A home is likely the biggest purchase you'll ever make, so get a firm handle on your finances before you shop for a mortgage. The good news in Manitoba is that prices are far lower than in most of the country.
Using CREA's benchmark, the average house price in Manitoba rose 3.4% over the year to reach $388,200 in September 2026. Knowing that figure helps you set a savings goal for your down payment. It is also less than 60% of the average house price in Canada.
Key Points
- Manitoba's benchmark home price reached $388,200 in September 2026, a 3.4% rise from September 2025.
- Winnipeg came in a little higher at $392,100, a 3.1% annual gain.
- The province sits about $278,000 under the $666,538 national average, which makes it one of the lower-cost places to buy.
- Mortgage payments on a benchmark-priced home run from about $1,800 to $2,230 a month, depending on your down payment.
- Land transfer tax on a $388,200 home is about $5,414, payable at closing.
What Is The Average House Price In Manitoba In 2026?
Manitoba's benchmark price climbed 3.4% in the year to September 2026 and now stands at $388,200.1 CREA reports Manitoba with an MLS HPI benchmark. That figure follows the value of a home with ordinary features, so it isn't thrown off when more cheap or more expensive homes sell in a given month.
Winnipeg has a separate composite benchmark, which rose 3.1% over the year to $392,100 in September 2026.2 That's a bit above the provincial figure. The city's benchmark set a record of $403,200 in June 2026. It is down 2.8% from that peak but still about 3.3 times the January 2005 figure of $118,800.
This chart follows Winnipeg's benchmark from 2005 to 2026.
Winnipeg Benchmark Home Price, 2005 To 2026
Peak $403,200 in June 2026 | September 2026: $392,100
Source: CREA MLS Home Price Index, Winnipeg composite benchmark price, not seasonally adjusted.
In Winnipeg, the kind of home you pick matters more than anything else. A single-family home costs about $176,000 more than an apartment. The table also includes the Brandon area.
| Market Or Home Type | September 2026 Price | Change In 12 Months |
|---|---|---|
| Manitoba (all homes)* | $388,200 | +3.4% |
| Winnipeg (all homes)* | $392,100 | +3.1% |
| Winnipeg single-family home* | $413,600 | +3.1% |
| Winnipeg townhouse* | $331,700 | +0.8% |
| Winnipeg apartment* | $237,500 | +1.9% |
| Brandon area | $360,902 | +12.8% |
Source: CREA, September 2026.1,2,3 Asterisked rows are MLS HPI benchmarks. Brandon is an average sale price, and with just 69 sales in September 2026, it can jump around from one month to the next.
Average sale prices from the Winnipeg Regional Real Estate Board tell a similar story. Between January and September 2026, detached homes averaged $467,687, up 3% from 2025, and condos averaged $288,751, up 2%. Neither had ever been higher for that stretch of the year.4
How Does Manitoba Compare With Other Provinces?
It's one of the cheaper provinces. Prices are close to those in Saskatchewan and Prince Edward Island, and far under the national figure.
| Region | Home Price, September 2026 | Annual Change |
|---|---|---|
| Canada | $666,538 | -1.6% |
| British Columbia | $923,887 | -2.4% |
| Ontario | $791,691 | -4.3% |
| Quebec | $563,241 | 2.2% |
| Alberta | $525,308 | 5.2% |
| Nova Scotia* | $423,200 | -2.5% |
| Manitoba* | $388,200 | 3.4% |
| Prince Edward Island* | $377,900 | 0.5% |
| Saskatchewan* | $376,700 | 2.8% |
| Newfoundland and Labrador* | $355,600 | 5.5% |
| New Brunswick* | $341,700 | 2.7% |
Source: CREA, September 2026.1 An asterisk means the province appears at its MLS HPI benchmark, and the other rows are average prices. Manitoba's 3.4% gain was among the stronger ones in Canada, while B.C. and Ontario saw prices fall.
How Much Lower Are Manitoba Prices Than The National Average?
About $278,000 lower. Manitoba's $388,200 benchmark compares with a $666,538 national average.1 In September 2026, only four provinces were cheaper: Prince Edward Island, Saskatchewan, Newfoundland and Labrador, and New Brunswick.
In Winnipeg, the benchmark is $392,100 for a home overall and $237,500 for an apartment.2 Brandon is a far smaller market, with 69 sales in September 2026.3
Lower prices don't mean flat prices. Winnipeg set year-to-date records for detached and condo averages in 2026, and the board is focused on adding supply so buyers have more choice.4
What's The Monthly Mortgage Payment On A $388,200 Manitoba Home?
