Should I build a home in Winnipeg?

By Reid Boles, Realtor

Should I buy a new home or a resale home?

With a resale house what you see is what you get. It can be hard to visualize the layout or style of a home when all you have are drawings on paper, and some buyers really prefer to know exactly how everything looks, feels and functions from the beginning. You also will have your pick of neighbourhoods as there are definitely more choices for resale homes in Winnipeg than new homes. The price tag is also the price tag; most resale homes come with appliances, grass, decks and air conditioners, so there there aren’t usually additional out-of pocket expenses required on day 1. The downside is that there can also be hidden problems that sometimes even the best home inspector cannot find and without a warranty on resale homes, once you own it, it becomes your problem.

New builds offer a home warranty, plus new construction materials, techniques, and technology— and of course if the home is built by a reputable builder you won’t need to worry about the quality of what you have purchased. You are able to pick and choose the layout and style choices that suit you. But a big downside for many people is the waiting time from contract to possession, and living in a developing neighbourhood is a pro for some people but a con for others.

How long does it take to build a home in Winnipeg?

This question varies from builder to builder, and the easiest way to sum things up would be to say it’s anywhere from a year to over two years. Pandemics aside, the real reason the build time varies is how the builder will go about building the home.

Some bigger builders will take two years because instead of building your home immediately after the permits have been granted they will start multiple homes at the same time, foundations first, and then the rest of the stages would follow along concurrently. This is an important question to ask when signing the contract, as your motivations and timeline may differ from the builder’s.

Ask out if your builder will start the build immediately after the permits are granted as well as how many other homes they plan to start at the same time.

What does it cost to build new in Winnipeg?

The per square foot cost, which varies from about $250/sqft to well over $500/sqft depending on the builder and the finishes. To build an entry level double attached garage two-storey home in a newer neighbourhood, you can expect pricing to start around $530,000 for 1600-1700 sqft and go up from there. Don’t forget about extras such as higher quality finishing work, appliances or air conditioning which can drive up the cost.

In general, construction costs have fallen a bit from the pricing we saw in 2022 as pricing for materials has stabilized. This doesn’t mean they will not rise again, so it is very important to make sure the contract you sign does not have an escalation clause that allows the builder to further raise the price after the contract is closed. Feel free to reach out to us for clarification on this particular point.

At The Moore Group we are very knowledgeable about all things real estate, but especially new homes. Call me for information, I am happy to help!