Cap Rate Calculator Manitoba
A $250,000 purchase at $1,571 a month is a 5.19% cap after 2.8% vacancy.
Use in-place rent unless the unit is vacant and you can legally reprice it.
CMHC October 2025 Winnipeg CMA. Condo vacancy stayed well below purpose-built. Last verified October 1, 2025.
Winnipeg portions residential assessment at 45%, then applies mill rates. The effective drag on value is still the highest of Canada's large cities.
Leave at 0 if you self-manage. 8% is a typical third-party fee.
Cap rate
5.19%
Gross yield
7.54%
Expense ratio
29.2%
Cap rate is $12,983 of NOI on a $250,000 price. It does not include mortgage payments, land transfer tax, or closing costs. 1.8% guideline in 2026, with large exemptions.
Winnipeg's cheap entry price is real. So is the property tax. A 5% headline cap rate that forgets the mill rate is not a 5% cap rate.
A $250,000 purchase rented at $1,571 a month, with 2.8% vacancy, produces $12,982 of NOI — a 5.19% cap rate. Vacancy last verified October 1, 2025.
How the Manitoba cap rate is built
Gross rent $18,852, minus $528 of vacancy, minus $5,342 of operating costs, leaves $12,982 of NOI. Divide by $250,000.
- The $1,571 rent is CMHC's October 2025 purpose-built two-bedroom average for Winnipeg.
- Manitoba has no first-time buyer rebate on land transfer tax. Budget the full amount as cash; it never shows up in cap rate.
- The Homeowners Affordability Tax Credit is a principal-residence school-tax credit. It does not apply to a rented investment property.
Vacancy in Winnipeg CMA
Winnipeg purpose-built vacancy rose to 2.8% in 2025 from 1.7% a year earlier. Core areas stayed tight; suburban zones took the new supply. Sitting-tenant increases stayed below the 1.7% 2025 guideline.
1.8% guideline in 2026, with large exemptions
Manitoba's 2026 rent increase guideline is 1.8%. It does not apply to units first occupied after March 2005, or to units renting for $1,670 or more a month. A two-bedroom at the CMHC average of $1,571 is under that threshold; a renovated unit at $1,800 is not. Check which side of the line the suite is on before you model rent growth.
Manitoba cap rate FAQs
What is a typical cap rate in Manitoba?
On a $250,000 Winnipeg CMA two-bedroom rented at $1,571 a month, with 2.8% vacancy, the cap rate is 5.19%. That is $12,982 of NOI. Change the rent to the amount on the actual rent roll.
How is cap rate calculated in Manitoba?
Cap rate is NOI divided by purchase price. In Manitoba, NOI starts with the Winnipeg CMA two-bedroom sitting rent, minus 2.8% vacancy, property tax, insurance, and maintenance. The mortgage and land transfer tax are not in the number.
Is there rent control in Manitoba?
Manitoba's 2026 rent increase guideline is 1.8%. It does not apply to units first occupied after March 2005, or to units renting for $1,670 or more a month. A two-bedroom at the CMHC average of $1,571 is under that threshold; a renovated unit at $1,800 is not. Check which side of the line the suite is on before you model rent growth.
What vacancy rate should I use in Manitoba?
Winnipeg purpose-built vacancy rose to 2.8% in 2025 from 1.7% a year earlier. Core areas stayed tight; suburban zones took the new supply. Sitting-tenant increases stayed below the 1.7% 2025 guideline.
Does the Manitoba cap rate include land transfer tax?
No. Cap rate is unlevered operating income over price. Manitoba land transfer tax or registration fees are cash on closing and belong in cash-on-cash, not here.
Cap rate by city
Cap rate calculators for other provinces
Sources
- CMHC 2025 Rental Market Report (Winnipeg CMA vacancy 2.8%, 2-bed rent $1,571)Manitoba, last verified October 1, 2025
- Manitoba Residential Tenancies Branch: 2026 rent increase guideline is 1.8%Manitoba, last verified October 1, 2025
This calculator is an estimate for planning. Cap rate turns on the rent you can legally collect, empty months, and the tax bill — none of which a national average replaces. Confirm against the rent roll and the latest assessment notice.
Comparing provinces before you buy?
The national cap rate calculator ranks every province on the same price and on a typical local deal. When you are ready, get matched with a MB agent who has closed investment purchases in this market.