Manitoba Mortgage FAQ: The 25 Questions I Answer Every Week

Plain-English answers from a Winnipeg mortgage professional - not a bank's marketing copy. Updated regularly so the numbers stay current.

Quick answers

Manitoba does charge a Land Transfer Tax (marginal brackets, up to 2%) with no first-time buyer rebate - budget roughly $5,650 on a $400K home.
Minimum down payment in Canada is 5% on the first $500K, then 10% on the portion above.
Most files close in 30-60 days; pre-approvals turn around in 48-72 hours.
I am paid by the lender, not by you - there is no fee for standard residential mortgages.
I shop 40+ lenders: big banks, credit unions, mortgage finance companies, and alternative lenders.
The stress test qualifies you at your contract rate + 2% (or the BoC benchmark, whichever is higher).

Basics & process

How mortgages work in Manitoba, what the broker actually does, and a realistic timeline from first call to closing day.

01. How does a mortgage work in Manitoba?

A mortgage in Manitoba works the same way it does across Canada: a lender loans you most of the home's price, you repay it with interest over a long amortization (usually 25 years), and the property itself secures the loan until you pay it off or sell.

Your amortization is the total length of time you'll take to pay the mortgage off in full - typically 25 years, sometimes 30. Within that, your term is the chunk of time your current rate and contract are locked in - usually three or five years. At the end of the term you renew (with the same or a different lender) at whatever rate is available then.

What's specific to Manitoba: as your Winnipeg mortgage broker, I register the mortgage against title at the Manitoba Land Titles Office, your lawyer handles the conveyance, and you'll pay Manitoba's Land Transfer Tax at closing - a marginal-bracket tax (0% up to $30K, rising to 2% above $200K) with no first-time buyer rebate. Manitoba's overall closing costs still tend to run lower than Ontario or BC's.

02. How do I get a mortgage in Manitoba - what are the steps?

Six steps: pre-approval, house hunt, accepted offer, full underwriting, lawyer / closing, then keys. From first call to keys is usually 30-60 days once you have an accepted offer.

Step 1 - Pre-approval. I pull credit, review your income docs, run the math, and lock a rate hold for 90-120 days. You walk away knowing your real maximum, your real payment, and what house price actually fits.

Step 2 - Shopping. You and your Realtor hunt within the price band I set. I'm on call for second-opinion math on anything you're seriously considering.

Step 3 - Accepted offer. The signed Offer to Purchase comes to me. I pick the lender that's the best fit that week and submit your full file.

Step 4 - Underwriting & conditions. The lender reviews, asks for any final docs (appraisal, updated paystub, condo docs if applicable). Usually three to ten business days.

Step 5 - Lawyer. Your lawyer prepares closing documents, you sign about a week before possession, you bring your remaining down payment + closing costs.

Step 6 - Keys. On possession day the funds change hands, title transfers, and you get the keys. Most Winnipeg deals close on the first business day of the month.

03. How long does mortgage approval usually take?

Pre-approval: 48-72 hours from the time I have your full document package. Full approval after an accepted offer: 3-10 business days. Funding to keys: 30-60 days typical.

Timelines fall apart in one of two places: missing documents, or surprise conditions late in underwriting. Both are avoidable.

I send you a clear document checklist on day one - paystubs, T4s or NOAs, IDs, a void cheque, down payment proof - and I won't submit your file until it's complete. That single discipline is the difference between a clean three-day approval and a chaotic three-week one.

Self-employed, new-to-Canada, or bruised-credit files run on a slightly longer timeline because the lender needs more proof. Plan on 10-14 business days for the full underwrite on those, not three.

04. What's the difference between term and amortization?

Amortization is the total time to pay the mortgage off (e.g. 25 years). Term is how long your current rate and contract are locked (e.g. 5 years). You'll have multiple terms inside one amortization.

Think of amortization as the marathon and term as the leg you're running right now. A $400,000 mortgage with a 25-year amortization and a 5-year term means: your payment is calculated to pay the loan off over 25 years, but you've only committed to this rate for 5 of those years. After 5 years you renew - new rate, new term - and the amortization clock counts down by 5.

Why it matters: a longer amortization makes your monthly payment smaller (and qualifies you for a slightly larger mortgage) but you pay more interest in total. A shorter amortization is the opposite. Term length is a separate decision - shorter terms (1-3 years) usually have lower rates but more renewal risk; longer terms (5+ years) give you payment certainty but cost a little more.

