CITY OF WINNIPEG RESIDENTIAL LAND SUPPLY
There is approximately a one-to-two year supply of residential lots immediately available across the city. The southern quadrant of the city is currently experiencing the greatest shortage of serviced and readily serviced land. Such shortages are resulting in increased new home costs and may result in more homes being built outside the city in bedroom communities.
The conversion of raw land to serviced lots can take two years or more to allow for planning, approvals, engineering, development agreements, financing, construction and marketing.
It is clear there is a demand for more housing units, and with vacancy rates in apartments just above one per cent, and with no new buildings being built, more people are making the decision to purchase homes.
The Chamber is concerned that within two years the City of Winnipeg will experience a shortage of residential housing lots due to an increase in population and shifting demographics.
Winnipeg Chamber of Commerce Recommendations:
- Establish a long-term economic strategy for the City of Winnipeg, part of which would address housing development concerns.
- Take steps to fast-track the process for land development in the City to ensure that projects can move forward in a timely manner in an attempt to deal with the lot shortage expected to occur in the next two years.
Adopted by The Winnipeg Chamber of Commerce board of directors, November 2004