Quote:
Originally Posted by Cyrodill
I was up early and skimmed through that article, I was going to post it but in all honesty it was a bit of a downer (others did). I understand that time frames involved,raising the capital for proposed projects, sales projections for a condo project to be realized and to proceed, etc..do take time. It seems like an eternity before "shovels are in the ground", when it comes to many winnipeg projects at a time where most people we're projecting 10 cranes on the sky line rather than Barts 2.
It did seem somewhat negative, It may be the old "Winnipeg Reality Check", angle that I've grown used to or it may signify something I would never usually post?
Is Winnipeg really ready for the amount of residential/condo space slated for the core?
Don't get me wrong, I'm an optimist and realize dev.s take time to materialize It appeared like a who knows if it will ever happen article,maybe/maybe not. Sitting on the fence on any topic is safer for some that picking what yard your going to put your foot into.
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I just keep wondering what the market for a lot of these condo developments is. I'm a 26 year-old university grad 3 years into a teaching career. Nearly all of my similarly aged friends are also university grads, several from professional programs, and few of us are established in our careers (ranging from Education to Engineering to Nursing and Business) to the point where we could purchase and afford to live in most of these condo developments I take a look at, both in the core and suburbs. I have many friends in their early to mid 30s, some of them could afford it, but aren't really interested in condo lifestyle with young families, especially in the core. I feel that by the time I'm ready to purchase, the housing market will have cooled, I'll likely have a young family that puts me in a spot where living in the exchange is not ideal, and I think that's pretty typical, even among those of us who aren't afraid to live downtown. Basically, at this point in my life living downtown would be great, but by the time I can comfortably afford it I probably won't be interested. Seems like this 25-40 bracket would be the typical age group to live downtown. Are they hoping for a flood of retirees?
I believe it is pretty certain that the housing bubble will pop relatively soon in Winnipeg and Canada as prices and debt continue to rise, and the condo market will be a big part of it. Are supply and demand lining up? Seems like there is trouble selling existing condos (subsidy-gate) and more are proposed.
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