With 20% down, expect about $1,806 a month. With the minimum 5% down, it's about $2,231. These use a fixed rate of 5% amortized over 25 years. A bigger down payment lowers your loan and removes the insurance cost, so it has the largest effect on your payment.
Swipe to see all →
| Down Payment | Dollars Down | Insurance Premium | 7% PST On Premium | Loan Total | Payment Per Month |
|---|---|---|---|---|---|
| Minimum (5%)* | $19,410 | $14,752 (4.00%) | $1,033 | $383,542 | $2,231 |
| 10% | $38,820 | $10,831 (3.10%) | $758 | $360,211 | $2,095 |
| 20% | $77,640 | None | None | $310,560 | $1,806 |
*Homes up to $500,000 need a minimum down payment of 5%. At $388,200, that's $19,410.
These numbers are for illustrative purposes only. Actual numbers may vary.
Below 20% down, your lender requires mortgage default insurance, and the premium is added to your loan. It's the reason the 5% row has a $383,542 loan. On top of that, Manitoba adds 7% PST to the premium. You can't add the PST to your mortgage. With 5% down, budget about $1,033 in cash for it.
What Happens To The Payment If Rates Change?
Borrowing $310,560 with 20% down, each half-point rise or drop in your rate moves the payment about $85 to $90 a month. Across the full 25 years, paying 6% instead of 4% costs you $106,012 more in interest, so shopping around for a lower rate pays off.
| Rate | Monthly Amount | Interest Over 25 Years |
|---|---|---|
| 4.0% | $1,634 | $179,523 |
| 4.5% | $1,719 | $205,100 |
| 5.0% | $1,806 | $231,310 |
| 5.5% | $1,896 | $258,130 |
| 6.0% | $1,987 | $285,535 |
These numbers are for illustrative purposes only. Actual numbers may vary.
Use the calculator below to test your own price, rate and down payment.
Mortgage Calculator
| Amortization | Payment | Total interest | Total paid |
|---|---|---|---|
| 15 years | $3,356.62 | $164,191.53 | $604,191.53 |
| 20 years | $2,773.78 | $225,707.84 | $665,707.84 |
| 25 years | $2,435.28 | $290,584.30 | $730,584.30 |
| 30 years | $2,218.55 | $358,677.44 | $798,677.44 |
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| Year 1 | $9,805.24 | $19,418.13 | $430,194.76 |
| Year 2 | $10,251.44 | $18,971.93 | $419,943.33 |
| Year 3 | $10,717.94 | $18,505.43 | $409,225.38 |
| Year 4 | $11,205.67 | $18,017.70 | $398,019.71 |
| Year 5 | $11,715.60 | $17,507.77 | $386,304.11 |
| Year 6 | $12,248.74 | $16,974.64 | $374,055.37 |
| Year 7 | $12,806.13 | $16,417.24 | $361,249.24 |
| Year 8 | $13,388.89 | $15,834.48 | $347,860.35 |
| Year 9 | $13,998.17 | $15,225.20 | $333,862.18 |
| Year 10 | $14,635.17 | $14,588.20 | $319,227.01 |
| Year 11 | $15,301.16 | $13,922.21 | $303,925.85 |
| Year 12 | $15,997.46 | $13,225.91 | $287,928.39 |
| Year 13 | $16,725.45 | $12,497.93 | $271,202.94 |
| Year 14 | $17,486.56 | $11,736.81 | $253,716.38 |
| Year 15 | $18,282.31 | $10,941.07 | $235,434.07 |
| Year 16 | $19,114.27 | $10,109.11 | $216,319.81 |
| Year 17 | $19,984.08 | $9,239.29 | $196,335.72 |
| Year 18 | $20,893.49 | $8,329.89 | $175,442.24 |
| Year 19 | $21,844.27 | $7,379.10 | $153,597.97 |
| Year 20 | $22,838.32 | $6,385.05 | $130,759.65 |
| Year 21 | $23,877.61 | $5,345.77 | $106,882.04 |
| Year 22 | $24,964.19 | $4,259.19 | $81,917.86 |
| Year 23 | $26,100.21 | $3,123.16 | $55,817.64 |
| Year 24 | $27,287.94 | $1,935.44 | $28,529.71 |
| Year 25 | $28,529.71 | $693.66 | $0.00 |
Estimates only. How we calculate: home price minus your down payment, repaid in equal payments at your rate, with interest compounded semi-annually, as fixed-rate mortgages in Canada usually are. Accelerated payments are your monthly payment split in two (bi-weekly) or four (weekly), which pays the mortgage off sooner. With less than 20% down on a home under $1.5 million, the CMHC default insurance premium (2.80% to 4.00% of the loan, by down payment) is added to the mortgage; in Ontario, Quebec and Saskatchewan, the provincial sales tax on it is due at closing and isn't included. Property tax and other fees are not included.
