Is True North Square raising downtown Winnipeg real estate values?
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True North Square, Winnipeg
True North Square has added office, rental, hotel, retail and public space to downtown, and condo sales there remain active, but no verified public analysis puts a percentage on its effect on nearby values. The impact is uneven: the district gains while older office buildings face tenant competition. Your building's numbers need current comps.
Is True North Square raising downtown Winnipeg real estate values?
True North Square has changed downtown Winnipeg real estate by adding a large mix of offices, rental housing, retail and public space next to Canada Life Centre, and condo activity in the area remains strong. What nobody can honestly give you is a percentage lift in nearby property values, because that takes current MLS® sales data and Manitoba assessment data for a specific building. The effect is also uneven: the district benefits, while some older office buildings have lost tenants to the new towers.
Key Takeaways
- The Winnipeg Regional Real Estate Board reported that Downtown was the city's leading neighbourhood for condominium MLS® sales in August 2026, so condo activity near True North Square is not stalled.
- The project is described as roughly $400 million in investment, and the completed development is planned to include four towers and more than one million square feet of space.
- No verified public source ties True North Square to a specific percentage or dollar increase in nearby values, so treat any confident number you hear as a guess.
- Commercial-property reporting shows some established Class A office tenants moved into True North Square, which put pressure on older downtown buildings.
- If you own or are eyeing a condo near Hargrave and Carlton, your building's own sales history matters far more than the neighbourhood headline.
How has True North Square changed downtown Winnipeg real estate?
It has concentrated office, residential, hotel, retail and public-space uses in one block of the sports, hospitality and entertainment district. According to the official True North Square project description, the completed development will contain four towers and more than one million square feet, and it sits adjacent to Canada Life Centre.
That matters because downtown has long had a "9 to 5" reputation. A project that puts residents, office workers, hotel guests and event crowds on the same few blocks is built to keep the sidewalks busy in the evenings too.
What has actually been built?
The first office tower, 242 Hargrave, opened in July 2018. It is a 17-storey building, and Canada ConstructConnect's project coverage lists Scotiabank and Thompson Dorfman Sweatman among its major tenants.
The residential piece includes 225 Carlton, a 25-storey rental tower with 194 suites. The same coverage reported an expected opening of July 2019, so treat that as the project's history, not a construction update.
A RENX analysis of the office market describes the project as roughly $400 million in investment and a major addition to downtown's Class A office supply.
Why does the plaza matter to nearby property owners?
The public plaza is designed for large gatherings and event-driven foot traffic. RENX has tied it to Winnipeg Jets playoff "Whiteout" activity and the wider entertainment district. For a restaurant, a retail space or a condo with a view of the action, that is a real amenity. For someone who wants quiet on a game night, it is a real trade-off. I cover that more below.
Has True North Square raised property values nearby?
Probably in some pockets, but no verified public source measures it. The evidence supports claims about investment, new supply, tenant movement and downtown activation. It does not support a claim that surrounding values rose by a set amount because of the project.
The most recent condo signal I can point to is from the Winnipeg Regional Real Estate Board's August 2026 market release, which reported Downtown as the leading neighbourhood for condominium MLS® sales that month. That tells you downtown condos are trading. It does not prove True North Square caused it, and I won't pretend it does.
How does one project help some properties and not others?
Different property types feel the project through different mechanisms. Here is how I think about it when a client asks me what it means for their address.
| Property type | How True North Square can affect it | What to verify |
|---|---|---|
| Older office buildings | Tenant competition from new Class A space | Vacancy history and lease rollover |
| Condos near Hargrave and Carlton | Proximity to restaurants, employment and entertainment, plus event noise | Recent sales in your own building and condo fees |
| Retail and restaurant space | More foot traffic on event days and from office workers | Weekday versus event-day sales patterns |
| Rental suites | New supply competes with existing rentals | Actual rents and vacancy for comparable suites |
What happened to older office buildings?
