Major City Insights: Winnipeg—May 2022

The Conference Board of Canada, May 12, 2022
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Despite the rise in case counts from both the Omicron and BA.2 variants early in 2022, most Canadian cities have already seen restrictions loosened or dropped. We expect this to aid in the continued recovery of CMA economies across the country this year. It’s especially good news for the travel and tourism markets in each region, which so far have lagged most other industries in returning to their pre-pandemic levels. Still, higher prices and instability in other parts of the world serve as a downside risk to this year’s outlook.

This edition of our Major City Insights provides new forecasts for growth in 13 major cities across Canada as of March 23, 2022.

This forecast focuses on the Winnipeg metropolitan economy.

Document Highlights

  • High prices for wheat, other crops, and hogs will lead to a sharp rebound in Manitoba’s agriculture sector in 2022 following the severe drought that crippled this sector last year. This will benefit Winnipeg’s agri-businesses.
  • Real GDP in Winnipeg is expected to expand by 4.0 per cent this year and 3.5 per cent in 2023. The city’s diverse economy will continue to be a major plus—major industries include agri-business, aerospace, manufacturing, and insurance.
  • Home prices surged by close to 10 per cent in the final quarter of last year (year-over-year), and the trend is expected to continue in 2022. As in the rest of the country, the supply of homes isn’t keeping up with demand in Winnipeg.

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