City benchmark · July 2026 · free calculator
Average Cap Rate in Winnipeg
Winnipeg multi-family cap rate · Class A
4.50–5.00%
Class B / value-add: 4.75–5.25%
source: CBRE Q1 2026
Prairie market with steady rental demand. CBRE publishes no high-rise Class A rate here, so this is the low-rise Class A range. Enter your own property below to calculate its cap rate and net operating income.
Educational calculators — always consult a licensed professional before making financial decisions.
The all-in acquisition price of the property.
Gross rent before any expenses — check local comps.
Know your costs? Enter them. If not, the 50% rule estimates them.
Share of the year the unit sits empty. ~5% is a common baseline. (Ignored under the 50% rule.)
Property tax + insurance + maintenance + management + repairs. Exclude mortgage. (Used only in 'Enter my expenses' mode.)
Cap Rate
2.6%
NOI $16,800 ÷ price $650,000
Marker shows this property's cap rate against the CA healthy band.
Cap rate excludes mortgage payments and income tax by design. Compare it against similar properties in the same market — not a universal benchmark. Estimate only; consult a licensed professional.
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What a 4.50–5.00% cap rate means for your financing
Put this cap rate next to your mortgage rate — that single comparison is the most useful thing on this page. If the cap rate is below your mortgage rate, you have negative leverage: the property earns less unlevered than the debt costs, so every borrowed dollar drags your return down and the property most likely runs cash-flow negative from day one. If it is above, borrowing amplifies your return instead.
Across much of Canada, negative leverage is simply the market condition — the national high-rise Class A multifamily cap rate was 4.51% in Q1 2026, among the lowest in North America. Investors accept the monthly deficit because they are buying appreciation and mortgage paydown rather than income. That is a legitimate thesis. It is only dangerous when it is unexamined.
Two Canadian specifics worth remembering: investment (non-owner-occupied) property requires a minimum 20% down payment with no CMHC insurance available, and the federal stress test still applies. If you are looking at 5+ units, the CMHC MLI Select program changes the maths considerably. Check your financed position with cash-on-cash return and whether a lender will fund it with DSCR.
Winnipeg vs other Canadian markets
| Market | Cap rate |
|---|---|
| Winnipeg (this page) | 4.50–5.00% |
| Vancouver | 3.50–4.00% |
| Toronto | 3.85–4.75% |
| London | 4.00–4.75% |
| Montreal | 4.25–4.50% |
| Quebec City | 4.25–5.00% |
| Kitchener-Waterloo | 4.50–4.75% |
| Ottawa | 4.50–5.00% |
| Calgary | 4.50–5.00% |
| Edmonton | 4.50–5.00% |
| Halifax | 4.50–5.25% |
| Victoria | 4.50–5.00% |
| Saskatoon | 5.25–5.75% |
| Canada national — high rise Class A | 4.51% |
Source: CBRE Q1 2026 — CBRE multifamily, Low Rise Class A, Q1 2026. Class B trades higher in most markets. CBRE reports multifamily yields rose across every segment in Q1 2026. Benchmarks are directional and move quarterly. See all markets in the cap rate by city guide.
Frequently asked questions
What is the average cap rate in Winnipeg?+
Winnipeg multifamily Class A cap rates run approximately 4.50–5.00% (CBRE Q1 2026, CBRE multifamily, Low Rise Class A, Q1 2026). Class B product in the same market trades at roughly 4.75–5.25%. Prairie market with steady rental demand. CBRE publishes no high-rise Class A rate here, so this is the low-rise Class A range. For context, the Canadian national high-rise Class A multifamily cap rate was 4.51% in Q1 2026. Cap rate is net operating income divided by purchase price, and it deliberately excludes your mortgage — so it describes the property rather than your financed position.
Is Winnipeg a good market for rental investment?+
At 4.50–5.00%, the honest question is what you want the property to do. If the cap rate sits below your mortgage rate you have negative leverage — the property earns less unlevered than the debt costs, so borrowing reduces your return and the property likely runs cash-flow negative. That can still be a sound long-term position if you are buying appreciation and mortgage paydown, but it should be a deliberate decision rather than a surprise at closing.
Why are cap rates in Winnipeg at this level?+
Canadian cap rates broadly reflect prices rising faster than rents over many years — yield is income over price, so when the denominator outruns the numerator the ratio compresses. The spread across Canada is narrow: Vancouver sits lowest at 3.50–4.00% Class A, most markets cluster around 4.25–5.00%, and Saskatoon tops the survey at 5.25–5.75%. CBRE also reports that multifamily yields rose across every segment in Q1 2026, led by Kitchener-Waterloo, Montreal and Vancouver.
What's the difference between Class A and Class B cap rates in Winnipeg?+
Class A is newer, well-located, professionally managed product; Class B is older stock with room for improvement. Class B generally trades at a higher cap rate as compensation for the work and risk — about 4.75–5.25% in Winnipeg, against 4.50–5.00% for Class A. The gap varies a lot by market: in Vancouver, CBRE records Class B at the same range as Class A, while Ottawa's Class B spread is much wider. If you are comparing your own deal against a published benchmark, make sure you are comparing like with like.
Does this cap rate include my mortgage?+
No — and that is intentional. Cap rate is net operating income divided by price, describing the property as if you paid all cash. That is what makes it comparable across buyers with different loans. To see what your specific financed position earns, use cash-on-cash return; to check whether a lender will fund it, use DSCR.