ninth straight month.

Canadian home prices have fallen to the lowest level since April 2021, falling 17.8%, or nearly $149,000 since February 2022.

This appears to be national data, which is heavily weighted towards what is going on in Vancouver and Toronto.

The story is much different in Winnipeg. Monthly rent stats are hard to find, but StatCan's experimental data shows Q1 2025 rent in Winnipeg is still up over last quarter, and way up over a year ago. On home sales, the Winnipeg Real Estate Board says prices in Winnipeg were up 8% this June compared to last, on average. Lots of homes went for over asking.

Winnipeg isn't going to be immune to the big drops in population (and corresponding decreases in condo/home prices and rents) that will occur in Vancouver and Toronto, but it's going to be significantly less severe since we don't have such a disproportionate amount of non-permanent residents that are about to leave the country in the coming 2 years.

[bomberjet]

House prices in my current selling market sre higher than ever. In my buying market, its definetly not any lower.

[trueviking]

^ yeah it’s national data.

Winnipeg numbers are up but still the lowest major cities in the country.

It’s weird to me that condos are so cheap in Winnipeg.

[Winnipegger]

In general, most age groups under 55 don't want a condo if they can get a single-detached home for a similar price, even if the SFD is much older and the quality of finishes is much lower. People want to raise kids in places with back yards, don't want to share walls with neighbors, and don't want to (explicitly) pay more for a parking spot. Plus, the idea of condo fees is a turn off for many.

Not saying condos don't have a place or use in Winnipeg, they certainly do. But SFD prices have remained competitive enough in Winnipeg (largely owing to the disproportionately large amount of old and cheap ~1,000 sqft bungalows that dominate our mature neighborhoods) that a condo just isn't as attractive for most people.

Now if you're in Toronto or Vancouver and your choice is between a $2 million SFD or a $800,000 condo, the math becomes much different for the average buyer even if it's a less desirable outcome.

[michelleb]

Supporting anecdata to the above:

My partner and I just moved from Broadview Manor on Donald to a 1977 townhouse condo in Fort Richmond. Buying an older condo was significantly cheaper than the $90/yearly rent increases on a 40-year-old building (thank you, new MFH building freeze from 1990-2016). Rent was going up to $2000 next year on our former 2-bed, 2020 renovated unit. So no, rents are not going down from everyone I've spoken to.

[peg]

Originally Posted by michelleb

So no, rents are not going down from everyone I've spoken to.

In my experience, my rent has consistently gone up above inflation year over, with approvals from the RTB every couple years allowing it since I moved in in 2017.

No improvements to my unit either lol

[dennis]

Originally Posted by trueviking

^ yeah it’s national data.

Winnipeg numbers are up but still the lowest major cities in the country.

It’s weird to me that condos are so cheap in Winnipeg.

Halifax prices are surprising for me. It seems to be a desirable place to live now. I wonder if the prices are a reflection of that. The next new boom town?

[Spocket]

Originally Posted by dennis

Halifax prices are surprising for me. It seems to be a desirable place to live now. I wonder if the prices are a reflection of that. The next new boom town?

We should hope so but it isn't likely. It's mostly because of spillover from the massive influx into southern Ontario from immigration. The insane levels under Trudeau were forcing people to look pretty much anywhere else to find a home and, for whatever reason, a lot of people figured Atlantic Canada was a good place to escape to. Of course, it's still surprisingly expensive for what's on offer but homebuilding isn't keeping up anywhere but Alberta (sort of) If and when we ever get our act together on that front, it's hard to say what markets like Halifax or Winnipeg will experience.

[Wpg_Guy]

Developers selling some land slated for delayed ‘complete community’ near Polo Park
By: Joyanne Pursaga
May. 7, 2026

Developers of a $1-billion proposal to create a “complete community” near Polo Park now plan to sell off up to 16 acres of the land, though a key proponent stresses they are still pursuing the project.

In 2023, Shindico Realty and Cadillac Fairview shared their joint vision for an 84-acre development north of CF Polo Park, years after they first pitched it to the city. Those plans include apartment towers, some retail space and parks near the major shopping mall.

In 2025, Shindico revealed the project was on hold due to economic changes, as the developers determined how best to move forward.

