Kris Thorkelson doesn’t talk like a mogul. He doesn’t act like one either.
But behind the calm demeanor and practical approach is someone who has built one of Winnipeg’s largest apartment portfolios—and quietly changed how the city thinks about renting.
“I never planned to get into real estate,” he says. “I saw a need. I followed it.”
Today, Thorkelson is the owner and CEO of Thorwin Properties, which manages over 2,400 units across Winnipeg. His company focuses on providing quality housing in a city that’s often caught between affordability and growth.
Let’s rewind.
From Early Business to a New Direction
Thorkelson grew up in Winnipeg, Manitoba, and studied pharmacy and psychology at the University of Manitoba. He spent the early part of his career running pharmacies—buying his first within months of graduating.
“I’ve always had a hands-on mindset,” he says. “If I was going to work in a business, I wanted to understand every piece of it.”
In 2001, he founded CanadaDrugs.com, which at its peak became Canada’s largest international online pharmacy. The business grew to hundreds of employees before shutting down in 2018 due to regulatory shifts.
That experience didn’t push him away from entrepreneurship. It just helped him refocus.
Enter Real Estate
In 2010, Kris Thorkelson shifted gears.
He bought his first apartment building and started what would later become Thorwin Properties.
“It wasn’t flashy,” he says. “It was an old building that needed work. But I saw potential—not just in the property, but in the model.”
That model focused on investing in overlooked buildings, renovating them, and offering fair, stable rental options. It wasn’t just about profit—it was about structure. About systems. About scale.
“If you take care of the property and the people in it, it works. Simple as that.”
What Sets Thorwin Apart
Kris isn’t one to chase trends. While some investors look for quick flips or short-term returns, his approach is slower, steadier.
Thorwin doesn’t just buy—it builds community.
“We’ve always believed that tenants deserve respect. You can’t just manage buildings. You have to manage relationships.”
He credits this philosophy with helping his company scale without losing trust. That’s rare in real estate. Especially now, as Winnipeg faces more demand, less inventory, and growing pressure on affordability.
What Winnipeg Is Up Against
The rental market in Winnipeg is shifting.
According to CMHC, vacancy rates have fallen, while average rents continue to rise. Meanwhile, inflation and interest rates are squeezing both renters and developers.
“The challenge now is building more—but building smart,” says Kris. “And not just for one income group.”
He sees risk in the current climate. Supply is tight. Material costs are high. And new development isn’t keeping pace with demand.
“We’re at a point where we need to rethink what housing means—who it serves, and how we make it last.”
Renters Are Changing Too
Thorkelson points out that renters in 2025 aren’t just students or people in transition. They’re professionals. Families. Retirees.
“For a long time, renting was seen as a step before buying. Now, for many people, it’s the lifestyle they’re choosing—on purpose.”
That means expectations are different. Tenants want more transparency. More responsiveness. More modern features and flexible terms.
“It’s not enough to offer a roof. People want security, comfort, and service.”
Real Estate with Restraint
One thing that stands out about Kris: he doesn’t romanticize risk.
He’s seen cycles. He’s built in tough times. And he’s cautious about what comes next.
“I’m optimistic, but I’m not careless,” he says. “The market can turn quickly. You have to be ready for that.”
His company has focused on existing stock, upgrading properties instead of overextending on new developments. That decision, he believes, has helped Thorwin stay nimble in an uncertain economy.
“You don’t always need to expand to grow. Sometimes it’s about tightening what you already have.”
Giving Back Quietly
Philanthropy is part of Thorkelson’s story—but he rarely leads with it.
In 2006, he donated $500,000 to the University of Manitoba’s Pharmacy faculty, where a lab now bears his name. He also supports groups like Agape Table and Canadian Lutheran World Relief.
“I’ve been lucky,” he says. “And I think it’s important to put something back into the system that helped me get here.”
His giving reflects the same values as his business: steady, practical, and focused on where it counts.
What He’s Watching Next
Kris is keeping an eye on several trends in 2025:
- Interest rate shifts that could sway both developers and buyers
- Tariff threats that may raise material costs again
- Population growth that adds pressure to already limited supply
He doesn’t offer easy solutions. But he does suggest collaboration.
“We need more conversation between policymakers, builders, and communities. The answers aren’t one-size-fits-all.”
Final Thoughts
Kris Thorkelson isn’t flashy. He’s not out there pitching some new tech platform or flipping properties for headlines.
He builds. He holds. He thinks long-term.
And in a world that often celebrates quick wins, his story is a reminder that slow, thoughtful growth still works.
“If there’s one thing I’ve learned,” he says, “it’s that consistency is underrated. But in the end, it always matters most.”