The COST of Living in Winnipeg, Manitoba - The numbers broken down to live in this prairie province!
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- Опубліковано 1 лют 2022
- Stick around until the end when we talk about home affordability based on household income! Winnipeg is known as one of the more affordable cities to live in, in Canada - but lets break down the cost of living in Winnipeg MB just so you can see what it is like living in this prairie province!
Let’s start with the biggest expense you will likely incur, housing. In Manitoba, like elsewhere in Canada, you need a 5% down-payment to purchase a home. This percentage is based on the price of a home you are buying. Monthly payments are broken down in the video for purchasing a home, so check it out!
Rental properties are also fairly competitively priced as well. The rental vacancy rate in Winnipeg is usually on the low side of around 3% per month, and an average monthly rental amount for a 2-bedroom apartment between $1000 - $1300.
The next expense you are going to want to factor in is Transportation. Our public transit systems here are not great - and given our climate, waiting for a bus in the Winter is less than ideal. The majority of households here have two vehicles as a result. Depending on your personal situation, this might mean two monthly car payments. Other things to factor in here, are Winter Tires for that vehicle. While it is not a legal requirement, it is definitely a strong suggestion! Usually you can get several years out of your Winter tires as you swap them out with your summer tires in the spring. Gas prices in Manitoba do tend to be on the lower side when compared with other Canadian Provinces - and we don’t pay HST on our gas, we just pay GST (or 5%), which tends to make it far less expensive than our neighbours to the East (Ontario). It is not uncommon for people coming to Winnipeg from Northwestern Ontario to gas up at Prawda before heading back across the border, just because there are some savings to be had there!
Groceries
In Winnipeg, our pricing for most consumer goods are quite affordable. For a family of 4, living within Winnipeg, if you are good at meal planning, etc. then you should be able to feed a family of four for under $600 per month.
Utilities/Cable/Internet
It will depend on your provider, but we do pay higher than average fees for our mobile phones here. I think my monthly cell phone payment is around $70, but that is actually quite low because I have just continued to buy new phones over the years and not update my contract. For TV/Internet, it is usually around $120 - $140 per month to get connected.
Healthcare
Keep in mind that in Canada, we have universal health-care system. We do pay for it in our taxes, but we are among some of the lowest cost in all industrialized countries. We also happen to have some world-class hospitals, right within Winnipeg.
Taxation:
Our tax rates - We are one of the more highly taxed provinces in Canada - sitting at 8th most taxed in Canada, but the highest taxed of all the Prairie Provinces. See table here: www.taxtips.ca/taxrates/taxco.... The numbers that apply to you will be specific to your situation and income bracket, but if you are looking for a tax haven, Manitoba might not be it.
Average Income:
According to the 2016 Census, the median household income here before taxes is around $71,000. We are still awaiting the 2020 numbers but for now, we will use these numbers and go from there!
In the video we break this down so that you can determine what kind of home you can afford at a variety of different price points! Just as a disclaimer, I am not a mortgage broker, and everyone’s situation is specific, so these next few metrics are VERY rough guidelines, just to give you an idea of affordability in Winnipeg. But please, consult with a mortgage specialist to determine what your mortgage affordability actually is and what you and your family are comfortable paying based on your personal situation. For example, a household income of $71,000 is very different for a couple than it is for a family of 5. So again, please realize that I am generalizing these next few scenarios.
Let us know if we missed anything!
If you’re new to my channel…. Hello! 👋🏽 I'm Jennifer Queen, a REALTOR® here in the Winnipeg area helping people buy & sell real estate 🏡
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Your videos are very informative and having lived in Winnipeg for almost 10 years now, I related with all the topics you talk about ☺️!
Awww. Thank you so much for the kind words!
Hi Jennifer, thanks for sharing useful and informative video, I think you can share a updated video on this topic as many things has been changed during last couple of years. Look forward to have a refreshed version.
Amazing! Thanks for sharing the living costs of Winnipeg in such a detailed and vivid way. You have just boosted my confidence of moving from China to Winnipeg.❤
You can do it!
Thanks for the informative videos!
Agree with the public transit, it's awful
Definitely some room for improvement!
Jennifer these are great ideas for the next set of people that want to bye.. great work..