05. What's the difference between a mortgage professional and going straight to my bank?

Your bank can only offer you their own product. A mortgage professional shops 40+ lenders, including your bank if they're the best fit, and the lender pays the mortgage professional - not you. The bank's job is to sell you their mortgage; my job is to find you the right one.

A bank loan officer has one product list - theirs - and quotas tied to it. They aren't being dishonest; they literally can't show you a better rate from a competing lender.

As a Winnipeg mortgage broker, I carry a much bigger menu and I'm paid the same way regardless of which lender funds your file. That alignment is the structural argument for going through one.

The practical argument: even when the big bank ends up being the right answer, going through a mortgage professional often gets you a sharper rate than walking into your own branch, because banks have wholesale 'broker channel' pricing that's different from retail.

06. What's the difference between a pre-qualification and a pre-approval?

A pre-qualification is a back-of-envelope guess based on what you tell me. A pre-approval is the real deal: documents reviewed, credit checked, rate locked for 90-120 days. You want a pre-approval before you start house hunting seriously - especially in a competitive market.

Pre-qual takes 5 minutes and is useful for dreaming. Pre-approval takes a day or two and is useful for offering. The difference shows up the moment you make an offer - sellers and their agents weigh pre-approved buyers heavier, and a real pre-approval means we already know your file will fund.

Important caveat: a pre-approval still has conditions (acceptable property, current employment, no major credit changes between now and funding). It's not an unconditional commitment - but it's as close as you can get before there's an actual house in the picture.

Affordability & down payment

What you can afford, where the down payment can come from, and which of your monthly costs the lender actually counts.

07. How much mortgage can I actually afford with my income and debts?

Lenders use two ratios: GDS (housing costs vs gross income, max around 39%) and TDS (housing + all other debt payments vs gross income, max around 44%). The lower of the two caps you.

Your Gross Debt Service ratio (GDS) is your mortgage payment + property tax + heat + half of any condo fees, divided by your gross monthly income. Most insured files cap this around 39%.

Your Total Debt Service ratio (TDS) is everything in GDS plus your car payment, minimum credit card payments, student loans, and any other debt. The cap is around 44%.

On top of both ratios you also have to clear the stress test - the lender qualifies you at your contract rate + 2%, not your actual rate, so there's a payment cushion built in.

Practical numbers: a Winnipeg household earning $100K gross with no car loan and small consumer debt is usually approved in the $400K-$475K purchase price range, depending on down payment and rates. I can run your real number in about ten minutes.

08. What down payment do I need - and where can it come from?

5% on the first $500,000 of the purchase price, then 10% on anything above. 20% down avoids CMHC insurance. Sources can be savings, RRSP HBP, FHSA, gifted funds from immediate family, or proceeds from selling your current home.

5% minimum on the first $500K, 10% on the portion above. On a $600K home, that's 5% × $500K + 10% × $100K = $35K. On a $400K home, it's $20K.

20% down is the threshold where mortgage default insurance (CMHC, Sagen, or Canada Guaranty) stops being required. Below that, the premium gets added to your mortgage - small monthly cost, much easier path to owning sooner.

Accepted sources of down payment include:

Savings / TFSA - simplest. Lender wants to see the funds for 90 days.
RRSP Home Buyers' Plan - up to $60K per person, tax-free, repaid over 15 years.
FHSA - up to $40K lifetime, tax-deductible going in, tax-free coming out for a first home.
Gifted funds - from immediate family, documented by a gift letter. Widely accepted.
Sale of existing home - net proceeds after mortgage payoff and selling costs.

Borrowed down payment (line of credit, personal loan) is allowed by some lenders but it raises your TDS ratio because the new debt payment has to be counted. It's a last resort.

09. How do property taxes, heat, hydro, and condo fees affect what I qualify for?

Property tax and heat are always added to your housing costs for qualifying. Condo fees count at 50%. Hydro isn't directly counted but lenders use estimated heat figures that already factor it in for electrically-heated homes.

Property tax. The lender uses the actual annual property tax from the listing. In Winnipeg, that's roughly 1.2-1.4% of assessed value (mill rate varies by ward); in rural Manitoba it varies more.

Heat. Most lenders use an estimate around $100-$150 per month for a Winnipeg house. Older or larger homes can be more.