What Is Manitoba's Land Transfer Tax On An Average Home?
About $5,414 on a $388,200 home. Manitoba charges land transfer tax on the property's fair market value when the transfer is registered, with rates that step up for each portion of the price.5
| Part Of The Value | Rate Charged |
|---|---|
| First $30,000 | 0% |
| $30,001 to $90,000 | 0.5% |
| $90,001 to $150,000 | 1.0% |
| $150,001 to $200,000 | 1.5% |
| Over $200,000 | 2.0% |
Here is the breakdown at $388,200: nothing on the first $30,000, $300 on the next $60,000, $600 on the next $60,000, $750 on the next $50,000 and $3,764 on the $188,200 above $200,000.
| Benchmark Price | Tax Owed |
|---|---|
| $388,200 (Manitoba benchmark) | $5,414 |
| $392,100 (Winnipeg benchmark) | $5,492 |
These numbers are for illustrative purposes only. Actual numbers may vary.
You pay this tax at closing, separate from your down payment. With 5% down, that's about $24,824 in cash for the down payment and tax together, before the PST on your insurance premium and other closing costs.
How Do Interest Rates Affect Manitoba Home Prices?
Rates set how much a mortgage costs, and that drives demand. Lower rates make borrowing cheaper and pull in more buyers, which can push prices up. Higher rates make each payment bigger, which can slow demand and keep prices in check.
On October 28, 2026, Canada's central bank added a quarter point to its policy rate, bringing it from 2.25% to 2.50%. Activity around Winnipeg had already eased, with September 2026 MLS sales down 10% from a year earlier.4
What Drives Home Prices Up Or Down In Manitoba?
Here's what moves Manitoba prices:
- Interest rates - Lower rates make mortgages cheaper, so more people buy and prices tend to rise.
- The number of homes for sale - Prices climb when buyers outnumber listings. When listings are plentiful, prices can stall.
- Location - Homes in sought-after neighbourhoods sell for more than similar homes in less popular ones.
- Size - Larger homes are usually worth more than smaller ones, though plenty of other things affect value too.
- Age and condition - Newer homes usually need fewer repairs and use the modern materials buyers want, so they tend to be worth more than older homes in poor shape, with some exceptions.
- Features - Hardwood floors, stone counters, the style of the home and the landscaping can all add value.
- Jobs - When more people are working, more have the steady income needed to buy a home, which lifts demand and can raise prices.
Who Has The Upper Hand Right Now
A market favours buyers when listings outnumber shoppers, and prices tend to soften. It favours sellers when shoppers outnumber listings, and prices tend to rise.
This fall, Winnipeg buyers have more homes to choose from. The region had 4,234 active listings at the end of September 2026, 14% more than a year earlier and 5% above the five-year average. Detached listings alone were up 20%.4 With that many options, you may be able to bargain the price down.
How Much Home Can You Afford In Manitoba?
Lenders look at your gross and total debt service ratios (GDS and TDS), known together as your debt service ratio. Running them yourself gives you a fast answer. For a fuller picture, review your mortgage affordability before you start looking.
How GDS And TDS Work
GDS is the part of your gross income spent on housing, meaning mortgage principal and interest, heating and property taxes. Your lender decides the highest GDS it will allow.
TDS is the part of your gross income spent on every debt payment, housing included. Lenders weigh it against their own cap when deciding whether to approve you.
Before running the ratios, total your monthly spending on car loans, student loans, credit cards, groceries, gas and subscriptions. Compare that with your income to see what's left for a mortgage. At the benchmark price, payments start around $1,806 a month.
Which Other Homeowner Costs Should Manitoba Buyers Plan For?
