This article considers how racial capitalism can be productively mobilized to extend contemporary work on settler colonial urbanism. It argues that scholars interested in the latter have much to gain from the recent flourishing of geographical work on the former. Our contribution begins by surveying some of the core tensions and affinities between the theoretical commitments that animate the settler colonial and racial capitalism frameworks. It then examines the historical development of Winnipeg, Manitoba in an effort to ground our thinking in an empirical context. In doing so, it surveys the key dimensions of that city's settler colonial urban history, focusing on the ways that property relations have functioned as a technique of racial domination. It concludes with a consideration of how an engagement with racial capitalism offers important opportunities to develop a more expansive understanding of racialized oppression in this and other contexts.