Condo fees. Counted at 50% of the monthly fee. A $400/month condo fee adds $200/month to your qualifying housing costs. That can shift a marginal file significantly - I always factor this in before you fall in love with a condo.

Hydro. Not directly added to GDS, but if you're looking at an all-electric home the heat estimate the lender uses gets bumped up to compensate.

Bottom line: a $400K detached house and a $400K condo with $450/month fees qualify very differently. I can run both side by side.

10. What is the stress test and how do I pass it?

The stress test is a federal rule that requires lenders to qualify you at the greater of (a) your contract rate + 2%, or (b) 5.25% - whichever is higher. You don't actually pay that rate; it's a math hurdle to make sure you can still afford the payment if rates rise.

Example: if your contract rate is 4.5%, the qualifying payment is calculated at 6.5%. That higher payment is plugged into your GDS and TDS ratios. If the ratios still land under the lender's caps, you pass.

There are two common ways to clear a tight stress test:

Lengthen the amortization - going from 25 to 30 years lowers the qualifying payment.
Reduce monthly debt commitments - paying off a small car loan or a $5,000 credit-card balance can free up enough room in your TDS to make the file fit.

If neither works, I'll have you wait, build, and try again in 3-6 months. I'll never push a file through with no margin - the stress test exists precisely so you don't end up house-poor.

Rates, products & structure

Fixed vs variable, insured vs conventional, prepayment privileges, penalties, and the standard-vs-collateral charge question almost nobody at the bank explains.

11. Should I choose a fixed or variable rate, and why for my situation?

Fixed rates lock your payment for the whole term - peace of mind, no surprises. Variable rates float with the Bank of Canada's prime rate - historically cheaper over time, but your payment (or amortization) can move. The right answer depends on your cashflow cushion and your tolerance for change.

Choose fixed if: your budget is tight, you'd lose sleep if your payment went up, or you're buying at the top of your affordability. Predictability has real value.

Choose variable if: you have meaningful monthly cashflow cushion, you understand that rates can move both ways, and you're optimizing for total interest paid over the long run. Most academic research suggests variable wins over a multi-decade horizon - but the last few years have been a brutal reminder that it isn't guaranteed.

One thing most people miss: the penalty to break a variable is almost always just three months' interest, while breaking a fixed can trigger the dreaded Interest Rate Differential (IRD) - potentially tens of thousands. If there's any chance you'll move or refinance mid-term, that asymmetry matters.

12. Which loan type is best for me - insured vs conventional, open vs closed, short vs long term?

Most buyers end up in an insured, closed, 5-year fixed - because it's usually the cheapest rate and fits most situations. But there are real cases for every other combination. The 'best' depends on your down payment, timeline, and life plans.

Insured vs conventional. If your down payment is under 20%, your mortgage is insured (CMHC, Sagen, or Canada Guaranty) - you pay a premium, but you get the lender's best rate. Over 20%? You're conventional - no premium, but a slightly higher rate. Counterintuitively, putting down exactly 20% often costs more in interest over a 5-year term than putting down 19.99%.

Open vs closed. Closed mortgages have prepayment limits and a penalty to break early - in exchange for a much lower rate. Open mortgages let you pay off the whole thing any time without penalty - but the rate is 1-2%+ higher. Open only makes sense if you know you're selling or refinancing within months.

Short vs long term. Short terms (1-3 years) usually have lower rates and let you re-shop sooner if rates drop. Long terms (5+ years) give you payment certainty and lower the chance you're renewing in a bad rate environment. Most people pick 5 because it's the sweet spot of rate + certainty.

13. What happens if I break my mortgage early, refinance, or sell? What are the penalties?

Breaking a variable usually costs three months' interest. Breaking a fixed costs the greater of three months' interest or the Interest Rate Differential (IRD) - which can be much larger, especially with big banks. Selling and porting your mortgage to a new home is often penalty-free.

Three months' interest on a $400K mortgage at 5% is roughly $5,000. That's the variable-rate penalty.

IRD on a fixed mortgage is the difference between your current rate and the lender's current posted rate for the remaining term, multiplied by your balance and the time left. With big banks this calculation uses inflated 'posted' rates and can result in penalties of $15,000-$30,000+ on a $400K balance. mortgage finance companies use a fairer calculation - one reason I often recommend them for clients who might move.

Porting means taking your existing mortgage with you to a new home, keeping the rate and term. Most lenders allow this; some are friendlier about it than others. If you know you might move in two years, port-ability is a feature I'll weight heavily in your file.

