Winnipeg fourplex and multiplex cap rates
Fourplex and multiplex · Winnipeg, MB · cap rates 3.9% - 6.8% · vacancy 1.7%
Winnipeg can work as an income-first market with lower basis, though liquidity and winter operating reserves matter.
Sources: CMHC Rental Market Survey (October 2024) · Statistics Canada CMA population · Realtor.ca — 100 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.
- Average rent
- $1,344
- CMHC purpose-built · October 2024
- Cap rate range
- 3.9% - 6.8%
- Live listings · 25–75th %ile
- Price per door
- $125k - $241k
- Live listings · 25–75th %ile
- CMA population
- 951,758
- +1.2% YoY · StatCan 2025
- Vacancy rate
- 1.7%
- CMHC RMS · October 2024
- Rent rules
- Medium
- Medium regulation risk
Market screen
AssetAvenue analysis
Winnipeg cap rates screen 5.5% - 7.0%, $130k - $230k per door, with average rent near $1,450 a door. The desk underwrites vacancy at 4% - 5.5% and operating expenses at 36% - 46% of gross rent.
Scores
Location score
81/100Composite of demand, vacancy risk, regulation, affordability pressure, and zoning.
First-time investor score
72/100Debt coverage and cash-on-cash at the market's benchmark leverage, plus landlord-regulation and market risk.
Developer score
38/100Zoning, affordability pressure, and investor demand.
What to verify on a deal here
- Rent: in-place leases against the $1,200 - $1,750 benchmark.
- Financing: a lender term sheet at the contract rate, re-tested at the qualifying rate.
- Operating: expenses against the 36% - 46% ratio, with local insurance and tax quotes.
- Closing: provincial transfer tax, legal, lender, and diligence costs.
Market data
Bedroom rents from CMHC RMS (October 2024). Neighbourhood scores and rents are editorial estimates.
Rent by bedroom type
CMHC purpose-built avg · October 2024
Neighbourhood scores
Editorial market score by area
Neighbourhood rents
Editorial estimate · average rent per unit
Neighbourhood intelligence
The desk's read of each area. Rents are editorial estimates, not survey data.
St. Boniface
$1,525 avg rent · medium demand
Best fit: Sixplex hold
Mature multifamily
Osborne Village
$1,575 avg rent · high demand
Best fit: Apartment hold
Central rental node
Transcona
$1,375 avg rent · medium demand
Best fit: Family rentals
Suburban rental stock
Provincial investor rules
- Province
- Manitoba
- Rent regulation
- Medium
Transfer costs: Manitoba land transfer tax
Zoning and open data: Municipal zoning bylaw, mature community overlays, use permissions, and permit history.
Investor watchouts
- Heating and winter maintenance reserves
- Liquidity on exit
- Rent guideline and repair documentation
Underwriting benchmarks
- Rent range
- $1,179 – $1,792
- CMHC RMS · October 2024
- Cap rate range
- 3.9% - 6.8%
- Live listings · 25–75th %ile
- Price per door
- $125k - $241k
- Live listings · 25–75th %ile
- Vacancy assumption
- 1.7%
- CMHC October 2024
- Expense ratio
- 36% - 46%
- Rent rules
- Medium
- CMHC 1BR rent
- $1,179
- October 2024
- CMHC 2BR rent
- $1,507
- October 2024
Financing sensitivity: Repair reserves and heating costs should be explicit. Data sourcing: hover any icon above for methodology. Rent and vacancy from CMHC RMS. Cap rate and price-per-door bands come from the multi-unit listings, with a stated door count, among 100 live Realtor.ca listings. Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.
Signals affecting Winnipeg
CMHC Rental Market Report · Jun 4, 2026
Vacancy loosens in the biggest markets, stays tight in mid-size cities
In Toronto and Vancouver deals, cap modeled rent growth and lengthen lease-up assumptions. In Ottawa, Winnipeg, and London, current market rents are defensible with comps.
IRCC Levels Plan · May 8, 2026
Federal immigration targets stay reduced through 2027
Student rentals and newcomer-corridor buildings need demand evidence, not extrapolation. Ask for current-year occupancy and pre-leasing, not last cycle's.
Opportunities in Winnipeg
100 active listings on Realtor.ca · 6 screened in AssetAvenue
Winnipeg underwriting questions
- What cap rate should I expect on a Winnipeg fourplex?
- Current screen: 3.9% - 6.8%. The middle half of this market's active multi-unit Realtor.ca listings that state their unit count. A fourplex is conventional financing — MLI Select starts at five units. Confirm NOI from the rent roll; street and condition move the print.
- How tight is vacancy in Winnipeg?
- CMHC purpose-built vacancy is 1.7% as of October 2024. Small multifamily can run tighter or looser than the metro survey.
- What strategies fit Winnipeg?
- Buy and hold, Small multifamily, Stabilized income. Rent rules: Medium.
- Does AssetAvenue cover Canadian income property in Winnipeg?
- Yes. This desk underwrites Winnipeg, MB income property at the qualifying rate, with CMHC and Bank of Canada context where we have it.