- Up to $500,000 you need 5% down. Between $500,000 and $1.5 million it's 5% of the first $500,000 and 10% of the rest.
- Under 20% down, the mortgage must be insured. The premium is added to your loan, but Manitoba's 7% PST on it is due in cash.
- Gifts from family, an FHSA and the RRSP Home Buyers' Plan can all be part of your down payment.
The down payment is the part of the price you pay yourself. The rest is your mortgage. The rules are federal, so they're the same in Winnipeg as in Toronto, but our lower prices mean the numbers are friendlier here.
The minimum, by price
| Price of the home | Minimum down payment |
|---|---|
| Up to $500,000 | 5% |
| $500,000 to $1.5 million | 5% of the first $500,000 + 10% of the rest |
| $1.5 million and up | 20% |
So a $425,000 home needs at least $21,250. A $600,000 home needs $25,000 + $10,000 = $35,000.
| Down | Amount | CMHC premium | Mortgage |
|---|---|---|---|
| Minimum | $21,250 | $16,150 | $419,900 |
| 10% | $42,500 | $11,858 | $394,358 |
| 20% | $85,000 | $0 | $340,000 |
Premium is added to the mortgage. In Manitoba, 7% PST on the premium is paid in cash at closing ($1,131 at the minimum down).
Estimates for planning, not financial advice.
What mortgage default insurance costs
With less than 20% down, your lender must insure the mortgage through CMHC, Sagen or Canada Guaranty. The insurance protects the lender, not you, but it's the reason you can buy with 5% down at all. The premium depends on how much you put down:
| Down payment | Premium, % of the mortgage |
|---|---|
| 5% to 9.99% | 4.00% |
| 10% to 14.99% | 3.10% |
| 15% to 19.99% | 2.80% |
| 20% or more | none |
A 30-year amortization adds 0.20%. The premium is added to the mortgage, so you don't pay it upfront. The catch in Manitoba: 7% provincial sales tax on the premium is paid in cash at closing, through your lawyer. On a $400,000 mortgage at 5% down, that's around $1,100. Budget for it.
Is 20% down always better?
Not necessarily. With 20% you skip the premium, but insured mortgages often get lower interest rates because the lender's risk is covered. Waiting two more years to save 20% also means two more years of rent and whatever prices do in the meantime. The right answer depends on your savings rate and your timeline. A good mortgage broker will show you both options side by side.
Where the money can come from
- Savings and investments, held in your name for at least 90 days. Lenders ask for statements.
- A gift from immediate family. The giver signs a gift letter saying it's not a loan. The money should be in your account before closing.
- FHSA (First Home Savings Account): up to $8,000 a year, $40,000 lifetime per person, tax-deductible going in and tax-free coming out for a first home.
- RRSP Home Buyers' Plan: up to $60,000 per person, repaid over 15 years.
- Sale of your current home, if you own one.
- Borrowed down payment: possible with some insured programs, but it counts against your debt ratios. Talk to your broker first.
FHSA: $8,000 a year, $40,000 lifetime, per person. HBP: up to $60,000 per person, repaid over 15 years. Growth not included. Ask your accountant about your own limits.
Estimates for planning, not financial advice.
The money you need on top of the down payment
Lenders want to see that you can also cover closing costs, usually at least 1.5% of the price. In Manitoba that includes land transfer tax, legal fees and the PST on your mortgage insurance. Read closing costs in Manitoba so the last week before possession holds no surprises.
A home costs $600,000. What's the minimum down payment?
When is the PST on mortgage insurance paid in Manitoba?
Not sure how much to put down?
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Questions people ask
Can I use a gift from a friend?
Most lenders only accept gifts from immediate family for an insured mortgage. A friend's money would usually need to sit in your account long enough to count as your savings, and it must not be a loan.
Do I need a down payment for a home over $1 million in Manitoba?
Yes. Up to $1.5 million you can still use an insured mortgage with the tiered minimum. From $1.5 million, 20% is required.
Can I use my line of credit?
Sometimes, but the payment counts in your debt ratios and many lenders prefer savings. Ask before you move any money.
This article is general information for Manitoba, not legal, tax, mortgage or financial advice. Rules, rates and programs change; figures are estimates as of October 2026. Check your situation with a lawyer, lender or accountant before you act. Adela Strycharz is a REALTOR® with Real Broker Manitoba Ltd. If you already have an agreement with another brokerage, please speak with your own REALTOR® first.