Selling outright mid-term: you pay the penalty (unless you port). On a sale, the penalty comes out of your sale proceeds at closing.

14. What are the prepayment privileges (lump sums, payment increases)?

Most prime lenders let you pay an extra 10-20% of the original balance per year as a lump sum, plus increase your monthly payment by 10-20% - both without penalty. The exact terms vary by lender, and the wrong product can save you 0.05% on the rate but cost you flexibility worth far more.

Typical privileges on a closed mortgage:

Annual lump-sum prepayment of 10%, 15%, or 20% of the original principal, usually anytime during the year.
Payment increase of 10%, 15%, or 20% per year - permanent or reversible depending on the lender.
Double-up payments on some lenders - any regular payment can be doubled.

Used aggressively, a 20/20 product can shave years off your amortization. If you're expecting a bonus, an inheritance, or a meaningful income bump, this is one of the most important features to negotiate for.

Restricted / no-frills products have tighter privileges (often 0% or 5%) in exchange for a slightly lower rate. They make sense for buyers who know they won't prepay - and almost never make sense if you might.

15. Is this a standard or collateral charge mortgage - and what does that mean for future refinancing?

A standard charge mortgage registers against title for exactly what you're borrowing, and is easy to transfer to a new lender at renewal. A collateral charge is registered for more than you're borrowing (sometimes 125% of home value), which lets you re-advance funds without re-registering - but makes switching lenders harder and often costs legal fees.

Most major Canadian banks default to collateral charges (TD has done it for years; Scotiabank uses them in their STEP / HELOC product; others vary). The pitch is flexibility - you can tap equity without re-registering the mortgage.

The trade-off: when your term ends, switching to a different lender to chase a better rate means discharging the collateral charge and registering a new mortgage, which costs legal and appraisal fees ($800-$1,500). Many people just renew with the same bank to avoid the hassle - and the bank knows it, so the renewal rate is rarely the bank's best rate.

Standard charges can be 'transferred' or 'switched' between most prime lenders at renewal for free or near-free. If you value rate-shopping at renewal time, a standard charge keeps that option open.

I'll flag the charge type before you sign. It almost never shows up in the rate quote, but it shapes your next ten years of options.

16. What's a rate hold and how long does mine last?

A rate hold is a guarantee from a lender that they'll honour today's rate on your future mortgage for a set window - typically 90 to 120 days. If rates rise during that window, you keep the lower rate; if rates fall, most lenders will adjust you down. It's free and risk-free for you.

Most A-lenders offer 90-day or 120-day rate holds when I submit a pre-approval. Some specialty programs extend to 130 days. The hold applies to your contract rate; the discount built into it is locked too.

Practical impact in Winnipeg: a 120-day hold gives you four months to find a house. If your hold expires before you write an offer, I just re-submit and lock today's rate again - no cost or penalty.

17. Should I renew with my current lender or shop around?

Almost always shop. Most banks offer renewal letters at a 'posted minus discount' rate that is rarely their sharpest number. A 30-minute conversation 3-4 months before renewal almost always saves at least 0.20-0.40% - which on a $400K balance is $4,000-$8,000 over a 5-year term.

Switching lenders at renewal is much cheaper than refinancing mid-term. There's no penalty (because the term is ending naturally), and most new lenders will cover the discharge and legal fees on a free 'switch' as part of their offer.

The catch is timing. Start the renewal conversation 90-120 days before maturity. That way I can lock a new rate hold with a new lender, line up the legal switch, and have everything funded on the day your current term ends - no gap, no stress.

If you'd rather not switch, even just having a competing offer in hand often gets your current bank to come down on the renewal rate. The leverage is the thing.

Qualifications & credit

Credit score thresholds across lender types, and how self-employed, newcomer, or bruised-credit files actually get done.

18. Does my credit score affect my mortgage options?

Yes - but the range of workable scores is much wider than people think. Stronger scores get the sharpest rates with banks, credit unions, and mortgage finance companies. Lower scores still have plenty of options through alternative and specialty lenders - we just need to match you to the right lender for your file.

Credit is one of five or six factors lenders weigh - alongside income, down payment, debt servicing, property type, and employment story. It's not a pass/fail line.

Strong credit: Tier-one rates everywhere - the easiest files to place.

Mid-range credit: Most A-lenders will still work with you. Some pricing tiers may tighten, but the file remains very workable.

