How do I buy my first house in Winnipeg?
By Scott Moore, REALTOROctober 12, 2022The first step in buying your first home is to get some personalized advice from an experienced and knowledgeable real estate agent, such as one of the high-performing realtors at The Moore Group. Start by checking out their bios and see if someone stands out as a good fit, or give me a call at 204 995 7355 and I will help you figure out who would be the best match.
Your realtor will start by having an in-depth conversation about your goals and plans, and then will set up an online home search using very broad criteria. This will help you to become familiar with general pricing in the market and start to get a sense of what you like.
How much down payment do I need to buy a house in Manitoba?
Next, you set up an appointment with your lender to take a look at your finances. The first question will be how much cash you have saved for your downpayment— you will need a minimum of 5% of the purchase price as your down payment— so to purchase a $300,000 home, you’ll need $15,000 cash. Many people use their RRSP savings as there are a number of circumstances (including first time home buyers) where you can borrow cash from your RRSP to use for your down payment.
How much are closing costs in Manitoba?
Part of the budgeting with your lender will include closing costs— which includes legal fees, filing costs and land transfer tax. In Manitoba, you should budget 1.5-2% for closing costs, so on a $300,000 home, that would be roughly $4500 to $6000. Other costs can include a home inspection which is generally in the range of $500 and while some lenders pay for the home appraisal, others pass that cost along to you, which can also be in the $500 range.
Once you know your exact budget, you’ll circle back to your realtor and tighten up the criteria for your online search. You might also be more clear on deal breakers after seeing some inventory— condo vs house, turn-key vs fixer-upper, garage, finished basement, etc—which will help you refine the search even further.
How much does an average house cost in Winnipeg?
It really depends on the area. In September 2022, the average price of a detached home in Winnipeg’s five areas was:
South West: $501,000
South East: $463,000
North East: $336,000
West: $304,000
North: $315,000
The type of home you are looking for also plays a huge role in pricing. In that same period in the South West, the average attached home sold for $335,000 and the average condominium sold for $261,000. In the West, the the average attached home sold for $293,000 and the average condominium sold for $206,000
What is the best area to live in Winnipeg?
If you are from Winnipeg, you know how passionate people are about their neighbourhoods! We have really detailed descriptions about a number of areas on our featured areas page if you’d like to explore some of the options in our One Great City.
Generally, the area that is best for you depends on where you work, where your friends and family live, whether you like a mature neighbourhood or newer construction, and of course, your budget. That being said, many people start in one area and eventually move to another— either in the course of the home search, or with each new home they buy as they advance through the years.
One thing is for sure: Winnipeg is absolutely loaded with great areas in all areas of the city, and there are many fantastic pockets hidden within neighbourhoods that many people don’t know about. Having a knowledgeable and experienced realtor guiding your home search often shows you areas you didn’t know existed!
What else do I need to know?
Jump around our website for loads more information about the process of buying a home or if Winnipeg is new to you, relocating to Winnipeg. Want to get started with a realtor? Give me a call at 204 995-7355 or shoot us an email. We look forward to hearing from you!