Closing Costs when buying a house or condo in Winnipeg

Important Information For Home Buyers!


Ihope that you would agree that home buyers need to now all the costs involved in buying a home.  Over the years I have found that many buyers are not aware of the fact that there are additional costs (called ) when buying a house or condo.  I had always ‘assumed’ (I know…you’re not supposed to do that),  that banks would counsel their clients as to the actual costs involved. Alas, I learned that this is not always so.  In this article you will learn about the list of closing costs for or condo.

in Winnipeg

Legal Expenses

The basic legal fees for purchasing a home run around $900.00  Now, many lawyers will quote something like $399 or $449,  but that’s the basic fee.  There will be additional expenses on top of that, so you can expect to budget around $1000.00.

Property Taxes

Depending on the time of year you take possession, you may have to pay the remaining taxes for that year.  In Winnipeg, our taxes run from Jan to Dec, and are paid in June.  What this means, in short, is that if you take possession after June, you will most likely have to pay a portion of the taxes.  This is assuming the current owner has paid up the taxes for the entire year.  If you take possession before June, you may actually get a refund from the current owner.  The joy this brings will be short-lived, however, as you will then be responsible for the full tax bill on June 30th…..So depending on WHEN you take possession, these taxes could form a major part of your overall expenses.

Check out the home buyers webinar.  If you’re thinking of purchasing a property in Winnipeg, whether its a house or a condo, this online webinar will be the best 40 minutes you’ve invested.  Available twice a week, here is the link to reserve your spot.

Land Titles Transfer Tax: largest of the closing costs

This one is a real beauty and easily the biggest part of the closing costs.  Every sale of a house or condo, whether a re-sale or brand new, is subject to this tax.  The kicker is that the more expensive the home, the higher the tax.

So a $90,000 home will cost you $370.00.

A $150,000 home or condo will cost you $970.00.

A $200,000 home will cost you $1720.00

For every $1000 above this price, you can add another $20.00 for our provincial coffers.  (You know, to keep our roads nicely repaired and stuff like that)

So if you’re up at a $300,000 house, you’ll be facing a $3720.00 bill….

Winnipeg REALTORS® have actually been lobbying hard, for years, to try and get the Provincial Government to understand that this tax-grab is unfair.

NEW: PST on Mortgage Insurance

Thank you to my friend Daryl Harris of One-Link Mortgage for pointing this out.  There is now a tax on top of the mortgage insurance fee.  Daryl gives an example of “$720 for a $250,000 mortgage with 5% down payment”   sweeeeet!


Home Insurance

Closing Costs when buying a house or condo in WinnipegHome Insurance is absolutely required if you are getting a mortgage, and of course highly recommended in any case.  This is where houses and are different, because in the case of a house, you need to insure the building as well as contents, and your personal liability.  In (high-rise apartment style)  you only insure the condo improvements and your liability, as the building itself is usually insured vie your condo fees (and thru the condo corporation).

In any case, with a house, you should budget between $500 to $1000, and in cases where the home is more expensive, you’ll be looking at more than that.  Contact an insurance broker to give you a quote.  (If you need one of those, I can refer you to a good insurance broker in Winnipeg)

For condos, your expected cost should be around $250 to $300  (for high-rise condos), but for bare-lands condos you will need to budget more along the lines of what a house would cost.

Mortgage Insurance

NOT REQUIRED.  This is a type of Life Insurance that many lenders try to push on the home buyer. I have some rather strong opinions on this, please read the article “Mortgage Insurance or Life Insurance:  which should you get?”

Of course, the buyer needs to be aware of moving costs, and other incident expenses.

If you’re looking to buy a house or condo, please give me a call.  I work with a lot of first-time buyers, and will take the time to explain the entire process, including all Closing Costs to you.  

Bo Kauffmann   204-333-2202

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Costs for buying a home in Winnipeg | Closing Costs when buying a house or condo | Closing Expenses paid by the home buyer in Winnipeg


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Ricardo ZuluetaRandall Alvarez7 worst mistakes made by first time home buyers in WinnipegBo KauffmannJamie Recent comment authors
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Daryl Harris, AMP

Bo, good post. Another cost buyers should be aware of PST (introduced in the last 2 years) on the Mortgage Default Insurance for anyone with less that 20% down payment. On a $250,000 mortgage with 5% down payment this cost is $720. This can really add up. I also recommend lenders which allow TIPPS program through the City of Winnipeg… Read more »

Craig Smith
Craig Smith

This story reminded me of how I got started buying foreclosed homes in Canada a few years ago.I just want to let everyone who’s thinking of doing this to go for it – it’s not as hard as many people like to make it seem. For example, in my case I didn’t have much money and could not even qualify… Read more »


[…] I have found that many buyers are not aware of the fact that there are additional costs (called Closing Costs) when buying a home or condo.  I had always ‘assumed’ (I know…you’re not supposed to do that),  that banks would council their clients as to the actual costs involved, but learned that this is not always so.  Blame the… Read more »

Ricardo Zulueta

This is really complicated. I should see a mortgage broker because I have a lot of questions.

Randall Alvarez

There are many more houses and condos for sale! Keep selling guys! We can do it!


[…] for you.  And he will take the time to explain the entire home buying process, including the closing costs and all aspects of home and condo […]


If you are selling privately through Comfree and the perspective buyer would like to purchase your home, I understand you can negotiate with their agent to either lower the % received for commission or settle on a finder’s fee (please correct me if I’m wrong!) How much are Agents usually willing to decrease their % received on commission and how… Read more »


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Cost Of Buying A House In Winnipeg | Foreclosure Sales

[…] Closing Costs when buying a house or condo – Winnipeg’s R … – When buying a house or condo, the buyer has to be prepared for closing costs, incl. taxes, legal fees, insurance costs, land titles transfer fees, moving.. […]

Leslie Brlec

Great blog. Thanks for all the great information.