On Thursday, Shindico said the partners will attempt to sell up to 16 acres of a 30-acre portion of the space to attract more developers. The site where Canad Inns Stadium once stood is in the affected portion of the area.

“We’ve decided to shift gears and we’re marketing a portion of the site for sale. There will be an opportunity for builders to buy three or four acres of the site (each)…. If we don’t get the price we need to, then we’ll continue owning the entire site,” said Justin Zarnowski, general counsel for Shindico.

Zarnowski said the development is a lower priority for Cadillac Fairview now.

“This isn’t at the top of their list. So, if we’re not going to build on it, the view is we should at least entertain somebody else having the chance to do it,” he said.

Cadillac Fairview did not respond to requests for comment Thursday.

Zarnowski said the overall goal to build 3,000 apartments throughout the entire space has not changed. Within the smaller portion of the site, where some land could be sold, he estimates about 1,600 housing units could be built.

“We absolutely want to see this happening. It’s why we’re spearheading this different approach to try to kick it off,” he said.

The developer blames a few key economic challenges for delaying the project since 2023, including skyrocketing construction costs and reduced demand for multi-family housing, largely due to a decline in immigration and international students.

Zarnowski was also critical of some early delays in getting city approval for the project.

In early 2020, municipal staff called on city council to vote against the development proposal over concerns that the site was too close to the airport. At the time, the Winnipeg Airports Authority argued that it would trigger noise complaints, which could put its 24-hour operations at risk.

In 2021, the provincial government imposed new rules on the city that allowed new homes to be built near the airport, clearing a path for the development.

Without the noise-related delay, Zarnowski said he believes at least some of the apartments would have been built, with residents living in them by now.

“At Polo Park, time killed (the original) deal,” he said.

Zarnowski said selling part of the land now appears to offer the best potential path forward.

On Thursday, Mayor Scott Gillingham noted he has long supported the project and called for changes to let housing be built closer to the airport years ago, when he was the city councillor for St. James.

“The city is not stopping Shindico from developing that land. If it’s a matter of their co-investor having second thoughts, that’s beyond the city’s control. In the past, maybe, city processes were slower. We have certainly made the changes now,” said Gillingham.

Recent city zoning changes should make it easier to build homes near malls and along transportation corridors, since they removed the need for public hearings and other potentially costly and time-consuming city applications, the mayor said.

He’d like to see the new homes built as soon as possible.

“The Polo Park mall site is a prime opportunity. It’s on main transit corridors. It is underutilized land that could accommodate… housing at a time where we need more housing,” he said.

Initial plans called for construction of the entire project to wrap up in 2033. Zarnowski said selling part of the site may result in some homes being built sooner, though all of the construction will likely take longer than first expected.

He said it’s too soon to tell how much each acre of the land could sell for, since the city greatly restricted housing construction near the airport prior to 2021.

Winnipeg Free Press

[ColdRain&Snow]

Never had high hopes for this development. A $1B "master planned community" in Polo Park was never going to happen, especially with Shindico as the lead developer. I would be happy if a couple of apartment building get built over some of the parking lots. Polo Park is really just a massive sea of parking, should be renamed to Polo Parking Lot.

[WinCitySparky]

Always knew it was a scam

[neutroniks]

In a shocking move that surprised... absolutely no one. LOL

Scamdico —. "Pretty renders, but no commitment" should be their slogan.

We'll get 1 multi-family building built, and then they'll say "the project just isn't feasible"

[pspeid]

I'm not crying. I'd rather see residential development in the downtown area where it could do some good for the city overall. All the Polo Park developments would have done was supply Polo Park with built-in customers.

[Sheepish]

Calling this a 'scam' is just hyperbolic. And blaming it all on Shindico with Trumpisms like 'Scamdico' is misguided and does little to elevate the discussion. Clearly both Shindico and CF have determined that the development as envisioned is not going to work now. If this is the measure of 'scam' tactics then perhaps the UofM (Southwood) should be also be accused. And what about blaming True North for what isn't happening with Sutton Place. I think Shindico (and I have NO connection) has demonstrated that it can develop properties. If they can't fulfill what was a VERY ambitious plan, better that they report it now and pivot to a B plan. The reality is though, no one has been scammed.

[neutroniks]

You must be new here, or just.... Sheepish (sorry, not a direct knock. the pun just presented it self hahaha)