Manitoba Mortgage Payment Calculator 2024

This Page's Content Was Last Updated: December 28, 2022
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CMHC Mortgage Insurance is Included
Lifetime Mortgage Costs Over 25 Years
Total Cost:$842,939
Land Transfer Taxes and Other Costs
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Land Transfer Tax
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Located in central Canada, Manitoba is the sixth largest province in Canada. With a total area of 647,797 square kilometers, it covers 6.5% of the total area of Canada (source: Statistics Canada). As per population statistics, the population of Manitoba in 2021 was over 1.3M. The income-based GDP estimates of Statistics Canada indicate that Manitoba’s GDP at market prices in 2021 was over $79B, accounting for about 3.2% of Canada’s GDP. The median after-tax income in Manitoba was $63,000 for the year 2020, $3,800 below the national median (source: Statistics Canada).

Manitoba House Prices

Manitoba’s housing market is much more affordable than the Ontario housing market and the British Columbia housing market, and slightly more affordable compared to the Alberta housing market and the Quebec housing market. Canada’s housing market report of October 2022 shows that the average house price in Manitoba was $332,200 for the month. This is far less than the average prices seen in Ontario and B.C., which were $835,090 and $932,979 respectively. The average house price in Winnipeg in October 2022 was $354,818. As an effect of the Bank of Canada rate hikes and increasing mortgage rates, the average house prices in Manitoba fell by 4% in October 2022 compared to October 2021.

Closing Cost in Manitoba

For those who are getting CMHC mortgage insurance, which is required for down payments below 20%, Manitoba charges provincial tax on the insurance premium. This tax is called Manitoba's Retail Sales Tax (RST), and is 7% of your CMHC insurance premium.

For example, for a house being purchased in Manitoba for $400,000, with a 5% down payment of $20,000, CMHC insurance would cost $15,200, or 4% of the mortgage amount. The tax on this amount would then be an extra $1,064 due at closing.

Aside from the tax on mortgage insurance in Manitoba, other closing costs may include:

  • A property survey,
  • Lawyer & legal fees,
  • Title insurance,
  • Property appraisal fees, and
  • Home inspection fees

Manitoba’s Land Transfer Tax

When purchasing a home in Manitoba, a land transfer tax based on the home value will be due upon closing of the sale. As well, a flat $70 registration fee is also included in land transfer taxes. Land transfer taxes are based on a marginal system, where the higher the home price, the higher the marginal tax rate is. For the first $30,000 of a purchase price, there will be no transfer tax incurred. The rest of the transfer tax rates are as follows:

Purchase PriceMarginal Tax Rate
First $30,0000%
$30,000 to $90,0000.5%
$90,000 to $150,0001%
$150,000 to $200,0001.5%
Over $200,0002%

For example, if you purchase a property at $300,000, the land transfer tax would be a total of -

  • For first $30,000 - $30,000 × 0% = $0
  • For $30,000 up to $90,000 - $60,000 × 0.5% = $300
  • For $90,000 up to $150,000 - $60,000 × 1% = $600
  • For $150,000 up to $200,000 - $50,000 x 1.5% = $750
  • For $200,000 up to $300,000 - $100,000 x 2% = $2,000

In addition, a $70 registration fee will be charged. Thus the total land transfer tax payable would be $3,720.

First-Time Buyer Incentives in Manitoba

There are two main incentives available for first-time homebuyers in Manitoba. The incentives help first-time buyers overcome the financial challenges of purchasing a home through downpayment assistance,

First Time Home Purchase Program by Louis Riel Capital Corporation

This program is exclusively for Metis citizens in Manitoba and provides them down payment assistance, as well as funds to cover closing costs. Louis Riel Capital Corporation provides a down payment for up to 5% of the purchase price of the home to a maximum of $15,000 to eligible beneficiaries. They also receive another 1.5% of the purchase price up to $2500 to help cover closing costs.

Rural Homeownership Program

The rural homeownership program is offered by Manitoba Housing in select rural communities of Manitoba. Through this program, buyers can receive down payment assistance (up to 25% of purchase price), land transfer tax rebate and a non-repayable grant. There are two streams in this program -

  • Vacant Rural Homeownership stream: To purchase vacant homes owned by Manitoba Housing
  • Tenant Rural Homeownership Stream: For Manitoba Housing who wish to purchase the single-detached home they are currently renting from Manitoba Housing.

Cost Of Living and Inflation in Manitoba

The cost of living in Manitoba is among the lowest of all provinces in Canada. The cost of living in the capital city of Winnipeg is much lower than other major cities in Canada. As an example, the minimum cost of living for a family of three in Winnipeg is $3,701. In comparison the cost of living for the same family would be around $5,000 in Toronto or Vancouver. Aside from both low rental rates and home prices compared to the rest of Canada, Manitoba has some of the lowest power rates, at 9.9 cents per Kilowatt Hour (KWH). Power costs are second to only Quebec at 7.3 cents per KWH. Additionally, food spending and childcare costs in the province are also some of the lowest in Canada, making Manitoba a very attractive place to live on an affordability basis.

Even though the cost of living in Manitoba is fairly low, the province has seen some of the highest inflation rates in the country recently. The inflation rate in the province in October 2022 was 8.4%, more than the national rate of 6.9% (source: Statistics Canada).

Property Taxes in Manitoba

Homeowners in Manitoba are required to pay annual property taxes to the city for covering municipal service expenses such as public transit, police, garbage collections, fire department and schools. Property taxes in Manitoba are currently levied on 45% of the assessed market value of the properties. Normally, the assessments are carried out every two years. Property taxes in Manitoba include four components –

  • A municipal tax rate
  • A provincial education rate
  • A school levy
  • Additional taxes for covering local improvements and services

The property tax rates for some of the major municipalities in Manitoba are listed below.

MunicipalityProperty Tax Rate
Portage la Prairie3.2875%
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.