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In a few days, swarms of people will haul suitcases and boxes into the Bridgwater, aptly named for its location in the southwest city area of the same name. Its 143 units share the same features — quartz countertops, stainless steel appliances — though prices vary greatly. “We thought that we could bring a high-quality, affordable apartment building to the area,” said Nigel Furgus, president of Paragon Living.
“We knew it would do very well. We didn’t actually think it would do this well.” NIC ADAM / FREE PRESS One of The Bridgewater’s new apartments.
All units have been leased within four months of advertising, Furgus said Wednesday at a ribbon-cutting ceremony. He believes local demand for high-quality apartments exceeds supply. Anecdotally, he’s watched apartment blocks lease more quickly than years past.
Eighteen of Bridgwater’s units are labelled affordable, costing $981 to $1,100 per month. The provincial government tabbed more than $348,000 for the complex through the Canada-Manitoba bilateral agreement under the National Housing Strategy. Within two weeks of advertising, Paragon Living had received around 80 applications for the lower-cost units, according to the company’s senior property manager.
“We made our screening process really specific, so we didn’t have people, say, making $100,000 a year wanting a $981 unit,” Louise Taylor said. Approvals went to applicants who met pre-set requirements — not exceeding a household income level of $44,000, Furgus highlighted. Applicants who didn’t fit the qualifications were directed to other unit options.
Alternate one-bedrooms started at $1,470 per month, including water and internet. Paragon Living hasn’t received pushback while creating affordable units in Bridgwater, Furgus said. The neighbourhood’s median household income typically hovers between $100,000 to $124,999, a 2023 City of Winnipeg demographic outlook shows.
Furgus thinks complaints haven’t come because all units are the same and considered luxury, regardless of price. The Bridgwater is a $36.5-million complex.
“That’s how you build community — with all the different price points,” said Coun. Janice Lukes (Waverley West). Other affordable units will join the Bridgwater’s as new apartment blocks open nearby, Lukes added.
She hasn’t gotten complaints about affordable units being built, the city councilor said, noting many renters in the area are students born in Canada and abroad. Several families will soon call the Bridgwater home. The complex’s only four-bedroom unit was claimed within the first week of becoming available; 14 three-bedroom suites also leased fast, Taylor said.
“With how quickly the three and four bedrooms went here ...
that actually speaks to the fact that we need more,” she added. Furgus has previously told the he believes an affordability crisis is keeping families in the rental market. In July, the average detached Winnipeg home price was $433,257.
A year earlier, the average price was $406,209; in 2020, it was $353,450, by the Winnipeg Regional Real Estate Board’s measure. David Pankratz, MLA for Waverley, highlighted the need for more housing in a speech Wednesday. NIC ADAM / FREE PRESS Deputy Mayor Markus Chambers, Deputy Mayor Janice Lukes, and Paragon CEO Nigel Furgus (from left) at the ribbon cutting for The Bridgewater Wednesday.
“We are definitely interested and willing to make sure that we’re investing with good partners in the province,” he said, minutes before cutting a ceremonial ribbon with Paragon Living to celebrate the Bridgwater’s opening. Pankratz’s comment comes as various levels of government funnel money into housing creation. Late last year, news broke Winnipeg would receive $122 million from Ottawa’s Housing Accelerator Fund.
Lukes estimates Paragon Living has created 653 units in her ward alone. Construction began on the Bridgwater in late 2022. Paragon Living has an eye on potential build sites within Bridgwater — maybe for the future.
Currently, it has projects throughout the city, including in Osborne Village, St. James . The company has created infill and multi-family complexes worth more than $250 million.
Paragon will announce a partnership with a Manitoba First Nation in the coming months. That partnership will produce a major affordable housing development in south Winnipeg, Furgus hinted. The firm’s past five structures, and each one upcoming, will include affordable housing units, Furgus noted.
Paragon has avoided most inflation by inking procurement deals during the COVID-19 pandemic. It’s committed to buy materials from manufacturers for 2,500 units, provided prices remain the same or decrease. “We committed to 1.
5 million square feet of this floor,” Furgus said, pointing to vinyl plank in a Bridgwater unit. He estimates Paragon Living has used 300,000 sq. ft.
so far. The company has roughly 1,700 units left to build; Furgus forecasts all will be built in the next five years. The company chose to set its concrete apartment at 250 Centre St.
because it’s a booming area, Furgus shared. Monday mornings The latest local business news and a lookahead to the coming week. Waverley West, the ward housing Bridgwater, was the fastest growing Winnipeg area in 2021.
It logged a 27.2 per cent growth in its population — to 55,965 people — compared to 2016. A hotel is being built across from the Bridgwater.
At least, two floors will be devoted to visitors, while the latter two or three will be for apartments, according to Lukes. The area has new schools and regular bus service. A fire hall and $100-million recreational campus are en route.
The nearby University of Manitoba and Grand Mosque attract residents, Lukes said. She pointed to Manitoba’s provincial nominee program as another reason for Bridgwater’s growth. gabrielle.
[email protected] Gabrielle Piché reports on business for the . She interned at the and worked for its sister outlet, , before entering the business beat in 2021.
. Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the ‘s tradition, since 1872, of producing reliable independent journalism. Read more about , and .
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Thank you for your support. Gabrielle Piché reports on business for the . She interned at the and worked for its sister outlet, , before entering the business beat in 2021.
. Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the ‘s tradition, since 1872, of producing reliable independent journalism. Read more about , and .
Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider . Our newsroom depends on its audience of readers to power our journalism.
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