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!
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