Transitioning from Renting to Owning in Winnipeg: Are you Ready for It?
I was recently asked to interview for Yahoo Finance on advice on transitioning from renting to owning. Here were some of the key points that I shared.
Being prepared and knowing what you want to guy is incredibly important. Affordability has changed. It can be a shock moving from renting to buying.
Start by answering these personal questions:
Are you happy to be in the same place for a while?
Is it the right time, financially
Do you have other accounts and stresses that you should eliminate before doing this?
How can you prepare to transition from renting to owning?
Making the leap from renting to homeownership is a big milestone, and preparation is key. First, take a close look at your finances—your savings, credit score, and how much house you can realistically afford. Unlike renting, homeownership comes with upfront costs like a down payment, closing costs, and home inspections.
I always recommend talking to a mortgage broker early to get pre-approved. That way, you know exactly what price range you’re working with. And beyond finances, think about what you need in a home. Are you looking for a condo with lower maintenance? A detached home with a yard? The more you define your must-haves, the easier the search will be.
Do your Research
There are tools designed to help you save. Look into those right away:
First Time Home Savings Account. Very little downside to this and offers tax sheltering incentives.
The Home Buyers Plan (which allowed you to withdrawal from your RRSP’s without penalty)
Home Buyer’s Amount to offset the purchase of a home in your first year. You can claim up to $10,000 in 2025 which could result in a tax reduction of up to $1500.
There are also programs to help afford projects, particularly those that improve energy efficiencies of your home. Some offer grants, some offer more affordable loans.
Prepare a Budget
One of the biggest surprises for first-time buyers is that your mortgage payment isn’t your only cost. When you’re renting, your landlord takes care of property taxes, insurance, and maintenance. As a homeowner, those become your responsibility.
You'll need to budget for:
Property taxes (which vary by neighborhood)
Home insurance (often higher than renter’s insurance)
Utilities (sometimes higher in a house than an apartment)
Maintenance and repairs—because now, if the furnace breaks, it's on you!
I always suggest having an emergency fund specifically for home repairs—aim for at least 1-2% of your home's value per year.
What I will also recommend is looking at historical appreciation for the area. For example, do you plan to live in this home for at least 5 years? Does the area you are buying in appreciate at a rate that makes sense for your plan? Will it be great enough over a period of time to make the costs make sense.
For single family homes – values have increased by 231.67% in Winnipeg since 2004 ($127,803 in 2004 to $423,878 in 2024). The average annualized of return is 6.18% per year with some communities appreciating more than others – and of course some communities increasing less. There are also years in there where the increases were substantial and years in which they were more level. There was even one year in there in which we saw a decline, too!
Mental Preparation is Key
Owning a home is a mindset shift. When you rent, if something breaks, you call your landlord. When you own, you're the landlord!
It’s also a long-term commitment, so it’s important to think about whether you're ready for that stability. Are you planning to stay in the same area for a while? Do you enjoy handling small home projects? It’s an adjustment, but most homeowners tell me they love the sense of pride and control they have over their own space.
Nothing beats getting to make a home your own.
What do homeowners have to consider that renters don’t?
Homeowners need to think about things that never crossed their minds as renters.
Maintenance: From lawn care to snow removal, those little tasks add up.
Long-term investment: Your home is an asset, so maintaining it well protects your investment.
Home value & resale: When making updates, it’s smart to think about what adds value for the future.
And, of course, as a homeowner, you get the freedom to make the space your own—paint, renovate, even knock down a wall if you want (But Please Get Proper Permits)!
Jennifer Queen
Phone: (204) 797-7945
Email: Jennifer@QueenTeam.ca