Rebuilding credit: Specialty and alternative lenders step in. Rates are typically a bit higher and terms are often shorter (1-2 years), which gives you time to rebuild and refinance back into mainstream pricing.

Significant credit damage: Equity-based, short-term private lending is a real option - best used as a bridge with a clear exit plan to refinance later.

Credit unions and mortgage finance companies often have more flexibility than the big banks on borderline files - they look at the whole picture. That's one of the things working with a mortgage professional lets you leverage. I'll never run your credit until we've talked and both agree it's the right time.

19. What if I'm self-employed, new to Canada, or have past credit issues?

All three are entirely workable - just with different documentation. Self-employed files use two years of NOAs (or stated-income programs). Newcomers can qualify with as little as 5% down through dedicated new-to-Canada programs. Past credit issues - bankruptcy, consumer proposal, collections - usually need 12-24 months of clean re-established credit before A-lender approval.

Self-employed. Two years of Notices of Assessment + T1 generals is the gold standard. I can sometimes use a 'stated income' or 'business-for-self' program with one year of NOAs if you've been incorporated longer than the tax filings show. A-lender rates are available; B-lender is the fallback if your taxable income is too low after write-offs.

New to Canada. Programs exist with most major lenders. Generally: 5% down if you've been here under 3 years, valid work permit or PR, letter of employment, and a credit reference from your home country or 6+ months of Canadian credit. Yes, you can buy in your first year.

Past credit issues. Discharged bankruptcy: usually 2 years post-discharge with re-established credit (2 trade lines, $2K+ limits, 12+ months clean). Consumer proposal: similar timeline once paid in full. Old collections: paid collections often need 12 months of clean credit before A-lender.

None of these files are unusual for me. Let's talk through your specifics on a quick call - I'm honest about when to wait versus when to apply now.

20. Can you help if I've already been declined by my bank?

Yes, frequently. Banks decline files for reasons that don't apply at other lenders - a credit union might love a self-employed file the bank wouldn't touch, and a mortgage finance company might price your file better than its parent bank's branch could. Being declined at one place is information, not a verdict.

When you come to me after a bank decline, the first thing I do is figure out why. Sometimes it's a fixable documentation issue (the bank wanted two years of NOAs and you brought one). Sometimes the file just doesn't fit that lender's risk model but fits another's perfectly.

I never re-pull your credit unnecessarily. If you've got a recent bureau, I use it. Multiple hard pulls from rate-shopping inside a short window don't ding your score significantly - but I still avoid the unnecessary ones.

Costs, fees & your role

How mortgage professionals get paid, the closing costs you should budget for in Manitoba, and how I pick which lender to recommend.

21. How do you (the mortgage professional) get paid? Are there any fees I pay directly?

I'm paid a finder's fee by the lender that funds your mortgage - not by you. For standard residential mortgages, you pay zero fees. The only time a fee comes from you is on a private or B-lender file where the lender doesn't pay one - and even then, it's disclosed in writing before you sign anything.

Every A-lender (big banks, credit unions, mortgage finance companies) pays mortgage professionals the same way: a finder's fee at funding, calculated as a small percentage of the mortgage amount. The fee is built into the lender's cost of acquiring you as a client - it doesn't make your rate higher. In fact, rates through a mortgage professional are usually lower than the rate you'd get walking into a branch unprepared.

On B-lender or private files (specialty cases - serious credit issues, very thin documentation, complex equity files), lenders sometimes don't pay a referral fee. In those situations, a fee is disclosed up front in your commitment letter - you'll see it in writing before you commit.

I'm a one-person practice (Jeremy LaHaie at INVIS Inc.) - no quotas, no preferred lender bonuses, no products I'm pushed to sell. The recommendation you get is the one I'd give a family member with your file.

22. What other closing costs should I plan for in Manitoba?

Budget 1.5-4% of the purchase price for closing costs in Manitoba. The single biggest line item is usually the Land Transfer Tax - a marginal-bracket tax with no first-time buyer rebate here - alongside legal fees, title insurance, the home inspection, and (if applicable) the CMHC premium.

