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Your Guide to Buying a Home in Winnipeg

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Buying a house or condo is one of the biggest financial decisions you’ll make, whether you’re a first-time homebuyer, an investor, upgrading to a larger home, or downsizing to better fit your lifestyle. Navigating the market can feel overwhelming, but having the right expertise behind you, makes all the difference.

With over 20 years of experience as a full-time Realtor in Winnipeg, I’ve helped buyers at every stage—from first-time homebuyers taking their first step into homeownership to seasoned real estate investors looking for the perfect property. Whether you're searching for a spacious house for your growing family or a modern condo for a low-maintenance lifestyle, I provide personalized guidance to help you make a confident decision.

Buying a home isn’t just about finding the right property—it’s about understanding the process, securing the best deal, and ensuring a smooth transaction from start to finish. I’m here to guide you through every step, making your home-buying journey as stress-free and successful as possible. Let’s find the perfect home for your next chapter - put my expertise to work for you!

The Home Buying Process

Let's Start This Journey Together!

When you make the important decision to buy or sell a home, I am committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner.

Get Pre-Approved

Step 1

Before you start house hunting, obtaining mortgage pre-approval is crucial. This process determines how much you can afford and signals to sellers that you're a serious buyer. Pre-approval also helps narrow down your search, so you can focus on homes within your budget.  I have access to some of the best mortgage brokers and mortgage lenders in Winnipeg - contact me today and I'll put you in touch!

Choose a Realtor

Step 2

Choosing the right realtor in Winnipeg is essential for a smooth home-buying experience. Look for an experienced agent with local market expertise, strong negotiation skills, and excellent communication. Check reviews, ask for referrals, and interview potential realtors to ensure they understand your needs. A great agent should be transparent, responsive, and focused on your best interests. With a skilled and trustworthy real estate agent in Winnipeg, you will find the home-buying process easier and less stressful.

Start House Hunting

Step 3

Once you have obtained pre-approval, the next step is to begin your search for the ideal home. Winnipeg offers a variety of housing options, from cozy condos to spacious family homes. I have over 20 years' experience as a Realtor in Winnipeg. I'll provide details about local neighbourhoods, and also information on market trends and homes for sale that meet your needs. I have access to MLS listings in Manitoba as well as exclusive listings of homes not currently available to the general public.

Making an Offer

Step 4

When you find a home you love, it's time to submit an offer. I help my clients create strong offers using recent sales data. I negotiate good terms and make sure the transaction goes smoothly. Understanding seller motivations and market conditions can give you an advantage in negotiations. 

Condition Removals and Closing

Step 5

You can decide to do a home inspection before making an offer. You can also do it after your offer is accepted. This choice depends on the current market conditions.  Should you decide to have one, I will help you negotiate repairs or adjustments.  I will also ensure your lender has everything necessary to ensure mortgage financing is completed by the deadline.  The closing process involves finalizing paperwork and preparing for additional costs, such as legal fees and taxes.  You will also need to arrange property insurance, and you'll meet with your lawyer at this point.


How Much Mortgage Can I Afford?

Before diving into house hunting, it’s crucial to know how much mortgage you can truly afford—not just what a lender will approve, but what comfortably fits your lifestyle.

Lenders use two key calculations:

  • Gross Debt Service (GDS) ratio – The percentage of your income that covers mortgage payments, property taxes, heating, and condo fees (should be under 35%).
  • Total Debt Service (TDS) ratio – Includes GDS plus all other debt payments like car loans and credit cards (should stay below 42%).

On top of that, you must pass the mortgage stress test, meaning lenders assess your ability to pay at a higher rate—either the Bank of Canada’s benchmark rate, or your actual mortgage rate +2%.

A mortgage pre-approval gives you an estimate of how much you can borrow and locks in a rate for up to 120 days. You can get pre-approved through:

  • A mortgage broker – Shops around for the best rates and terms across multiple lenders.
  • A bank – Offers only its own products but may provide perks for existing customers.

A mortgage calculator can give you a rough idea of your budget, but don’t just rely on what you qualify for. Consider your real-life expenses—childcare, travel, savings, and lifestyle costs—to avoid being stretched too thin.


