Rental Property Cash Flow Calculator Winnipeg
A $250,000 two-bedroom at $1,700 a month, 20% down at 4.50%: −$346 a month.
Condo loads a $440 monthly fee. House drops the fee and adds a 5% capital reserve.
Price and rent
Add every unit's rent for a plex.
CMHC October 2025, Winnipeg CMA.
Financing
20% is the minimum on a rental you won't live in.
Preloaded at 4.5%: advertised 5-year fixed rates plus a typical rental premium.
Manitoba land transfer tax plus about $3,250 in legal, title and inspection.
Operating costs
Winnipeg portions residential assessment at 45%, then applies mill rates. The effective drag on value is still the highest of Canada's large cities.
Winnipeg condo fees average about $0.55 per sq ft a month, usually with heat included.
0 if you self-manage. 8% is a typical fee.
Roof, windows, furnace. A condo's reserve fund covers the building.
Utilities you pay, accounting, licensing.
Monthly cash flow
−$346
Cash-on-cash
−7.42%
Cap rate
3.65%
Debt coverage
0.69
Break-even rent
$2,075 a month
Your rent is $375 short.
Down payment to break even
46% down
About $112,538 of equity before the rent covers every cost.
At renewal
One point higher (5.50%): −$460 a month. Two points higher (6.50%): −$579 a month.
What cash flow leaves out
Year one pays down $4,457 of principal. Cash flow plus that paydown is +$303, or 0.54% on the cash you put in, before appreciation and income tax.
Estimate for planning, not financial advice. Cash flow is before income tax. Rent rules: 1.8% guideline in 2026, with large exemptions.
Winnipeg's low prices keep the mortgage small, but its effective property tax rate is the heaviest of the big cities, and Manitoba charges land transfer tax with no first-time buyer relief for investors to lean on. The tax line and the condo fee together decide whether a deal carries itself.
Manitoba's 1.8% rent guideline does not apply to units first occupied after March 2005 or renting for $1,670 a month or more.
Cash flow on a typical Winnipeg rental condo
Gross rent of $20,400, less $571 of vacancy and $10,699 of operating costs, leaves $9,129 of net operating income, a 3.65% cap rate. The mortgage takes $13,283. What is left is −$4,154 a year: a −7.42% cash-on-cash return on $55,970 invested, with debt coverage of 0.69.
Break-even rent
$2,075
Monthly rent for zero cash flow
Down to break even
46%
Equity needed at today’s rate
As a house or plex
+$9
No condo fee, 5% capital reserve, same price and rent
Year one also pays down $4,457 of principal. Counting that, the total year-one return is +$303 before appreciation and tax.
Which Winnipeg rent to put in
Most calculators take one rent figure and never say whose it is. There are 3 benchmarks for a Winnipegtwo-bedroom, and they are not interchangeable. Asking rent is what a new tenant pays for a vacant unit. CMHC’s averages include tenants who moved in years ago at lower rents. Buying a condo to lease out, you will usually get close to asking rent; buying a building with tenants in place, you get the rent roll.
| Rent benchmark | Monthly rent | Cash flow / month | Cash-on-cash |
|---|---|---|---|
| Asking rentAverage two-bedroom asking rent, mid-2026: what a new tenant pays. | $1,700 | −$346 | −7.42% |
| CMHC condo rentCMHC October 2025 average for two-bedroom condos rented out by owners. | $1,468 | −$560 | −12.0% |
| CMHC purpose-built rentCMHC October 2025 purpose-built two-bedroom average, mostly sitting tenants. | $1,571 | −$465 | −9.97% |
Winnipegcash flow at today’s rates and at renewal
The preload is 4.50%: advertised 5-year fixed rates of about 4.09% to 4.39% in mid-September 2026 plus a typical rental premium. A longer amortization lowers the payment but not the interest rate; a renewal one or two points higher is the risk a five-year term leaves you with.
| Financing | Payment | Cash flow / month |
|---|---|---|
| 4.50%, 25-year amortization (preloaded) | $1,107 | −$346 |
| 4.50%, 30-year amortization | $1,008 | −$248 |
| Renewal at 5.50% | $1,221 | −$460 |
| Renewal at 6.50% | $1,340 | −$579 |
| Down payment | Cash down | Cash flow / month | Cash-on-cash |
|---|---|---|---|
| 20% down | $50,000 | −$346 | −7.42% |
| 35% down | $87,500 | −$139 | −1.78% |
| 50% down | $125,000 | +$69 | 0.63% |
Uninsured rental mortgages qualify at the greater of 5.25% or the contract rate plus 2 points. Cash-on-cash includes closing costs in the cash invested.
