There's no question the condo craze has hit Manitoba. Just drive around the city or flip through the pages of this section and you'll see a host of new condominium projects that are continuously popping up. Condominiums now represent about 12 per cent of the single family housing market in Winnipeg and that number is on the rise.
"The growth is exponential," says Doug Forbes, president of the Manitoba chapter of the Canadian Condominium Institute (CCI) and a member of the national board.
To put it into perspective, condominium living is relatively new to the Manitoba market. Condos were first introduced in Winnipeg in the late 1960s/early 1970s. By 1998, there were about 400 condominium projects here. Now, only 10 years later, there are a total of 632 condominiums registered with the Land Titles Office in Winnipeg.
"It's been huge," Forbes says of the growth in the market. "And there are a number of new projects on the go."
What factors have contributed to the growth in the condo market? According to Forbes, the condo lifestyle appeals to a lot of people. The type of condominiums available has also grown.
"They used to be geared to seniors," he notes. "Now there are many options available for varied lifestyles."
Condos have also become a lot more common. For example, Forbes says the inner city has seen a lot of growth.
Just take a look at Waterfront Drive and the numerous condominium conversion projects that are taking place in the Exchange District and other areas of downtown.
The CCI, which was formed in 1982, considers itself the voice of condominiums. With chapters across the country, the Manitoba chapter is celebrating its 25th anniversary this year. The CCI lobbies government for legislative change and things like property tax reduction. The CCI's other main focus is education and promoting the condo lifestyle.
"A lot of what we do with CCI is educating purchasers on condominium living," says Manitoba chapter vice-president Lou Anna Roberts. "What's a reserve fund, how does it work, etc?"
The CCI offers luncheon information sessions as well as one- and three-day courses that provide people with information on condominium living.
The longer courses are geared towards condo board members, who might need an education on how to organize and operate a condo.
"Unlike the rentals department, there isn't a resource for condos," notes Roberts. "There is nowhere else to get information on condos."
In addition to the classes and information sessions, the CCI has a telephone hotline and an email address for condo owners to ask questions and get information. They have also produced a guide book for condominium owners with a host of information.
The Manitoba chapter of CCI is currently trying to get a rewrite of the Manitoba Condominium Act. The last major rewrite took place back in the late 1990s and so much growth has taken place in the condo market since then.
Some of the changes the organization is lobbying for include allowing condos to be phased in, in other words allowing for a multi-stage build for a project. Roberts says the CCI also wants more disclosure and the requirement for a reserve fund study for condo conversion projects.
Celebrating a quarter-century of lobbying and education efforts, the Manitoba chapter of the CCI is also looking to grow its membership.
Only about a third of the 632 condos registered with the Winnipeg Land Titles Office are CCI members. Interested parties are invited to attend the organization's AGM, which is taking place at 6:30 p.m. on Sept. 15 at the Norwood Hotel.
For more information, contact the CCI office at 944-8954 or ccimanitoba@cci.ca.
