The City owns the riverbank already. Just how much it actually extends back into peoples property is the question.
If it's a small stretch, def something to look at. If it's huge stretches, such as along Henderson Hwy, would be a long term, losing battle. And for what, a pathway through peoples back yards?
FYI, you can download property lines for viewing in Google Earth, among other formats, here:
http://mli2.gov.mb.ca/cadastral/index.html
Select .kmz format when you get into the map views before clicking to download.
Looking at the area along Henderson, people own right down the bank and into the river in some cases. Likely due to erosion over time and old standards for property lines.