Typical Winnipeg closing-cost line items on a $400K purchase:

Land Transfer Tax: ~$5,650 (marginal brackets: 0% to $30K, then rising to 2% above $200K - no first-time buyer rebate in Manitoba).
Legal fees + disbursements: $1,200-$1,800 all in, including Land Titles registration.
Title insurance: $300-$500, one-time.
Home inspection: $400-$650 depending on the inspector and home size.
Appraisal: Usually paid by the lender on insured files. Conventional files: $400-$500 (often refunded by the lender on closing).
CMHC / Sagen premium (only if under 20% down): added to your mortgage, not paid up front - but PST on the premium is due at closing. On a $380K insured mortgage, that's roughly $1,250.
Interest adjustment + property tax holdback: a few hundred to a couple thousand depending on closing date.

Even with the Land Transfer Tax included, total closing costs here are still lower than Toronto (where combined land transfer tax alone can be $10K+) or Vancouver - genuinely one of the more affordable packages in the country for first-time buyers.

23. How many lenders can you access and how will you decide which to recommend?

As a Winnipeg mortgage broker, I have access to 40+ lenders through INVIS: every major bank, the big credit unions, mortgage finance companies (MCAP, First National, Strive, Equitable, etc.), and B / alternative lenders. The recommendation isn't just the lowest rate - it's the lender whose rate, penalty calculation, prepayment privileges, and approval style fit your file.

I rank lenders for your file on five things:

Rate - obvious, but rarely the most important.
Penalty calculation - fair-IRD lenders vs posted-rate IRD lenders. Matters enormously if there's any chance you move mid-term.
Prepayment privileges - 20/20 vs 10/10 vs no-frills.
Charge type - standard vs collateral (covered above).
Approval style - which lender is most likely to actually approve your file at this rate, this week.

I'll show you the top 2-3 options side by side and explain the trade-offs in plain English. The decision is yours - my job is to make the trade-offs visible.

Programs & incentives

Federal and Manitoba-specific programs - FHSA, RRSP Home Buyers' Plan, the federal tax credit, and who actually counts as a first-time buyer.

24. What first-time buyer programs apply to me?

Three big federal ones for most Manitoba first-time buyers: the FHSA (up to $40K, tax-deductible going in, tax-free coming out), the RRSP Home Buyers' Plan (up to $60K, repaid over 15 years), and the federal $1,500 First-Time Home Buyers' Tax Credit. Manitoba itself doesn't add a land transfer rebate on top - budget for it as a real closing cost, not a program to lean on.

FHSA (First Home Savings Account). Up to $40,000 lifetime contribution, $8,000/year. Contributions are tax-deductible like an RRSP, withdrawals for a first home are tax-free like a TFSA. Best new tool for first-time buyers in years.

RRSP Home Buyers' Plan. Up to $60,000 per person ($120K per couple), withdrawn tax-free for a down payment. Repaid back into your RRSP over 15 years, with no interest.

First-Time Home Buyers' Tax Credit. A $1,500 non-refundable federal credit claimed on your tax return the year you buy.

Land Transfer Tax - budget for it, no rebate here. Unlike Ontario, BC, or PEI, Manitoba doesn't offer a first-time buyer rebate on Land Transfer Tax. Expect roughly $5,650 in LTT on a $400K purchase, on top of legal and other closing costs - it's real money to plan for, not a program that reduces it.

GST/HST new housing rebate. If you're buying new construction, you may qualify for a partial rebate of the GST/HST paid on the home.

Most first-time buyers I work with stack three or four of these together. I'll show you exactly which combination fits your situation.

25. Who qualifies as a 'first-time buyer' in Manitoba?

For most federal programs (FHSA, RRSP HBP, the $1,500 tax credit), you're a first-time buyer if you - and your spouse - haven't owned and occupied a home anywhere in the world in the current calendar year or the four preceding calendar years. So you can qualify again, even if you owned before, as long as you've been a non-owner long enough.

Federal definition. You haven't, at any time in the current year or the preceding four years, owned a home that was your principal residence - and your spouse or common-law partner hasn't either.

Practical impact: If you sold your last home in 2020 and have been renting since, by 2026 you can use the FHSA, the RRSP HBP, and claim the federal first-time buyer tax credit again. The clock resets after the 4-year window.

Important fine print: The FHSA has its own slightly different definition - you can't have owned and occupied a home in the current year or the four preceding calendar years. The RRSP HBP uses the same rule. Always confirm based on your specific dates.

If you're not sure where you land, send me your previous ownership dates and I'll run it.

Questions answered by Jeremy LaHaie, mortgage professional with INVIS Inc., serving Winnipeg and all of Manitoba. Call or text (204) 995-7336.