Loans, Credit, Mortgages and Financing in Winnipeg

Loans, Credit, Mortgages and Financing in Winnipeg

Written by Caitlin Wood
Last Updated October 20, 2015

Winnipeg is a culturally diverse artistic bustling city. It’s home to over half of the provinces population and has the highest percentage of both Filipino and Aboriginal people in any municipality or major city in Canada. Winnipeg is also the “Gateway to the West”; it is a major railway and transportation hub and has an extremely diverse economy. Long before European contact the region was a trading center for the aboriginal peoples, French traders built the first fort in the region in 1738 and it was named Winnipeg after the words that the Western Cree used to describe the muddy waters of the earn by Lake Winnipeg.

Fun Facts

  • Winnipeg was the first city in the world to develop and implement 911 as an emergency number.
  • The inspiration for the beloved character Winnie the Pooh came from a bear owned by Winnipegger Lieutenant Harry Colebourne who named him after his hometown.
  • For 10 consecutive years Winnipeg held the title for the ‘Slurpee Capital of the World’. The city consumed 400,000 Slurpees on a monthly basis.

Statistical Analysis

Average Family Income75,880
Average Price of House$274,541
Provincial Income Tax10.8% on the first $31,000 of taxable income
12.75% on the next $36,000
17.4% on the amount over $67,000
Provincial Sales Tax8%
Unemployment Rate5.9%
Insolvency Rate 1.9%

Winnipeg Housing Market

The Winnipeg housing market is best described in one word, stable. There has been a slight increase in prices but nothing too drastic and the overall sales only fluctuate either way by less than one percent. Low mortgage rates, limited number of new build homes and the increase in migration will lead to an increase in prices for the next year or two.

How to be a Responsible Consumer

Protecting yourself from consumer fraud, credit scams and identity theft should always be a priority. By learning how to be a responsible and conscientious consumer you’ll be able to arm yourself with the information you need.

  • Keep an Eye on Your Credit Report. Your credit report contains all your financial and personal information. Including your employment record, credit card use, previous and present debts and marital status, this is all extremely valuable information and you should always make sure it is up to date.
  • Maintain a Healthy Credit Score. Maintaining a healthy credit score will give you the financial freedom to pursue all your life goals. A high credit score will make applying for loans all the more easy and could potentially afford you more favourable interest rates.
  • Responsibly Manage Your Credit, Debts and Loans. Always pay your bills on time, especially credit card and loan payments. Only borrow money that you need and can afford to pay back. And If you’re having difficulty keeping up with your bills get in contact with your lender or creditor right away.

Consumer Protection in Winnipeg

The Winnipeg Consumer Protection Office receives, facilitates and investigates all consumer related complaints, questions and inquires that any citizen of Winnipeg might have. Should you need assistance concerning a consumer issue get in contact with the Consumer Protection Office or visit the Consumer Protection section of the Government of Manitoba website.

Consumer Protection Office
258 Portage Avenue
Winnipeg, Manitoba R3C 0B6
Telephone: 204-945-3800
Toll Free: 1-800-782-0067
Fax: 204-945-0728

Protecting Your Personal Information

Always keep all of your personal information private; never share more information than you need to. Keep an eye out for strange charges on your credit accounts or errors on your credit report. If you think you might be the victim of identity fraud or a credit scam get in contact with the two major Canadian credit reporting agencies (Equifax and TransUnion).

Equifax Canada Inc.
Toll-free: 1-800-465-7166

TransUnion of Canada
Toll-free: 1-800-663-9980

Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

Click on the star to rate it!

How useful was this post?

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Industry Spotlight

What's happening with Canada's credit industry?

goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest

goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest

goPeer is Canada's first consumer peer to peer lending platform and connects creditworthy Canadians looking for a loan with everyday Canadians looking...

Read Post
Find The Best Rate
In Your Region
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.