A First-Time Home Buyer Guide by Goodfellow Realty (2026)

If you’re a first-time home buyer in Manitoba, one of the biggest questions you’re probably asking is:

“How much money do I actually need to buy a home?”

At Goodfellow Realty, we help buyers across Winnipeg and Manitoba understand exactly what it takes to get into their first home—starting with your down payment and closing costs.

Minimum Down Payment in Manitoba (2026)

One of the biggest tax benefits for Canadian homeowners is the Principal A Your minimum down payment depends on the purchase price:

• Under $500,000 → 5%
• $500,000–$1.5M → 5% on first $500K, 10% on the rest
• $1.5M+ → 20%

Example: Winnipeg Home Purchase

For a $350,000 home in Winnipeg:

• Minimum down payment = $17,500

Many first-time buyers in Manitoba fall into this price range, making the 5% option the most common entry point.

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Some other topics you might find helpful when thinking about buying a home in Manitoba. Find out in the posts below:

• What Are Permits and How Can They Impact the Sale or Purchase of a Home in Manitoba?
• What You Should Know About Capital Gains & Property Taxes When Buying a Home in Canada
• Top Neighbourhoods in Winnipeg: Where to Live, Buy, and Invest with Goodfellow Realty

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How to Save Your Down Payment Faster

Permits aren’t just paperwork — they can directly affect a home’s value, safety, Before you start house hunting, it’s important to know how to build your down payment efficiently.

You can take advantage of tools like:

• FHSA (First Home Savings Account)
• RRSP Home Buyers’ Plan

Learn more in our guide:
How to save for your down payment using an FHSA in Manitoba

Do You Need Mortgage Insurance?

If your down payment is under 20%, you’ll need mortgage default insurance (CMHC or equivalent).

• Added to your mortgage
• Typically costs 2.8%–4%
• Allows you to buy sooner with less upfront cash

What Are Closing Costs in Manitoba?

YeClosing costs are the additional expenses required to finalize your purchase.

These often include:

• Land transfer tax
• Lawyer fees
• Home inspection
• Title insurance
• Property insurance
• Adjustments (taxes, utilities)

A good rule of thumb:
Budget 1.5%–4% of the purchase price

Example: Total Upfront Cost

For a $350,000 home:

• Down payment → $17,500
• Closing costs (~2.5%) → $8,750

Total needed: ~$26,000

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Looking for even more resources for a streamlined home selling experience? The posts below will get you started:

• Should You Work With a Full Time Realtor® When Buying or Selling?
• Thinking About Relocating to Winnipeg? Here’s What Families Should Know
• Why Reviewing a Reserve Fund Study is Crucial When Buying a Condo

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Understanding Manitoba Land Transfer Tax

This is usually your largest closing cost.

For a $350,000 home, expect:
 ~$4,500–$5,00

Beyond Budget: What to Look for Before You Buy

Once you understand your numbers, the next step is knowing what makes a good purchase decision.

For example, many buyers don’t realize how important permits and renovations are.

Read this before you buy:
What to check before buying a home in Manitoba (permits & risks)

This helps you avoid costly surprises after closing.

What’s Happening in the Winnipeg Market?

Understanding your budget is one thing—but knowing the market is just as important.

Stay informed with:
Latest Winnipeg real estate market trends

This helps you:

• Know if prices are rising or stabilizing
• Decide when to buy
• Set realistic expectations

Other Costs to Consider as a Homeowner

Buying a home isn’t just about upfront costs—you’ll also want to understand long-term financial factors.

Learn more about:
Property taxes and financial considerations in Manitoba

Expert Tips from Goodfellow Realty

• Get pre-approved before you start looking
• Don’t use all your savings—leave a buffer
• Plan for closing costs early
• Work with a local Winnipeg expert who knows the market

Why Work With Goodfellow Realty?

Buying a home is a big step—and having the right guidance matters.

At Goodfellow Realty, we help you:

• Understand your true budget
• Navigate down payments and closing costs
• Avoid costly mistakes
• Find the right home in Winnipeg or Manitoba

Learn more about our process:
Work with a Winnipeg real estate expert

If you’re thinking about buying a home, we’re here to help you every step of the way.

Contact us today for expert real estate guidance. Get a personalized plan based on your budget, timeline, and goals. Contact us by email info@goodfellowrealty.com or call 204-224-2551

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FAQ:Home Buyers in Manitoba

How much down payment do I need in Manitoba?

Most buyers need at least 5% for homes under $500,000.

How much are closing costs in Manitoba?

Typically, 1.5%–4% of the purchase price.

Can I buy with 5% down?

Yes, but mortgage insurance will apply if under 20%.