Cost to Buy a Home in Winnipeg
Income needed, down payment, closing costs and monthly payment, August 2026
Buying the average home in Winnipeg, at $413,250 in August 2026, takes a down payment of at least $20,663, $9,452 more in land transfer tax and closing costs, and a household income of about $99,000 to pass the mortgage stress test. The mortgage payment would be about $2,159 a month at the average rate on new insured 5-year fixed mortgages (4.05% in July 2026), plus about $455 in property tax. With 20% down ($82,650), the payment is about $1,828 and the income needed about $87,000. A detached home at $439,216 needs about $105,000; a condo at $283,715 needs about $70,000.
With the minimum down payment
| Average home | Detached | Condo | |
|---|---|---|---|
| Price | $413,250 | $439,216 | $283,715 |
| Down payment | $20,663 (5.0%) | $21,961 (5.0%) | $14,186 (5.0%) |
| Mortgage insurance | $15,704 added to the mortgage | $16,690 added to the mortgage | $10,781 added to the mortgage |
| Mortgage | $408,291 | $433,945 | $280,310 |
| Mortgage payment | $2,159 at 4.05% | $2,294 at 4.05% | $1,482 at 4.05% |
| Property tax | $455 | $484 | $312 |
| Heating | $150 | $150 | $150 |
| Monthly cost | $2,764 | $2,928 | $1,945 |
| Land transfer tax | $6,052 | $6,571 | $3,461 |
| Legal fees, inspection and other costs | $3,400 | $3,400 | $3,400 |
| Cash needed to close | $30,115 | $31,932 | $21,047 |
| Income needed | $99,000 a year | $105,000 a year | $70,000 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 | $413,250 | $439,216 | $283,715 |
| Down payment | $82,650 (20.0%) | $87,843 (20.0%) | $56,743 (20.0%) |
| Mortgage | $330,600 | $351,373 | $226,972 |
| Mortgage payment | $1,828 at 4.49% | $1,943 at 4.49% | $1,255 at 4.49% |
| Property tax | $455 | $484 | $312 |
| Heating | $150 | $150 | $150 |
| Monthly cost | $2,433 | $2,576 | $1,717 |
| Land transfer tax | $6,052 | $6,571 | $3,461 |
| Legal fees, inspection and other costs | $3,400 | $3,400 | $3,400 |
| Cash needed to close | $92,102 | $97,815 | $63,604 |
| Income needed | $87,000 a year | $92,000 a year | $61,000 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 $1,957 a month and the income needed to about $94,000, for a premium 0.20 points higher ($16,489). 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 each city
| City | Price | Minimum Down | Monthly Cost | Income Needed |
|---|---|---|---|---|
| City of Winnipeg | $415,442 | $20,772 | $2,778 | $100,000 |
Each city at its own average price from the August 2026 report, with the minimum down payment and its own property tax rate.
Cost to Buy in Winnipeg: Quick Answers
How much income do you need to buy a house in Winnipeg?
About $99,000 a year for the average home at $413,250, with the minimum down payment and no other debts. It is about $105,000 for a detached home at $439,216 and about $70,000 for a condo at $283,715. 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 Winnipeg?
At least $20,663 (5.0%) on the average home at $413,250: 5% of the first $500,000 and 10% of the rest. Below 20% down, mortgage insurance of $15,704 is added to the mortgage. Putting 20% down, $82,650, avoids the insurance.
What are the closing costs when buying a home in Winnipeg?
About $9,452 on the average home: $6,052 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 Winnipeg?
About $2,764 for the average home with the minimum down payment: $2,159 for the mortgage at 4.05% over 25 years, $455 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 Winnipeg?
About $5,461 a year on the average home at $413,250, 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 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 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.
The information presented on HousingPortal.ca is intended for general illustrative purposes only. While the information is believed to be reliable, it cannot be guaranteed for accuracy, completeness, or currency. Neither HousingPortal.ca and its employees, nor any other party identified in this guide/report, assumes any liability for the information provided. The views and opinions expressed by the analysts at HousingPortal.ca are their own and should not be considered as investment advice. It is recommended that you seek the advice of a licensed real estate professional before making any decisions regarding real estate investments.