Fixed vs Variable Mortgage

When getting a mortgage, one of the biggest decisions you’ll make is whether to go with a fixed rate or a variable rate mortgage. Both have their pros and cons, and the right choice depends on your financial situation and risk tolerance. Let’s break it down in simple terms.

What is a Fixed-Rate Mortgage?

A fixed-rate mortgage has an interest rate that stays the same for the entire term (typically 1 to 5 years). Your monthly payments never change, making budgeting easy and predictable.

✅ Pros:

  • Protection from interest rate increases
  • Stable payments for easier financial planning
  • Peace of mind knowing your rate won’t change

❌ Cons:

  • Fixed rates are often higher than variable rates at the start
  • If rates drop, you won’t benefit from lower payments
  • Breaking the mortgage (e.g., selling or refinancing early) can come with high penalties

A fixed-rate mortgage is great if you prefer stability and predictability—especially in an environment where interest rates are expected to rise.

What is a Variable Rate Mortgage?

A variable rate mortgage has an interest rate that fluctuates based on the lender’s prime rate, which is influenced by the Bank of Canada’s decisions. When rates go down, you save money. When they go up, you pay more.

There are two types of variable rate mortgages:

  • Fixed Payment Variable Rate – Your payment stays the same, but if rates rise, more goes toward interest instead of principal (and vice versa when rates drop).
  • Adjustable Rate Mortgage (ARM) – Your payment adjusts up or down as rates change, keeping the same portion going toward principal.

✅ Pros:

  • Typically starts with a lower rate than a fixed mortgage
  • You benefit if interest rates drop
  • Lower penalties if you break your mortgage early

❌ Cons:

  • Payments could increase if rates rise
  • Uncertainty can make budgeting harder
  • Some borrowers may find rate fluctuations stressful

A variable-rate mortgage can save you money if rates stay low, but it comes with more risk. Some lenders allow you to switch to a fixed rate if rates climb too high.

Which One Should You Choose?

  • If you like stability and don’t want surprises, a fixed rate is the safer choice.
  • If you’re comfortable with risk and want to save money if rates stay low, a variable rate might be a good fit.

Still unsure? A mortgage broker can help compare options and find the best choice for your situation. No matter which path you take, understanding your mortgage rate can help you make a smarter, more confident home-buying decision!

Mortgage Broker or Bank? Which is Better?

When getting a mortgage, you have two main options: a mortgage broker or a bank. So, which one is right for you?

A mortgage broker is like a personal shopper for your mortgage. They work with multiple lenders—including banks, credit unions, and private lenders—to find you the best rate and terms. 

Mortgage brokers have access to a large variety of mortgage products, which can be helpful if you’re self-employed, have a lower credit score, or need flexible options. Since they’re independent, they aren’t tied to any one lender, meaning they can shop around for the best deal. Best of all, their services are usually free because lenders pay them a commission when a mortgage deal is finalized.  

On the other hand, going directly to a bank means you’re dealing with one lender and their specific mortgage products. If you already have a strong relationship with your bank, they might offer special perks, such as lower fees or bundled financial services. 

However, banks only offer their own rates and terms, so you won’t have the benefit of comparison shopping. If you’re a straightforward borrower with good credit and a stable income, a bank might be the easier option.  However, I'd strongly suggest speaking to the bank's mortgage specialist.  The average bank employee sitting behind the desk at your local branch will only do a couple of mortgages a year, and in Winnipeg's fast paced and competitive real estate market, this can put you as a buyer at a MAJOR disadvantage.  

I've developed great relationships with a variety of mortgage lenders and bank-based mortgage specialists, and I'd be more than happy to recommend them to you.  Reach out and let's chat!


Mortgage Pre-Approval vs. Actual Approval

What is a Mortgage Pre-Approval?

A mortgage pre-approval is a lender’s way of estimating how much you can borrow before you start house hunting. It’s based on your income, credit score, debts, and financial history. During the process, the lender will assess your financial situation and provide a pre-approved loan amount along with an interest rate hold (usually for 90–120 days). This gives you a clear idea of your budget and protects you from rising rates while you shop.

However, pre-approval is not a guarantee—once you find a home, the lender will still need to finalize the mortgage based on the property’s details. If the lender disagrees with the price you've offered on a property (for example, they deem the property to be valued significantly less than you paid for it) or take exception to the property itself (for exaple, it used to be a grow-op), the lender can definitely deny the mortgage application.

