By Jeremy Davis
When you look at any of the most thriving cities in Canada today, chances are a large part of their success can be attributable to placing a major focus on fostering economic and strategic infrastructure growth while prioritizing sustainable development and attracting investment.
The real estate and development industries play a vital role in achieving these goals by investing in and developing properties that meet the evolving needs of our community. Whether it is the construction of residential homes and complexes, commercial spaces, or mixed-use developments, real estate developers are instrumental in shaping the physical landscape of our city, and a healthy real estate market attracts investment.
On the resale side, real estate stimulates economic activity through transactions and renovations in residential and commercial buildings.
In fact, in 2024, residential and commercial MLS® resale activity across our market region achieved over $5.5 billion and there are economic spinoffs that go above and beyond this figure for professionals in industries such as law, home inspection, finance, appraisal, building renovation and repair.
The Winnipeg Regional Real Estate Board has been in operation since 1903 and is one of Canada’s longest running real estate boards which currently serves over 2,500 licensed residential and commercial real estate Brokers and Salespersons, along with other industry-related professions. Since its inception, the Winnipeg Regional Real Estate Board has played a critical role in shaping our city's development and economic prosperity through advocating for policies that create the conditions to build the right infrastructure, create investment, support development, and spur on economic growth. This leads to population growth, jobs, economic development, and the creation of strong communities where people want to put down roots and raise families.
The Winnipeg Regional Real Estate Board actively advocates for growth in housing supply to maintain our market region’s affordability advantage, but most importantly, to ensure Manitobans continue to be able to realize the dream of homeownership. Owning a home is much more than a great investment, it brings stability and pride while creating an anchor point for families and a sense of belonging in a community.
The Winnipeg Regional Real Estate Board also advocates for City of Winnipeg issues such as advancing strategic enabling infrastructure, prioritizing infill development, and improving the efficiency of the permitting system.
Simply put, strategic enabling infrastructure represents the types of infrastructure that supports the communities where people live. Examples of strategic enabling infrastructure include roads, pipes for water and wastewater removal, water and wastewater treatment facilities, and recreation centres, to name a few. Strategic enabling infrastructure is the foundation upon which communities are built and forms a large part of what draws people into a community over the long term. This type of infrastructure makes residential and commercial development viable and enables economic and population growth.
Infill development can be defined as the construction of new buildings in established urban and suburban communities, typically utilizing lots that are currently not in use or may be underutilized. Prioritizing infill development is key to maximizing the infrastructure investments that have already made and represent an efficient way to create new housing, in particular. In cities like Winnipeg which have some of the highest percentage of older housing stock, it is crucial to enable infill housing to renew and replace homes at the end of their lifecycle while contributing to the city’s overall densification. This leads to stronger communities and a larger tax base for municipalities like the City of Winnipeg, which is responsible for the services residents depend on.
Finally, improving the promptness and efficiency of the permitting system has benefits for residents, businesses, investors and developers since permits drive building and leasing activity in Winnipeg. A poor and slow response to approving permits can impact our competitiveness in the eyes of residential, commercial and industrial investors which, in turn, can result in a loss of new and long-term tax revenue to the city and region, not to mention the jobs that come along with that type of investment.
The Winnipeg Regional Real Estate Board’s market region continues to be one of the most affordable in Canada, and in order for that to continue, there needs to be a continued focus on these priorities to ensure Winnipeg continues to grow and prosper.
Ultimately, achieving greater success in these areas will result in more homes for residents, more commercial real estate activity, and a better functioning municipal government, while making Winnipeg a better place to live, do business, raise a family, and invest.
As we navigate the challenges and opportunities in today’s housing market, the Winnipeg Regional Real Estate Board will remain committed to advocating on behalf of the real estate industry through engagement with government and local stakeholders while aligning local priorities with national housing strategies through our counterparts at the Canadian Real Estate Association. REALTORS® bring expert knowledge in understanding local real estate market conditions and are well-positioned to advocate for creative solutions to increase housing supply, address current housing challenges, and enable access to safe, stable, and affordable housing options.
Together, we’re focused on contributing meaningful recommendations that address the housing crisis and supporting the economic growth and development of our communities.
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.