Canada -  Winnipeg

For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:   2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

WINNIPEG is the administrative, financial, and distribution centre for Manitoba. The city has a diversified economy anchored in the government, and manufacturing sector. Winnipeg occupies a central location in Canada close to the US border, which enhances its distribution capabilities. Supported by a diverse economy and a relatively affordable housing market, the population of Winnipeg is expected to increase over the coming decade. The construction and manufacturing sectors are significant in the regional economy, and thanks to the low Canadian dollar and the health of the US economy have sustained some moderate growth in recent years.

The city’s hotel market will be greatly impacted in 2020 as the COVID-19 pandemic plays out.  With the city still absorbing new supply, and more hotels proposed, the demand-side shock faced by most markets will also have a supply-side driver to the decline in performance, and as such, values.  Much of the overnight visitation within Winnipeg is from within the province and so as the province enters the recession in 2020, the city will feel the lingering effects on consumer and business confidence in the years ahead.  The city had shown strong gains in meeting and group business in recent years and the convention centre continued to build on an impressive array of local, regional, and national events following its expansion. In the shorter term, the meeting and group market will be smaller across the country as COVID-19 changes the way we do business and will have an overall impact on the economy and hotel values. On the supply side, the city may face a reprieve as the pandemic is likely to cause delay, if not cancel, many of the proposed projects that were not yet in construction.

Change In Value For Market: ($CAD)

Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: More than -10%

For more information, please contact:

Carrie Russell, AACI, MAI, RIBC, ISHC
Valuation, Market & Feasibility Consulting
[email protected]
  • +1 604 988-9743 (w)