This is something that is even more important to be aware of given the bidding wars in Winnipeg that we've experience in the last few years. 

It is CRITICAL - I'll say it again - CRITICAL to understand that there IS a difference between a pre-approval and an approval.  If you are considering removing a financing condition in order to make your offer more attractive to a seller, you need to be aware that even though you've got a pre-approval in hand, the lender can still refuse to give you mortgage financing for that property.  Removing a financing condition in a bidding war should only be done with a true understanding of the risks involved (which can include but not be limited to losing your deposit and facing further legal action), as well as a potential backup plan (someone to cosign for you, for example).

Getting pre-approved helps you shop with confidence, shows sellers you’re a serious buyer, and speeds up the mortgage approval process when you make an offer. Whether you go through a mortgage broker or a bank, a pre-approval is an important first step in securing your dream home!

How Much Down Payment Do I Need?

Minimum down payment for owner-occupied homes in Canada is 5% for properties up to $500,000.

For homes valued between $500,000 - $1.5 million, the minimum down payment is 5% of the first $500,000 and 10% of the remaining balance.

The minimum down payment on properties valued over $1.5 million is 20%.

Under certain circumstances, your lender may require more than the minimum down payment.

Secondary properties such as cottages, and investment properties or multi-unit projects do not qualify for these minimum down payment amounts.  For example, if you're purchasing a property as an investment, you'll need a minimum of 20% down.


Deposit vs Down Payment

When you write an offer to purchase a home, you'll include a deposit with the offer.  This deposit normally comes in the form of a personal cheque or a money order.

The deposit is commonly referred to as "good faith" money.  It shows the seller you're serious about finalizing your purchase.  If your offer to purchase is accepted by the seller, the cheque/money order will be cashed and the proceeds will be held in a trust account by the seller's lawyer until possession.  

If you have written any conditions into your offer (for example, subject to financing approval by a certain date), and you're unable to satisfy the conditions (for example, the bank refuses to provide mortgage financing), you'll get your deposit back.

However, if you don't write any conditions in the offer, or if you wrote the conditions, satisfied the conditions and then decide to back out of the deal, you will likely lose your deposit.  That's why it's referred to as "good faith" money - it's the sellers' insurance that you won't back out of the deal on a whim, as you'd potentially lose thousands of dollars in the process.

The down payment is the larger amount that is due on possession, and combined with your mortgage, makes up the full purchase price.  When we refer to conventional mortgages with "20% down", we're referring to the down payment, not the deposit.

However, it should be noted that ultimately the deposit will also go towards the purchase price.  For example, if you purchased a home for $400,000 with 20% down ($80,000) but you provided a $10,000 deposit when you made the original offer, you'll owe $70,000 on close ($80,000 down payment minus the $10,000 deposit).

In short: the deposit secures the deal, and the down payment secures the mortgage.

 


What is a Mortgage Stress Test?

Thinking about buying a home? You’ve probably heard about the mortgage stress test—but what does it actually mean?

Simply put, the mortgage stress test is a financial check lenders use to make sure you can still afford your mortgage if interest rates rise or your income changes. It’s a way to see if you can handle higher payments before approving your loan.

Here’s how it works: Instead of just looking at the rate your lender offers, they assess your finances using a higher rate, called the qualifying rate. This is either the Bank of Canada’s benchmark rate (which fluctuates), or your actual mortgage rate plus 2%, whichever is higher. So even if you’re offered a 4.5% mortgage, they’ll test your ability to pay at 6.5%.

Why does this matter? The stress test protects you from financial strain if rates increase or your budget tightens. However, it also means you might qualify for a smaller mortgage than expected. If you’re having trouble passing the test, consider saving a bigger down payment, paying off debt, or looking at lower-priced homes.

The mortgage stress test can feel like a hurdle, but it’s designed to keep homeowners financially secure in the long run. If you’re unsure how it affects you, a mortgage broker can help you navigate your options!

What is a High Ratio Mortgage?

