Retirement often marks the beginning of a new chapter, though this chapter unfolds uniquely for each individual. Consider the life of a 68-year-old retiree in Winnipeg — single, childless and thoroughly enjoying their independence. With comfortable rental accommodations and sufficient retirement income to support an active lifestyle of travel, fine dining and regular rounds of golf, this retiree exemplifies how the golden years can truly shine with freedom and fulfillment.
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While your vibrant social circle is gratifying, the absence of heirs has you wondering if property ownership is practical for your situation. The decision between buying and renting extends beyond the traditional homeownership dream — it’s fundamentally about financial viability.
Does purchasing real estate make economic sense for you?
Do the numbers add up?
Based on data from Zumper (1), renting a two-bedroom apartment in Winnipeg costs approximately $1,744 monthly, totaling $20,928 annually. The average condo price in the city is $285,000.
If you make a 50% down payment of $142,500 and finance the remaining amount at an interest rate of 4.69% on a 30-year mortgage, your monthly payment would only be $735 for principal and interest. This calculation doesn’t include additional costs such as property taxes or condo fees, however.
At first glance, purchasing a home might seem like the more economical choice compared to renting — but let’s take a closer look. Before jumping to conclusions, we should examine the complete monthly financial picture to ensure we’re accounting for all costs:
- Condo fees range from $325 to $400 per month depending on the neighbourhood, so let’s meet in the middle and say you’re paying $362.50 a month.
- Property taxes for the condo would work out to about $3,499 per year, or $292 monthly.
- Condo insurance will be roughly $22 per month or $264 per year.
- Don’t forget to put aside money for maintenance and repairs. It’s recommended to save one to 4% of your home value each year — 1% for newer houses and closer to 4% for older homes. In this case, let’s say you’re looking at a new build, which comes to about $237.50 a month.
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When calculating the total monthly expenditure, it amounts to approximately $914 in additional expenses. Combined with the mortgage payment, the overall cost is $1649, comparable to what one would spend on rent.
But homeownership provides a sense of stability and security, particularly for seniors.
According to Statistics Canada, 68.9% of households with adults aged 75 and older own their homes, though many face challenges with maintenance costs and other homeownership expenses as they age (2).
Conversely, renting offers flexibility and freedom that homeownership cannot match.
Renters enjoy the ability to relocate with ease — whether to be closer to loved ones, explore new communities, or reduce their living space without navigating the complexities of the real estate market.
Pros of renting vs. buying
Let’s break down the advantages of buying:
- Predictable payments. You’ll know what you’re paying for the foreseeable future if you lock in a fixed-rate mortgage.
- There’s potential for equity growth if the market appreciates.
- You have freedom. It’s your home, so you don’t need a landlord’s approval before making changes or renovations.
And here are the pros of renting:
- No surprise repair bills. Major fixes such as HVAC or roofs can cost big bucks — but when you’re renting, that’s the landlord’s problem, not yours.
- Flexibility. It’s easier for you to pick up and move.
- You stay liquid. You’ll have easier access to funds for emergencies or investment.
- Lower risk. If the housing market cools, you’re not in the game, so it doesn’t impact you.
If your monthly homeownership costs won’t significantly undercut your rental expenses, renting may be the smarter financial choice. It also offers flexibility, shields you from unexpected repair bills and keeps your capital liquid for other investments. Ultimately, the decision between renting and buying reflects your personal priorities — whether you value the stability and potential equity of homeownership or the freedom and financial flexibility that comes with renting.
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Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Zumper: Average rent in Winnipeg, MB (1); Statistics Canada: Homeownership rate by age of primary household maintainer (2)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.