Cash to close on a Winnipeg rental
- Down payment (20%)
- $50,000
- Manitoba land transfer tax
- $2,720
- Legal, title insurance, inspection
- $3,250
- Total
- $55,970
First-time buyer rebates do not apply to a property you won’t live in. If the deal runs negative, add a reserve for the shortfall: at −$346 a month, a year of carrying costs is $4,154.
Vacancy and rent rules in Winnipeg
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. Rental condos were 1.1% vacant. 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.
- The $1,571 rent is CMHC's October 2025 purpose-built two-bedroom average for Winnipeg, up 1.9%. Condo two-bedrooms averaged $1,468.
- Manitoba has no first-time buyer rebate on land transfer tax. Budget the full amount as cash; it never shows up in cap rate.
- Residential tax is levied on 45% of assessed value. The effective rate on market value is still among the heaviest in the country.
Winnipeg rental cash flow FAQs
Does a rental property cash flow in Winnipeg?
Not on a typical leveraged purchase. A $250,000 two-bedroom condo rented at the $1,700 average asking rent, with 20% down at 4.50% over 25 years, comes to −$346 a month after vacancy, tax, insurance, maintenance and a $440 condo fee. Change the price, rent and fee to the listing you are looking at.
What rent do I need to break even on a Winnipeg rental?
About $2,075 a month on the preloaded $250,000 condo at 20% down. That is $375 above the average asking rent.
How much down payment makes a Winnipeg rental cash flow positive?
About 46% down, or roughly $115,000, before the average asking rent covers the mortgage and every operating cost at 4.50%.
How much cash do I need to buy a rental property in Winnipeg?
On a $250,000 purchase: $50,000 for the minimum 20% down, about $2,720 in Manitoba land transfer tax, and roughly $3,250 for legal, title insurance and inspection, or about $55,970 in total before any reserve for negative cash flow.
Is there rent control in Winnipeg?
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.
What vacancy rate should I use for a Winnipeg rental?
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. Rental condos were 1.1% vacant. Sitting-tenant increases stayed below the 1.7% 2025 guideline.
Cash flow calculators for other cities
Every city side by side is on the Canada rental property cash flow calculator.
How the method works
The Canada rental property cash flow calculator explains the formula, the 1% and 50% rules, down payment rules for rentals and how rental income is taxed, and ranks all ten cities on the same deal.
Sources
- CMHC 2025 Rental Market Report (Winnipeg CMA vacancy 2.8%, 2-bed rent $1,571)
- Manitoba Residential Tenancies Branch: 2026 rent increase guideline is 1.8%
- Bank of Canada: policy rate held at 2.25% (September 2, 2026)
- Ratehub: advertised 5-year fixed rates
- nesto: Canadian mortgage rates
- bestrates.ca: investment property rates run 0.20% to 0.60% above owner-occupied
- CMHC: Income Property mortgage loan insurance
- OSFI: Clarifying guidance on rental income and mortgage classification (2025)
- Rentals.ca National Rent Report (asking rents)
- CRA: Rental Income guide (T4036)
- Urbanation and CIBC: GTA Condo Investment Report (July 2024)
- CBC News: More than half of GTA condo investors losing money (2023)
Rates checked September 13, 2026. CMHC rents and vacancy are from the October 2025 Rental Market Survey; asking rents are mid-2026 averages compiled from Rentals.ca and CMHC. Condo fees are city averages per square foot on an 800sq ft two-bedroom. This calculator is an estimate for planning, not financial or tax advice. Replace every preload with the listing, the lease and the lender’s quote.