A high-ratio mortgage is a home loan where the buyer puts down less than 20% of the home’s price (downpayment). Since the lender is taking on more risk, the mortgage must be insured via mortgage default insurance

There are three mortgage default insurance providers in Canada: CMHC, Sagan (formerly Genworth) and Canada Guaranty.  If the borrower can't make their mortgage payments, the mortgage default insurance protects the LENDER - it does NOT protect the buyer.

Having three insurers to choose from is beneficial, as while they share many similarities, their policies have key differences that can impact whether a mortgage application gets approved. Additionally, your broker might select a specific lender based on which insurer’s policy best supports your approval.

The insurance cost is added to the mortgage and depends on how much you put down. The less you put down, the higher the insurance premium. While a high-ratio mortgage helps buyers get into the market sooner with a smaller down payment, it also means extra costs and stricter approval rules, like passing the mortgage stress test.


What is a Conventional Mortgage:

A conventional mortgage is a home loan where the buyer makes a down payment of at least 20% of the purchase price. 

Unlike a high-ratio mortgage, a conventional mortgage does not require mortgage default insurance from providers like CMHC, Sagen, or Canada Guaranty. This can save buyers thousands of dollars in insurance premiums. Since lenders take on less risk with a larger down payment, borrowers with conventional mortgages may also qualify for better interest rates and more flexible terms.

While a 20% down payment may seem like a big hurdle, a conventional mortgage can lead to lower overall costs and more financial flexibility in the long run.

How Much Are Closing Costs?

When buying a home in Manitoba, your budget shouldn’t just include the purchase price—you also need to factor in closing costs. These are the extra expenses due on closing day, and I typically tell my clients to budget from 2-3% of the homes' purchase price for closing costs.  Let’s break down the key costs you can expect.

1. Land Transfer Tax

Manitoba’s Land Transfer Tax (LTT) is one of the biggest closing costs. It’s based on a sliding scale and increases as the price of the home increases. There are few situations where a property is exempt from Land Transfer Tax, but they are rare.

The LTT is paid for by the buyer, and it is essentially an administration cost (and a hefty one at that) to finance the registration of title at the land titles office.

You can estimate the Manitoba Land Transfer Tax here.

2. Legal Fees and Disbursements

You’ll need a real estate lawyer to handle paperwork, register your mortgage, and ensure a smooth closing. Expect to pay between $1,000 and $2,500, depending on the complexity of the transaction.

3. Home Inspection (Optional)

A home inspection isn’t required, but it’s a smart investment, for both newer and older properties. A typical inspection in Manitoba costs $400 to $700, depending on the home’s size and condition.

4. Property Tax Adjustments

If the seller has prepaid property taxes, you’ll need to reimburse them for the portion covering the time you own the home. In Manitoba, property taxes are due by June 30th of each year, but they cover the time from January 1 to December 31st of the year.  If the seller of your home has prepaid the property taxes, and you take possession of the home on August 1, you'll owe a prorated amount of those taxes (the adjustment) to the seller - the amount from August 1st to December 31st.

5. Title Insurance

Title insurance protects you from ownership disputes or defects concerning the property’s title. While not mandatory, many lenders require it. Expect to pay around $250 to $500.

6. Mortgage Default Insurance (If Applicable)

If your down payment is less than 20%, you’ll need mortgage default insurance (CMHC, Sagen, or Canada Guaranty). This cost is added to your mortgage but is important to consider when budgeting.

7. Other Potential Costs

  • Appraisal Fee – Some lenders require a home appraisal, costing $300 to $500.
  • Moving Costs – Hiring movers or renting a truck can range from $500 to $2,000+.
  • Utility Hookups & Adjustments – Setting up hydro, water, and internet can come with connection fees.


How Long Does it Take for Mortgage Approval?

It depends!

If you were pre-approved for a mortgage, and you've placed an offer on a home, the approval process should be relatively quick and stress-free.  If no appraisal is required on the property, you could see an approval in as little as 1-3 days, if you're using an experienced mortgage professional.

If you weren't pre-approved and have placed an offer on a home, expect it to take longer - it will depend how quickly you can get all of the required documentation to your mortgage broker or representative.

Winnipeg is a very competitive and fast-paced real estate market.  A seller very well might reject an offer where the financing condition is too long.  This underscores both the need to get pre-approved for your mortgage, and to take care in choosing the right mortgage professional for you.