Cost to Buy a Home in the City of Winnipeg
Income needed, down payment, closing costs and monthly payment, August 2026
Buying the average home in the City of Winnipeg, at $415,442 in August 2026, takes a down payment of at least $20,772, $9,496 more in land transfer tax and closing costs, and a household income of about $100,000 to pass the mortgage stress test. The mortgage payment would be about $2,170 a month at the average rate on new insured 5-year fixed mortgages (4.05% in July 2026), plus about $458 in property tax. With 20% down ($83,088), the payment is about $1,838 and the income needed about $87,000. A detached home at $453,247 needs about $109,000; a condo at $279,672 needs about $69,000.
With the minimum down payment
| Average home | Detached | Condo | |
|---|---|---|---|
| Price | $415,442 | $453,247 | $279,672 |
| Down payment | $20,772 (5.0%) | $22,662 (5.0%) | $13,984 (5.0%) |
| Mortgage insurance | $15,787 added to the mortgage | $17,223 added to the mortgage | $10,628 added to the mortgage |
| Mortgage | $410,457 | $447,808 | $276,316 |
| Mortgage payment | $2,170 at 4.05% | $2,368 at 4.05% | $1,461 at 4.05% |
| Property tax | $458 | $499 | $308 |
| Heating | $150 | $150 | $150 |
| Monthly cost | $2,778 | $3,017 | $1,919 |
| Land transfer tax | $6,096 | $6,852 | $3,380 |
| Legal fees, inspection and other costs | $3,400 | $3,400 | $3,400 |
| Cash needed to close | $30,268 | $32,914 | $20,764 |
| Income needed | $100,000 a year | $109,000 a year | $69,000 a year |
Monthly costs are for the mortgage, property tax and heating only: home insurance, utilities, maintenance and condo fees come on top. Figures for August 2026.
With 20% down
| Average home | Detached | Condo | |
|---|---|---|---|
| Price | $415,442 | $453,247 | $279,672 |
| Down payment | $83,088 (20.0%) | $90,649 (20.0%) | $55,934 (20.0%) |
| Mortgage | $332,354 | $362,598 | $223,738 |
| Mortgage payment | $1,838 at 4.49% | $2,005 at 4.49% | $1,237 at 4.49% |
| Property tax | $458 | $499 | $308 |
| Heating | $150 | $150 | $150 |
| Monthly cost | $2,445 | $2,654 | $1,695 |
| Land transfer tax | $6,096 | $6,852 | $3,380 |
| Legal fees, inspection and other costs | $3,400 | $3,400 | $3,400 |
| Cash needed to close | $92,584 | $100,901 | $62,715 |
| Income needed | $87,000 a year | $95,000 a year | $60,000 a year |
With 20% or more down, the mortgage needs no insurance and takes the uninsured rate (4.49%).
For first-time buyers
Manitoba has no first-time buyer rebate on the land transfer tax. They can also spread an insured mortgage over 30 years instead of 25, which brings the payment to $1,967 a month and the income needed to about $94,000, for a premium 0.20 points higher ($16,576). Savings in a First Home Savings Account (up to $40,000) and up to $60,000 from an RRSP under the Home Buyers' Plan can go toward the down payment.
More in the first-time home buyer's guide.
Cost to Buy in the City of Winnipeg: Quick Answers
How much income do you need to buy a house in the City of Winnipeg?
About $100,000 a year for the average home at $415,442, with the minimum down payment and no other debts. It is about $109,000 for a detached home at $453,247 and about $69,000 for a condo at $279,672. Lenders test you at 6.05%, the greater of the contract rate plus 2 points or 5.25%, and housing costs (mortgage, property tax and heating) can be at most 39% of your income.
How much is the down payment on a house in the City of Winnipeg?
At least $20,772 (5.0%) on the average home at $415,442: 5% of the first $500,000 and 10% of the rest. Below 20% down, mortgage insurance of $15,787 is added to the mortgage. Putting 20% down, $83,088, avoids the insurance.
What are the closing costs when buying a home in the City of Winnipeg?
About $9,496 on the average home: $6,096 in land transfer tax, about $3,400 in legal fees, title insurance, an inspection and adjustments.
What is the monthly cost of owning a home in the City of Winnipeg?
About $2,778 for the average home with the minimum down payment: $2,170 for the mortgage at 4.05% over 25 years, $458 in property tax and $150 for heating. Home insurance, utilities, maintenance and any condo fees come on top.
How much is property tax on a house in the City of Winnipeg?
About $5,490 a year on the average home at $415,442, at Winnipeg's 2026 rate of 1.321%. Winnipeg reassesses homes every two years, so assessments trail recent prices.
How these figures are worked out
- Prices are from our City of Winnipeg housing market report for August 2026, built from the Winnipeg Regional Real Estate Board (WRREB) monthly market releases and statistics map.
- The minimum down payment is 5% of the first $500,000 and 10% of the rest, and 20% from $1,500,000. Below 20% down, the mortgage must be insured: the premium (2.80% to 4.00% of the loan) is added to the mortgage.
- Mortgage rates are the Bank of Canada's average of what banks charged on new fixed-rate mortgages of 5 years or more in July 2026: 4.05% insured and 4.49% uninsured. Payments are over 25 years.
- The income needed passes the stress test: the mortgage payment at the greater of the rate plus 2 points or 5.25%, plus property tax and $150 a month for heating, is 39% of gross income. It assumes no other debts; a car loan or student loan raises it, and for a condo, lenders also count half the condo fees.
- Property tax is the price times Winnipeg's 2026 rate of 1.321%, including the school or education tax. It is the municipal and Winnipeg School Division tax; other school divisions bring it to 1.135% to 1.329%, and eligible homeowners get the $1,600 Homeowners Affordability Tax Credit. Winnipeg reassesses homes every two years, so assessments trail recent prices.
- Land transfer tax is before any first-time buyer rebate. Other closing costs are an estimate: $1,800 in legal or notary fees, $300 for title insurance, $500 for an inspection and $800 in tax and utility adjustments.
Work out your own numbers
- Affordability calculator: how much home your income and debts allow
- Mortgage payment calculator, with your own rate and amortization
- Mortgage stress test calculator
- Closing costs estimator and land transfer tax calculator
- The full City of Winnipeg housing market report
Cost to buy nearby
Other markets
Prices from the Winnipeg Regional Real Estate Board (WRREB) monthly market releases and statistics map; mortgage rates from the Bank of Canada; 2026 property tax rates from each city.
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