Leaf Rapids, Manitoba, Canada
     The North's Hidden Treasure

Real Estate Financial Information

Purchase Costs
For cash purchases the cost of the home is the asking price.

For purchases with a Mortgage from the Town of Leaf Rapids a down payment of 25% of the asking price is required.  There is a one-time application fee and processing fee of $500, payable only if a mortgage is approved.  Monthly mortgage payments are based on the balance of the purchase price, the application fee and the current interest rate.  Sample mortgage payments are at the bottom of this page.

The Province of Manitoba Land Titles Office has fees for legally transferring the property.

Although not necessary, you are also encouraged to use a lawyer who sets their own fees.

Property Taxes
Taxes are based on the assessed value of the property which is determined by Land Titles.
Once the property is owner occupied as of January 1st of the year there is a Manitoba Education Property Tax Credit Advance which is currently $650.  For more information regarding the Credit Advance call 1-800-782-0771.

Water
Quarterly billing for water and sewer is currently $106.

Hydro Electric
The cost of electricity varies greatly with the size of the home, type of heating (baseboard or forced air), woodstove use, number of people in the home, and individual preferences including temperature of the home.

Mortgage Payments
The following information is for information purposes only and is not to be taken as an offer to extend a mortgage to any property.  As interest rates change on a daily basis these payment amounts are to be used as an example only.  An annual interest rate of 8% was used for these calculations.  Interest rates are based on the Bank of Canada's 5 year mortgage rate plus 2% at the time of the offer to purchase and are subject to change.