Many of the assets in our market have potential to add more density, as planners become more open to the infilling concept says Manitoban real estate expert
Mid-size markets in the west are growing briskly, says Sandy Shindleman, president of Shindico Group, a commercial-based real estate investor based in Winnipeg.
Economic drivers are natural resources, agriculture, government, we still have some manufacturing, and also the positive immigration we’re getting. Immigrants are coming with money and ideas. It doesn’t take them long to start small businesses.”
Mid-size markets can offer rental growth, intensity growth or both, depending on the investment.
I think that we’re going to see positive growth all around,” says Shindleman. “There are so many different asset classes that don’t in fact compete with each other. In some of the places with older stock—some of the older cities—Winnipeg would be one of them—average house prices don’t mean a heck of lot because we have a segment of that market that has very old houses but what people get for new houses is certainly comparable with what they get in Calgary, Edmonton or the other big six markets.”
“Development is always largely a local business,” says Shindleman. “Everyone needs local health for development, no matter who you are, no matter where. The attitude that’s present among local developers who are stepping up, acquiring assets and redeveloping assets on the strength of what people are doing elsewhere is positive. They’ve got the right idea.”
Note: This article appeared on p 52 of Canada’s Leading Real Estate Forum Magazine, Toronto, Winter 2012
