Winnipeg is the $250,000 example because Manitoba does charge land transfer tax and the library's Manitoba function does not apply a first-time buyer rebate. The note on that function points buyers to the federal home buyers' amount instead of a provincial transfer-tax refund. The purchase is still under $500,000, so the minimum down payment stays 5 percent and the insured premium is the under-10-percent tier. Budget the transfer tax as cash at closing. It is not added to the mortgage in this calculation. Using the Desjardins 5-year fixed, insured contract rate of 4.14% as of 2026-09-03, a minimum down payment of $12,500, and a premium of $9,500, the insured mortgage is $247,000. The land-transfer result for a first-time buyer is $2,650 net. Manitoba has no specific LTT first-time buyer rebate, but you may qualify for the federal Home Buyers Tax Credit. Typical property tax in the library is about $2,500 a year. With no other debts, the binding ratio is GDS and the gross income is about $58,747.
Rate sensitivity
Only the middle row is the lender sheet. The other contract rates are illustrative, so you can see the 5.25% floor and a higher contract rate. They are not quotes.
| Rate | Qualifying | Stress payment | Income |
|---|---|---|---|
| Illustrative 3.00% contract (floor applies) (illustrative) | 5.25% | $1,472 | $54,777 (GDS) |
| Minimum down payment, sheet rate | 6.14% | $1,601 | $58,747 (GDS) |
| Illustrative contract plus 1 point (illustrative) | 7.14% | $1,751 | $63,377 (GDS) |
Other monthly debts
Same minimum down payment and sheet rate. Debts of $0, $400, and $650 are scenarios, not a claim about Winnipeg households.
| Debts | GDS income | TDS income | Binds |
|---|---|---|---|
| No other monthly debt | $58,747 | $52,071 | GDS |
| $400 other monthly debt | $58,747 | $62,980 | TDS |
| $650 other monthly debt | $58,747 | $69,798 | TDS |
Down payment
| Down payment | Premium | Mortgage | Income |
|---|---|---|---|
| 5% down ($12,500) | $9,500 | $247,000 | $58,747 |
| 10% down ($25,000) | $6,975 | $231,975 | $55,750 |
| 20% down ($50,000) | $0 | $200,000 | $49,373 |
Manitoba example — Winnipeg
First-time buyer land transfer tax from the library: $2,650 before rebate, $0 rebate, $2,650 net. Manitoba has no specific LTT first-time buyer rebate, but you may qualify for the federal Home Buyers Tax Credit.
Property tax at the library's typical Manitoba rate of 1.00% is about $2,500 a year ($208 a month). That is a provincial benchmark in the code, not a Winnipeg tax bill.
Frequently asked questions
- What income do you need for a $250,000 home in Winnipeg?
- At the minimum down payment of $12,500, with heat of $100 a month, no condo fee, and no other debts, the stress-test income is about $58,747 a year. The contract rate is Desjardins 4.14% as of 2026-09-03. The qualifying rate is 6.14 percent. GDS is the ratio that binds.
- What down payment and insurance premium apply to $250,000 here?
- The library minimum down payment is $12,500. The CMHC premium at that down payment is $9,500 (4.00 percent of the amount borrowed when the down payment is under 20 percent). The insured balance is $247,000.
- What transfer tax and property tax does the library return for Winnipeg?
- For a first-time buyer, net land transfer tax is $2,650. Manitoba has no specific LTT first-time buyer rebate, but you may qualify for the federal Home Buyers Tax Credit. The typical provincial property-tax rate in the library is about $2,500 a year on this price. This example does not add Toronto municipal land transfer tax.
- How does a $400 monthly debt change the $250,000 Winnipeg income?
- The same housing costs plus $400 of other monthly debt need about $62,980 of gross income. TDS binds in that row. TDS uses 44 percent and includes the debts. GDS stays at 39 percent and does not include them.