In just a few years, condominium prices in the Lakeview condopressions have soared.
There are three towers here, with two more in the works, with a total of 24 condominium units on the market, with the price tag for the unit now sitting at $2.8 million.
It’s an investment in a community that is home to some of the country’s best-known and best-loved restaurants, hotels and shopping centres, including a former BMO Harris Bank building.
“This condo boom, it’s a tremendous thing for Lakeview, and it’s going to bring more people into Lakeview,” said Andrew Sorensen, the owner of Soren’s and the City Restaurant.
“People want to be closer to work.
People want to go out and eat.”
Sorenesen said he had the idea to build condos in the first place while he was working on his own restaurant, which is one of several restaurants opening up in the area.
“It’s a great thing for the community, it helps us, it makes our town a little bit bigger,” he said.
“We’ll be able to attract more people in and out of the community.”
The development has been under construction for more than three years, but Soreensen said it wasn’t until recently that he saw how the condo boom could help the city.
He said the condos would also help the surrounding community and make it easier for residents to get to work and to shop.
He added that he expects the condominium boom will continue for the foreseeable future.
“I don’t think there’s a whole lot that we’re going to do, other than it’s the beginning of the end,” he explained.
The condominium development in Lakeview is just one of many that has sprung up in recent years, including new condominium towers in the city’s west end, and the condo market is heating up.
The Lakeview condos have seen a strong response from local residents and are expected to generate even more interest from other condo developers.
The development is just the latest in a wave of condominium projects being built in the City of Winnipeg.
According to a 2017 study, Winnipeg is home by more than 100,000 people.
And the city has seen the construction of condottages in the past five years, from a $5.5 million project in 2014 to a $12 million project this year.
As of November, the City was on track to surpass 1.1 million units of condontaine development, according to the city, which has been working to develop more affordable housing and create a more inclusive community.
With files from Caley Ponsonby and the CBC’s Amanda Regan