Winnipeg | Downtown | 390 On The River | ~81M | 24F | Completed - Page 55

optimusREIM · #**1081** Posted **Dec 17, 2024, 7:15 PM**

I believe that Caisse was a big lender on this, but I'm not sure if they were the only one. Either way, the fact that there are so many units that haven't sold kind of tells the story on condos here. Why would I pay the same amount as a house to live in a big tower with high maintenance fees if I can save the maintenance fees on a house?

drew · #**1082** Posted **Dec 17, 2024, 7:30 PM**

^ Plus finishing out that interior would cost another 6 figures on top of the purchase price...

bomberjet · #**1083** Posted **Dec 17, 2024, 7:40 PM**

You really need to want to live there to buy that type of place. Or can just afford to buy luxury properties. To do a proper fit out, you'd be over a million into it.

Mr Tall Forehead · #**1084** Posted **Dec 17, 2024, 8:07 PM**

Quote:

Originally Posted by bomberjet

You really need to want to live there to buy that type of place. Or can just afford to buy luxury properties. To do a proper fit out, you'd be over a million into it.

Yep. It’d be a sweet view but you’d be paying over $1million plus $1500 monthly maintenance and knowing that there is virtually no resale market for it at this time.

bon_vivant · #**1085** Posted **Dec 17, 2024, 8:45 PM**

Quote:

Originally Posted by optimusREIM

I believe that Caisse was a big lender on this, but I'm not sure if they were the only one. Either way, the fact that there are so many units that haven't sold kind of tells the story on condos here. Why would I pay the same amount as a house to live in a big tower with high maintenance fees if I can save the maintenance fees on a house?

Strangely enough, condo fees in Winnipeg are quite high compared to other cities in Canada. I don't know why. It might partly explain why they're not very popular here.

Justanothermember · #**1086** Posted **Dec 17, 2024, 9:36 PM**

Quote:

Originally Posted by bon_vivant

Strangely enough, condo fees in Winnipeg are quite high compared to other cities in Canada. I don't know why. It might partly explain why they're not very popular here.

So then what, we have condo fees higher than ROC, constructions costs higher than ROC, etc. What gives? It just seems like the go to excuse (things cost more here than the ROC) and makes zero sense. I honestly don't understand.

WinCitySparky · #**1087** Posted **Dec 17, 2024, 10:28 PM**

Don’t sweat it people, as soon as I win the lotto which is gonna be any day now, I’ll scoop up that penthouse, shine er up, and we’ll have an SSP tuxedo cocktail party

bon_vivant · #**1088** Posted **Dec 17, 2024, 10:34 PM**

Quote:

Originally Posted by WinCitySparky

Don’t sweat it people, as soon as I win the lotto which is gonna be any day now, I’ll scoop up that penthouse, shine er up, and we’ll have an SSP tuxedo cocktail party

I'll have a Negroni, please. And don't forget to keep a reserve fund for those condo fees!

bomberjet · #**1089** Posted **Dec 18, 2024, 4:09 PM**

borkborkbork · #**1090** Posted **Dec 18, 2024, 9:06 PM**

Quote:

Originally Posted by Justanothermember

So then what, we have condo fees higher than ROC, constructions costs higher than ROC, etc. What gives? It just seems like the go to excuse (things cost more here than the ROC) and makes zero sense. I honestly don't understand.

few condos -> few condo property management companies -> low competition for management fees -> high management fees -> few condos

optimusREIM · #**1091** Posted **Dec 18, 2024, 10:50 PM**

Quote:

Originally Posted by bon_vivant

Strangely enough, condo fees in Winnipeg are quite high compared to other cities in Canada. I don't know why. It might partly explain why they're not very popular here.

I'm not aware of what other provinces have in place, but we have legislation on the books that requires a certain level of reserve fund to be legally compliant. Market conditions for maintenance/management could be higher here too, but unclear. I get water, grass cutting/snow clearing, and reserve fund contribution for my $390/mo. There are about 70 units. If I recall correctly, I believe that we spend the biggest percentage of that on reserve fund (which just keeps growing and never gets used) followed by management and maintenance. I'm not thrilled with the deal, but I am certain someone paying over $1k per month is even less thrilled.

bon_vivant · #**1092** Posted **Dec 19, 2024, 6:15 AM**

Quote:

Originally Posted by optimusREIM

I'm not aware of what other provinces have in place, but we have legislation on the books that requires a certain level of reserve fund to be legally compliant. Market conditions for maintenance/management could be higher here too, but unclear. I get water, grass cutting/snow clearing, and reserve fund contribution for my $390/mo. There are about 70 units. If I recall correctly, I believe that we spend the biggest percentage of that on reserve fund (which just keeps growing and never gets used) followed by management and maintenance. I'm not thrilled with the deal, but I am certain someone paying over $1k per month is even less thrilled.

Interesting. This minimum legally compliant contingency fund could be a reason for higher fees. Our former condo in BC didn't seem to have a minimum contingency requirement and it was always dangerously low. I was on council when we proposed increasing the fees to build the contingency fund, but it got voted down. Instead, we had to resort to special levies when big repairs had to be done, making our relatively low condo fees a false savings. I would have gladly paid higher fees to maintain a robust contingency fund—instead of having to share the cost of a $90k elevator repair, for example.

Werthers · #**1093** Posted **May 12, 2025, 9:11 PM**

This building must be just about done by now huh?

I mean it's been 12 years

To put that in perspective, that was 3 US presidents (Obama, Biden and Trump) and 3 Canadian Prime Ministers (Harper, Trudeau and Carney) ago

optimusREIM · #**1094** Posted **May 13, 2025, 2:06 PM**

Buildings finished for a while, several units remain unsold

borkborkbork · #**1095** Posted **May 13, 2025, 3:02 PM**

One of the hidden problems with height restrictions for condos. Not only does losing a few floors change the economics of construction, it also makes the cost of maintaining common elements like roofs and elevators split between fewer doors.

Wpg_Guy · #**1096** Posted **Mar 13, 2026, 10:57 PM**

It took a few years, but it's interesting to read that the building is now nearly sold out

Quote:

Your future penthouse is waiting…but not for long.
At 390 on the River, our final penthouse is a rare opportunity to create your custom luxury space in downtown Winnipeg.
It's unmarked and awaiting your potential: your dream layout, your finishes, and your style.
This is the pinnacle of penthouse living with river views and an unmatched location.
Now is your time.

neutroniks · #**1097** Posted **Mar 13, 2026, 11:21 PM**

Last I checked, it was a couple of the Penthouse suites if I'm not mistaken.

bomberjet · #**1098** Posted **Mar 14, 2026, 1:38 AM**

This thread started in 2013!

Theres 9 units listed on realtors. 2 of them penthouse suites. And they look virtually stage mostly. Or just old fashion staged. Can be hard to tell.

The Jabroni · #**1099** Posted **Mar 14, 2026, 1:42 AM**

Jesus, this thread is still here?

Also, they're finally nearly sold out? It's been close to 13 years since this whole thing started.

Proud of them though. It took over a decade, but I'm proud of them!

Wpg_Guy · #**1100** Posted **Mar 14, 2026, 1:43 AM**

Quote:

Originally Posted by bomberjet

This thread started in 2013!

Theres 9 units listed on realtors. 2 of them penthouse suites. And they look virtually stage mostly. Can be hard to tell.

It's a teenager.