October 16, 2026 | Buenaventura Team | Winnipeg Real Estate Tips

Buying a home is exciting. You've been saving for your down payment, browsing listings and imagining yourself getting the keys to your new place.

But there's something many homebuyers don't fully consider until they're getting closer to possession day: the purchase price isn't the only expense involved in buying a home.

Whether you're a first-time buyer or you've purchased several properties, understanding closing costs in Winnipeg can help you budget properly and avoid unexpected financial surprises.

Your Down Payment Is Just the Beginning

Most buyers focus on saving enough for their down payment. While that's certainly important, you'll also need to account for expenses associated with completing the purchase.

These expenses can vary depending on the home's price, age, property type and financing arrangements.

Here are some of the most important ones to consider.

1. Manitoba Land Transfer Tax

This can be one of the largest additional expenses when purchasing a home in Winnipeg.

Manitoba calculates land transfer tax using a graduated system based on the property's value.

For example, on a $400,000 home, the land transfer tax would generally be $5,650, assuming the taxable value is $400,000 and no exemption applies.

That's a significant expense to plan for on top of your down payment!

2. Legal Fees and Closing Adjustments

You'll need a real estate lawyer to complete your purchase, including reviewing documents, registering the property and handling the transfer of funds.

Your closing statement may also include adjustments for expenses such as prepaid property taxes or applicable condominium fees.

Your lawyer can provide an estimate based on your specific transaction.

3. Home Inspection Costs

A home inspection can be a worthwhile investment when purchasing a resale property.

It may help identify concerns with major systems, including roofing, plumbing, electrical, heating and structural components.

Depending on the property, additional inspections or specialist assessments may also be recommended.

4. Mortgage-Related Expenses

Depending on your mortgage and lender, you may encounter appraisal fees, financing charges or mortgage default insurance.

If your down payment is less than 20%, mortgage default insurance is typically required. In Manitoba, provincial sales tax on the insurance premium must be paid separately rather than added to the mortgage.

Discussing these costs with your mortgage professional early can help you avoid surprises.

5. Moving and Immediate Homeownership Expenses

Getting the keys doesn't necessarily mean the spending stops!

You may also need to budget for:

• Moving companies or rental trucks

• Utility connections and service changes

• New locks and window coverings

• Furniture and appliances

• Minor repairs and maintenance

• Home insurance and property taxes

Even smaller purchases can add up quickly during your first few weeks of homeownership.

So, How Much Extra Should You Save?

There's no single number that works for every Winnipeg home purchase.

As a general planning guideline, CMHC suggests allowing approximately 1.5% to 4% of the purchase price for closing costs, depending on the transaction.

However, your actual costs may fall outside that range, and moving expenses or planned improvements can increase your overall budget.

The best approach is to get estimates from your lawyer and mortgage professional before making an offer.

A Little Preparation Makes a Big Difference

One of the most important parts of buying a home is understanding what you can comfortably afford, not just today but after you've moved in.

As Winnipeg REALTORS®, our role goes beyond finding homes and negotiating offers. We help buyers understand the process, anticipate important expenses and make informed decisions at every stage.

Want a more detailed breakdown?

We've created a dedicated guide covering Winnipeg home buying expenses, including deposits, land transfer tax, legal fees, insurance, new construction considerations and more.

Read Our Complete Winnipeg Home Buying Closing Costs Guide:

https://buenaventurateam.ca/winnipeg-home-buying-closing-costs.html

Thinking about buying a home in Winnipeg? We'd love to help you plan your next move.

Buenaventura Team

Your Neighbours. Your Realtors.

https://buenaventurateam.ca

This article is intended for general information. Taxes, fees, lender requirements and transaction costs vary. Consult your lawyer, mortgage professional and other qualified advisers for advice specific to your purchase.

October 12, 2026

Winnipeg’s real estate market entered fall with more homes available, slower sales and prices that continue to hold up. For buyers, that means more opportunities to compare properties carefully. For sellers, it makes accurate pricing and strong presentation increasingly important.

September’s results also show why a single headline rarely tells the whole story. Sales declined across the Winnipeg Regional Real Estate Board’s market region, yet year-to-date average prices for detached homes and condominiums remained at record levels.

More Listings Give Buyers More Options

According to the Winnipeg Regional Real Estate Board’s September report, the broader market region recorded:

• 1,250 MLS® sales, down 10% from September 2025 but in line with the five-year average.

• 4,234 active listings, up 14% year over year.

• 2,098 active detached listings, an increase of 20%.

• 155 condominium sales, down 23% from last September.

These figures cover Winnipeg and surrounding communities within the Board’s market region.

The increase in inventory gives buyers more properties to consider. Depending on the neighbourhood, price range and condition of the home, there may also be more room to negotiate price, possession dates or other terms.

However, additional inventory does not mean every property will sell below asking. Buyers still need to evaluate each home against recent comparable sales and the other options currently available.

Prices Remain Resilient

Through the end of September, the regional year-to-date average detached sale price reached $467,687, up 3% from 2025. The condominium average reached $288,751, up 2%.

Within Winnipeg itself, September detached sales were down approximately 3%, while the average detached sale price increased 3% to $462,689.

Average prices can change because of the mix of homes sold. A month with more higher-priced transactions can produce a stronger average even when overall activity slows. That is why these figures should provide context rather than determine the value of an individual property.

For sellers, the most useful comparison remains the homes competing with yours today and the properties that have recently sold in your area.

Condo Buyers Have More Time to Compare

Condominium sales across the regional market declined 23% year over year in September. That slowdown makes careful comparison particularly valuable.

Beyond the purchase price, buyers should consider:

• Monthly condo fees and what they include.

• Reserve-fund information and planned building projects.

• Any special assessments.

• Insurance, parking, pet restrictions and other condominium rules.

A lower-priced suite may have higher ongoing expenses or upcoming costs. Reviewing the building’s financial position is an essential part of understanding the purchase.

Mortgage Costs Still Matter

As of early October, leading advertised insured mortgage offers included approximately 4.34% for a five-year fixed term and 3.40% for a five-year variable term. Some shorter fixed-term offers had moved higher.

These are advertised offers for qualifying borrowers and specific mortgage products. Rates for conventional purchases, rental properties and refinances may differ. You can compare current offers through Ratehub’s Winnipeg mortgage page.

For buyers, a rate hold can help establish a working budget while shopping. It is also worth comparing penalties, portability and prepayment options alongside the interest rate.

Choose a payment that fits your household comfortably rather than building your plans around the possibility of a future rate cut.

What This Means for Your Next Move

If you are buying, increased selection gives you more opportunity to find a home that suits your needs. Prepare your financing, compare properties carefully and negotiate using evidence specific to the listing.

If you are selling, buyers have more alternatives. Thoughtful preparation, clear marketing and a price supported by current comparable properties can help your home stand out.

If you are buying an investment property, assess financing costs, achievable rent, vacancy and maintenance together. Manitoba’s rental rules and any applicable exemptions should also be confirmed before relying on projected rent increases.

Winnipeg remains a market where the details matter. Your neighbourhood, property type, price range and timeline will tell us more about your options than a citywide average alone.

Planning a move this fall? The Buenaventura Team can help you understand your local market and build a plan around your next chapter.

Explore buying a home · Request a home evaluation

Market figures reflect September 2026 results. Mortgage offers are time-sensitive and subject to qualification.