Thanks Wayne!!
Thanks madam for informative video... Big fan 🙏🙏🙏
No problem. Thank you for the feedback :)
I don’t think wages too low compared to other cities though. For example, skilled workers like engineers make good money here and lots of opportunities (not just software). I used to be an engineer before I quit due to career change, and I made well above canada average. But it depends on the company too. My workplace paid more on wages but work environment wasn’t too great (manufacturing)
Awesome feedback. Thank you!
Thanks for the information Jeniffer. Please I want to relocate to Winnipeg with my spouse as an international student. Any advice from you
Yes, definitely. Check out our videos on neighbourhoods that would be suited for student lifestyles!
Thanks for the detailed information. What’s the cost of renting a 1 bedroom bungalow apartment in the area?
In Winnipeg it can really vary depending on the area you are in. But usually anywhere from $900 - $1100 CAD for a 1-bedroom, apartment-style condominium.
Thanks
My pleasure!
Thank you!
I'll be graduating university soon, and likely will still live with my family after. Is the general idea then is to just save as much as you can? For example, I would like to own a condo and I'm assuming the bigger down payment, the better? Same with the fact I don't have a car yet, but would save a sinking fund as well? I don't expect a huge income as a university grad, but I'll be able to have a comfortable income.
Hi Maree - such a good question! It is also wise to live with your parents to save that money as it speeds along the process. You will need a minimum of a 5% downpayment, and then an additional 2% for closing costs. So for a $200,000 condo, you would be looking at around $14,000 saved up. You can find condos here for cheaper than $200,000 though - so it really depends on your wants/needs. I have always bought my cars in cash - even if that meant driving something around that isn't as nice as my peers. But if you have a high monthly payment on a vehicle, it takes away from the banks' willingness to lend to you for more real estate purchases.
I find that the houses here are more expensive nowadays compared to other cities like Calgary and Edmonton. Example, Edmonton and Calgary sells condos in less than $200k and still looks ok and livable whereas here i saw a condo selling at an old building for $175k and looks horrible & terrible. Gone are the days that housing here in this city are “affordable”.
Hi Marilou! I would say you can get condos in nicer areas of the city for under $200,000 - so I hope that is good news! The average home price as of December 2021 in Winnipeg was $319,600 while Calgary was at $451,200 and Edmonton was at $336,000. Edmonton's increase in prices was less substantial than other markets in Canada.
@@TheJenniferQueenTeam A two bed condo in a good neighbourhood with affordable association fee in less than 200k?? Srsly?? Another question is it better to buy a house or condo
@@mz2081 I hate to give this answer, but it really depends on your situation, your goals, timelines, along with a variety of other factors!
@@TheJenniferQueenTeam umm shed some light , furthermore is the crime situation srsly bad as advertised ??
@@mz2081 Not sure where you are seeing the crime advertised - but in general, I would say NO! I would highly recommend you check out this video: ua-cam.com/video/KI39BXSfrag/v-deo.html where I do talk about the crime rate.
How much is the rent? And what's the biggest change an American would have moving to Winnipeg?
Hi James! Rent is quite varied depending on where you live.
How much data is in your $70 plan? Because I pay $40 for unlimited nationwide calls and text, and I have 10gb data. Plan doesn’t come with a phone though
I have 20GB and my husband has just updated me as we got a better rate of $50 per month... although there was a Realtor discount applied in there. I believe the rate would have been $70 without the discount.
Just like the rest of the country, it's getting harder to own your own home in Winnipeg. Not really affordable.
We are finding our Buyers are getting more creative these days to get into homes. Sometimes it is less conventional (house hacking) - but there still are ways!
How much would rent for a one bedroom apartment?
Hi Michael, I don't really work in that space but I do believe from what I have seen advertised in Winnipeg that anywhere from $800-$1100/month is the going rate depending on area.
2bd in good area is 1600+ cad
We get around $1600 for some of our three-bedroom rentals in good areas (Charleswood, Transcona, South end of the City). You can get into a two bedroom in these areas for a bit less - depending on how new, etc. everything is! If you want brand new amenities, then I agree - the $1600 is accurate!
The COST of living here is much more than just financial.
Sure. What is that COST to you? Would love for you to elaborate!