Reporting in RENX on downtown office owners said some established Class A tenants migrated toward True North Square, contributing to vacancies and a "shuffling" of tenants in older buildings. That is the honest counterweight to the revitalization story. A new anchor can improve a district and still redistribute demand instead of lifting every building equally.
If you own or invest in an older downtown commercial building, this is not a reason to panic. It is a reason to look hard at your tenant mix and your lease dates before you assume a rising tide.
What should buyers and sellers near True North Square do?
Anchor every decision to building-level data, not the district's reputation. Downtown condos vary a lot by building, floor, view, fees and age, and the neighbourhood average hides all of that.
If you're buying a downtown condo
- Look at that building's own sales history over time, not just what's listed now.
- Review the condo fees and what they cover, including how the building handles heating, windows and common-area upkeep through a Winnipeg winter.
- Visit on an event night. Stand in the unit or on the balcony when the arena crowd lets out and decide if you can live with it.
- Have your real estate lawyer review the condominium corporation's documents before your conditions come off.
- Ask me what the next phase of downtown and nearby projects could mean. Railside at The Forks (about 350 homes on former parking lots, which broke ground in January 2026) is one more project I'm watching for how it shapes the area's supply.
If you're selling a downtown condo or investment property
I price on current comparable sales and how quickly similar units are absorbing, not on the buzz around a development. A strong neighbourhood story helps your marketing, but buyers still compare your unit to the one down the hall.
Your number depends on your building, your unit's condition and your timing. That is exactly what a local market analysis is for, and it's the first thing I put together before we talk about listing.
Since most buyers shortlist homes online before booking a showing, I put real effort into video and photography that shows the location, the light and the walkability, not just the floor plan. If you're comparing options across the city, I also work with buyers in River Park South, St. Vital, Osborne Village and beyond, so you can weigh downtown against other parts of Winnipeg.
If you're an investor
Do not underwrite a purchase on the assumption that True North Square will lift your rent or resale value by some fixed amount. Underwrite it on current rents, your building's fees and reserves, and a realistic vacancy allowance. New rental supply nearby can compete with your suite as much as it can support it. Confirm your numbers with your lender, your accountant and your lawyer.
FAQ
Has True North Square increased condo prices in downtown Winnipeg?
No public source I can point to proves it did, or by how much. Downtown led Winnipeg in condominium MLS® sales in August 2026 according to the Winnipeg Regional Real Estate Board, which shows active demand, but price changes by building depend on that building's own recent sales.
Are condos near True North Square a good investment?
It depends on the specific building, your purchase price, the fees and your holding period. The district's amenities and activity are real positives, and event noise and rental competition are real trade-offs, so run the numbers for the exact unit before you commit.
What types of businesses and tenants are located in True North Square?
The development is built around office, residential, hotel, retail and public-space uses. Reported office tenants in 242 Hargrave included Scotiabank and Thompson Dorfman Sweatman, and project coverage from the original build-out period also named MNP and Ceridian as incoming tenants.
How has True North Square affected older office buildings?
Commercial-property reporting says some established Class A tenants moved into the new towers, leaving vacancies and a reshuffling of tenants in older buildings. The effect is uneven, and a building's leasing position matters more than its address alone.
Does living near True North Square mean more noise, events or traffic?
Expect more activity on event nights. The plaza is designed to host large gatherings and sits beside Canada Life Centre, so a unit with a direct view or a nearby entrance will feel it more than one on a quiet side. Visit at different times before you buy.
Where this leaves you
True North Square is a real, large-scale investment that has reshaped part of downtown, and it makes downtown Winnipeg real estate more interesting to watch than it was a decade ago. But the honest answer on values is building by building, not district-wide. If you're thinking about buying, selling or investing near Hargrave and Carlton, I'll pull the comparable sales and walk you through what they say about your specific property.
Schedule a consultation with me and we'll look at your numbers together.
Equal Housing Opportunity. Nicole Hacault Personal Real Estate Corporation. This article is general information, not legal, tax, or financial advice; confirm your own numbers with your real estate lawyer, tax advisor, or lender.
