WINNIPEG — For home buyers saving cash for that first down payment, the city and province can help you out, as long as you’re willing to help the city populate condos in the Exchange District.
City council approved the Exchange Waterfront Neighbourhood Development Program on Wednesday. The highlight: a $10,000 forgiveable loan to be used towards a down payment on a condominium in the Exchange.
The buyer must live in the area for five years and can’t flip the property or the money will go back to the city. The hope is to draw more people into the downtown area and, in turn, revitalize it. It will also help fill the condos that remain vacant.
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“Having the opportunity to have a $10,000 buyers’ incentive is going to be a huge stride and a huge reason for people to move downtown,” said Martin Maykut of Streetside Development.
The program uses $7.8 million from future city and provincial property taxes and puts it toward revitalizing the Exchange District and Waterfront areas. Of that, $2.3 million is earmarked for condo buyers.
“Some of the biggest challenges to overcome when selling in the downtown area is the lack of parking and the perception of high crime,” realtor Bill Thiessen said.
The program also states $3 million will go toward safety improvements and $110,000 is earmarked for parking.
Councillors Russ Wyatt of Transcona, Brian Mayes of St.Vital and John Orlikow of River Heights – Fort Garry were the only councillors to oppose the program.
Orlikow fears the supply will get ahead of the demand since developers were already given tax breaks to build in the exchange.
“We are mitigating that risk again,” Orlikow said. “Offering a perk to the residents instead of the developer.”
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