The results of a discrete choice experiment (DCE) as a part of a survey among the urban riverbank residents on the Red River in Winnipeg, Manitoba, Canada, indicated that the risk of over-dike flooding, set at 2 ft above the 1997 flood water level, was a significant determinant of both voluntary and mandatory evacuation, compared to those set at the 1996 or 1997 levels. Mandatory evacuation was more preferred over voluntary evacuation when the likelihood of flooding was at its most severe, and the opposite relationship was the case when the likelihood was low. The notification time for evacuation, suggested as 1, 2, and 4 days, proved to be an insignificant attribute, whereas the respondents indicated significant preference for full flood compensation over an offer of either 80% or 90% flood relief, irrespective of the alternatives of voluntary or mandatory evacuation.