The mortgage will be your biggest monthly housing bill, but it isn't the only one. Build these into your budget:
| Cost | Details |
|---|---|
| Property taxes | Rates vary by municipality. Winnipeg's 2026 combined residential mill rate in the Winnipeg School Division is 29.366, and it applies to 45% of your assessed value. On an assessment of $388,200, the yearly bill is about $5,130.6 |
| Home insurance | Your lender will insist on coverage before it funds your mortgage. |
| Utilities | Monthly heat, power, water and internet bills, with heating a bigger expense through Manitoba winters. |
| Closing costs | Expect land transfer tax, legal fees and a home inspection around closing. |
| Repairs and maintenance | Furnaces, roofs and appliances wear out, and repairs come out of your pocket. |
| Condo fees | Condo owners pay a set monthly fee for common areas in addition to the mortgage. |
| Renovation costs | If you plan updates after moving in, price them out before you buy. |
Leave enough slack for these costs so you don't end up "house poor."
Smart Moves Before You Buy In Manitoba
Start with a list of what you need and what you'd like to have, such as:
- Number of bedrooms
- Number of bathrooms
- Yard space
- Proximity to work
- Proximity to amenities
- Types of schools in the vicinity
Think past the next year or two. Unless you plan to move soon, picture how the home will work as your family grows or as stairs and long walks get harder with age.
Hire An Agent Who Knows The Area
An agent who knows your target neighbourhood can tell a fair price from an inflated one and push for the lowest price on your behalf, which leaves more money in your pocket.
Book A Home Inspection
A professional inspection can turn up problems that would be expensive to fix. If it finds any, you can ask for a lower price, ask the seller to fix them before you move in or walk away from the deal.
Either way, you'll know the home is worth what you're paying.
Make Your Offer Conditional On Financing
A pre-approval is a good start, but it isn't final approval. Your lender needs your purchase agreement to see the agreed price before it can sign off on the mortgage.
Add a financing condition to your offer so you have a few days to lock in the mortgage. If final approval falls through, you can back out without being stuck with a home you can't pay for.
Where Can You Get A Mortgage In Manitoba?
You have three main options.
The Big Banks
Canada's big banks finance many home purchases, but you'll need strong credit to qualify.
Manitoba Credit Unions
You'll need to join a credit union before you can apply. In return, members may get competitive rates and favourable terms.
Some credit unions accept a score just below what counts as good, while many others want good credit.
Alternative Mortgage Lenders
If bad credit stands in the way at a bank or credit union, an alternative lender may approve you. Their requirements are more flexible, including lower credit score minimums. In exchange, they usually charge higher rates, so factor the bigger payment into your budget.
Making Your Manitoba Purchase Work
Manitoba gives you a lower-cost way into homeownership than most provinces. On a $388,200 home, expect to pay about $1,800 to $2,230 monthly, plus land transfer tax, property taxes and upkeep. Work out what you can comfortably carry before you make an offer.
Average House Price In Manitoba FAQs
What are comps in real estate?
Does a pre-approval help when house hunting?
How can a mortgage specialist help you?
Are Manitoba home prices still rising?
Is Manitoba cheaper than the Canadian average?
Which Manitoba city costs the most to buy in?
How much is a mortgage payment on a typical Manitoba home?
What's the land transfer tax on a typical Manitoba home?
Sources
- Canadian Real Estate Association (CREA), "National Price Map (September 2026)," crea.ca, accessed October 2026. https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/national-price-map/
- Canadian Real Estate Association (CREA), "MLS Home Price Index data, not seasonally adjusted (monthly), Winnipeg," crea.ca, accessed October 2026. https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/
- Canadian Real Estate Association (CREA), "Brandon Area REALTORS market statistics (September 2026)," creastats.crea.ca, accessed October 2026. https://creastats.crea.ca/board/brnd
- Winnipeg Regional Real Estate Board, "More choice, record average prices and softer sales defined September results," winnipegregionalrealestatenews.com, October 6, 2026. https://www.winnipegregionalrealestatenews.com/market-statistics/market-releases/article/629/more-choice-record-average-prices-and-softer-sales-defined-september-results
- Manitoba Finance, "Land transfer tax," gov.mb.ca, accessed October 2026. https://www.gov.mb.ca/finance/other/landtransfertax.html
- City of Winnipeg Assessment and Taxation Department, "2026 mill rates," winnipeg.ca, accessed October 2026. https://assessment.winnipeg.ca/Asmttax/pdfs/rates/CombinedMillRates.pdf
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