Winnipeg, MB Cheap Homes for Sale

Listings last updated 09/24/2022
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Frequently Asked Questions

Is it cheaper to build or buy a home?

Whether it’s less expensive to build or buy a home varies by market, so it’s essential to know all of the costs involved (detailed below) and get local estimates before deciding which route to take. For example, buying a house involves not only the price of the home (or the down payment if you’re taking out a mortgage), but also the closing costs, insurance, property taxes and homeowner’s association fees, if any. In addition, there’s the cost of repairing/replacing older systems and appliances, as well as renovating the home if it’s not a new construction. Likewise, building a home includes a variety of costs, as well. Specifically, there’s the price of the plot of land; hiring architects and engineers; building permit, inspection and impact fees; excavation and foundation costs. Plus, there’s the actual cost of construction (including labor, materials, finishes, appliances and utility hook-ups). Then, in the case of a land and/or construction loan, there are the associated closing costs, plus insurance, property taxes and the cost of landscaping. Moreover, you’ll also likely have to rent during the build, so you’ll have to factor in temporary housing costs, too.

Which province is the most affordable in terms of real estate?

If you’re looking for low-priced housing, some of the most budget-friendly homes for sale can usually be found in Saskatchewan, New Brunswick and Newfoundland and Labrador.

How many cheap properties for sale are available in Winnipeg, MB?

On Point2, you’ll find 697 affordable houses for sale in Winnipeg, MB, with prices starting at $49,800.

How do I search for cheap homes for sale in Winnipeg, MB?

Browse cheap houses for sale in Winnipeg, MB and check out property descriptions, photos and virtual tours. You can also narrow your search by filtering based on price drops, which can be especially useful when looking for cost-effective properties. Moreover, be sure to use the map view if you’re searching for cheap houses for sale near you.

Open Houses in Winnipeg, MB

$289,900 CAD
Open House
Sun, 25 Sep 1:00 PM to 2:45 PM
  • 4 BedsBds
  • 2 BathsBa
  • Single Family
$219,900 CAD
Open House
Sun, 25 Sep 1:00 PM to 3:00 PM
  • 2 BedsBds
  • 1 BathsBa
  • Single Family

CITY GUIDE
WINNIPEG, MANITOBA

Located on the edge of the Prairies close to the longitudinal centre of North America, Winnipeg is Canada’s seventh most populated city with a population of around 705,000. Covering an area of 464,000 sq.km, geographically, Winnipeg is fairly flat and is surrounded by parks and lakes, with 4 rivers running through the city.

The Manitoba capital enjoys a humid continental climate, meaning the city experiences a warm but short summer, and a long and cold winter. Winnipeg is the second sunniest city in Canada; however, it is known to have snow on the ground for as many as 132 days of the year.

Winnipeg has a very interesting history and it was once a fur trading post back in the 1700s. Nowadays, the city enjoys a thriving economy with the public sector and government institutions being major employers. It’s also referred to as the “Gateway to the West”, and has great transport and railway links, which contributes to its strong economy. The city is home to over 25 Historic Sites, and is very rich in arts and culture. Winnipeg has a number of sports facilities and teams, hosts various festivals, is known for its great food and performing arts, and has 3 Universities. Its population is diverse, made up of large English, Canadian, Scottish, Aboriginal, German, Ukrainian, Irish, and French communities.

Popular areas in Winnipeg include: Assiniboine, Fort Gary, Inkster, River East, Seven Oaks, Downtown Winnipeg and Transcona.

Winnipeg, Manitoba

Winnipeg, Manitoba
real estate market overview

Real Estate Market Overview

Winnipeg enjoys a fairly strong and balanced real estate market, and saw an uplift of around 3% compared to the previous year. Compared to the rest of Canada, housing in Winnipeg is extremely cheap, and it’s possible to find a single-family detached home for as little as $200,000. This is a stark contrast to areas such as Vancouver, where the benchmark condo price is $600,000. Millennials and first-time buyers are key drivers in the market, due to good employment levels and affordability. Move-up buyers are opting for larger more expensive properties within the $400,000-$600,000 region.

The inventory consists of both new developments and resale properties. In terms of condos, young professionals are opting for multi-unit properties in the Downtown area, whereas retirees are opting for condos in more suburban regions in a bid to downsize. Since housing is so cheap, many young professionals are turning towards homeownership and away from renting, as mortgage repayments can be comparable to rent, which has resulted in higher than normal vacancy rates for rental properties. However, this is expected to change in the coming years as more migrant workers move in and seek out rental units.

real estate market overview

Cheap Real Estate Market Overview

Winnipeg’s housing prices have remained fairly unchanged, with detached homes being very cheap especially for first-time buyers. Winnipeg has been fairly insulated from the huge price increases that other areas of Canada have been experiencing. East Kildonan is very affordable, with the average price sitting at $164,000, while other areas such as Polo Park, Sargent Park, and West End are priced at around $205,000. Osborne Village is a great area for homebuyers looking for a quaint New York-style area in the middle of Winnipeg, with larger-than-average homes that sell for around 70% of what they sell for in other neighbourhoods, averaging around $260,000. Winnipeg boasts a number of properties that offer cheap housing, all under $300,000. The market has seen a large number of new developments which has kept housing prices quite low, as supply outweighs demand.

Low interest rates favour buyers looking for cheap real estate in Winnipeg, and a number of new developments are in the works. Winnipeg’s Downtown area is affordable and very desirable, with amenities at your fingertips and within walking distance, which is perfect for millennials and young professionals. Outside of Downtown, there is a variety of older builds so there is a mix of inventory to fit all preferences.

Winnipeg’s housing prices have remained fairly unchanged, with detached homes being very cheap especially for first-time buyers. Winnipeg has been fairly insulated from the huge price increases that other areas of Canada have been experiencing. East Kildonan is very affordable, with the average price sitting at $164,000, while other areas such as Polo Park, Sargent Park, and West End are priced at around $205,000. Osborne Village is a great area for homebuyers looking for a quaint New York-style area in the middle of Winnipeg, with larger-than-average homes that sell for around 70% of what they sell for in other neighbourhoods, averaging around $260,000. Winnipeg boasts a number of properties thatoffer affordable housing, all under $300,000. The market has seen a large number of new developments which has kept housing prices quite low, as supply outweighs demand.

Low interest rates favour buyers looking for affordable real estate in Winnipeg, and a number of new developments are in the works. Winnipeg’s Downtown area is affordable and very desirable, with amenities at your fingertips and within walking distance, which is perfect for millennials and young professionals. Outside of Downtown, there is a variety of older builds so there is a mix of inventory to fit all preferences.

cheap real estate market overview

Read more about living in Winnipeg, Manitoba.

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