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Home Buyers Closing Costs in Winnipeg


hope 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 cost of buying a house  (called Closing Costs) 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 buying a house or condo.

Closing Costs when buying a home in Winnipeg

Real Estate Lawyers Costs

The basic real estate legal fees for purchasing a home run around $1200.00  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 $1200.00.


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

Home Insurance is absolutely required if you are getting a mortgage, and of course highly recommended in any case.  This is where houses and condos are different, because in the case of a house, you need to insure the building as well as contents, and your personal liability.  In condos (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.  

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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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Realtors, What You Really Need To Know

Top selling real estate agent Winnipeg

Market consistently and persistently and you will be selling your house in almost no time! In general, selling your home requires plenty of skills and a great deal of patience. If you’re one of many who is sick of the run down houses, then you have to consider the concept of selling your home to the buyers of ugly houses.

Realtors will get your residence or property recorded in locations that you probably are unable to. Additionally, a community realtor will learn how to receive different agents over to see your property, the way to advertise your house in the local area, and how to cope with local rules and regulations that are applicable to the sale of your house.

A realtor needs to be in a position to inform you regarding the area, schools, activities, recreational locations, etc. that can be found in the areas which you are considering buying. He’s skilled and should know what they’re doing. When he represents a home buyer on a buy of a home, the commission earned by that agent is covered by the seller of the home. The method employed by the vast majority of real estate agents is to compare your home with similar homes which were sold in your neighbourhood.

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Condominiums, And Why You Need One

And of course, condominiums are made from durable and top-class materials to make sure it will endure for a long moment. Of course, they come with the added benefit of a range of amenities and facilities. Many will discover that it is quite interesting to discover that, despite being the oldest of all of the Winnipeg condominiums within the private island community, it is among the most expensive because of its historic significance on the island.

Aside from the spectacular views you have the ability to see, it’s necessary to be confident that condominiums are located in locations when individuals can easily visit the metropolis. In reality, condominiums are cheaper and more inexpensive when compared with the standard homes. Winnipeg pre-construction condos are a really good choice to make for property buyers and investors who are searching for the most outstanding bargains on the property marketplace.

Condominiums aren’t handicap accessible. In actuality, they’ve become some of the most sought after residential properties not just in Winnipeg, but around all major cities in the world. Normally, condominiums or unit owners associations are created when the condos are produced in order to be certain that each one of the owners has the capacity to keep and deal with the full property for a team.

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Winnipeg’s Top Selling Real Estate Agent

A fantastic way to learn if a realtor is an honest person or not is to ask references from the prior customers. Top realtors can let you search the prospective buyers and sellers to create the bargains more productive and rewarding. When you’re prepared to take the upcoming measures, join with a trusted, top realtor who understands the special demands of buying an ideal holiday home in your preferred community.

You would like to work with a realtor that always sells homes for over others locally. Realtors give out what’s called a CMA or comparative market analysis. If you are planning to purchase a home, acquiring a fantastic realtor on your side is crucial. Working with me, Winnipeg’s top realtor will radically raise the variety of offers you get for your house.