Looking for the best mortgage rates in Manitoba? LowestRates.ca can help — we bring you the lowest rates from the top mortgage brokers and banks across the province. Our free, no obligation service lets you find and compare the best mortgage offers available in Manitoba on any given day, and takes just moments to use.
Check out the charts below to see how much you can save on your mortgage by comparing rates, and to learn more about the state of housing in Manitoba.
We crunched the numbers on the thousands of 5-year fixed rate mortgages Manitoba homebuyers have inquired about on our site, and the results might surprise you: 5-year fixed rates at LowestRates.ca now average well under 2.5%, while bank-posted 5-year fixed rates average more than 4%.
Manitobans taking a 5-year fixed rate with us on a $400,000 mortgage would save more than $5,000 per year on average.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| Feb 2018 | 2.99% | 5.14% |
| Mar 2018 | 2.99% | 5.14% |
| Apr 2018 | 3.01% | 5.14% |
| May 2018 | 3.07% | 5.34% |
| Jun 2018 | 3.09% | 5.34% |
| Jul 2018 | 3.09% | 5.34% |
| Aug 2018 | 3.10% | 5.34% |
| Sep 2018 | 3.19% | 5.34% |
| Oct 2018 | 3.27% | 5.34% |
| Nov 2018 | 3.44% | 5.34% |
| Dec 2018 | 3.39% | 5.34% |
| Jan 2019 | 3.35% | 5.34% |
On a $400,000 mortgage, that's an average savings of:
You can save big by shopping around for a mortgage, but how do the best variable rates compare to the best fixed rates? We compared the 5-year fixed rate mortgages and the 5-year variable rate mortgages that Manitobans have been applying for on our site. The result? Our variable rates are almost half a percentage point lower, and with the Bank of Canada continuing to talk about keeping rates low in 2017, that gap looks set to remain in place for some time.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| Feb 2018 | 3.14% | 2.26% |
| Mar 2018 | 3.14% | 2.21% |
| Apr 2018 | 3.01% | 2.21% |
| May 2018 | 3.07% | 2.20% |
| Jun 2018 | 3.09% | 2.20% |
| Jul 2018 | 3.09% | 2.20% |
| Aug 2018 | 3.10% | 2.40% |
| Sep 2018 | 3.19% | 2.41% |
| Oct 2018 | 3.27% | 2.43% |
| Nov 2018 | 3.44% | 2.65% |
| Dec 2018 | 3.39% | 2.65% |
| Jan 2019 | 3.35% | 2.65% |
On a $400,000 mortgage, that's an average savings of:
Between 2014 and 2016, more Manitoba borrowers took 5-year variable rate loans than 5-year fixed rate loans. That’s likely because 5-year variable rates have been significantly lower over the past few years.
✝Based on borrowers in Manitoba who applied for a mortgage at LowestRates.ca since 2014.
While a troubled resource sector drags resale home prices down in most other western provinces, Manitoba’s housing market has been remarkably steady. The province continues to generate employment growth and home prices held firm in 2016. The average resale price of a Manitoba home is about $270,000 — a modest increase over 2015’s average.
Manitoba has some of the lowest two-storey home and condo prices in Canada. In fact, condominiums in the province average less than $200,000.
| Province | Two-Storey | Condo |
|---|---|---|
| British Columbia | $749,500 | $319,400 |
| Alberta | $405,000 | $255,100 |
| Saskatchewan | $384,500 | $246,100 |
| Manitoba | $322,600 | $207,500 |
| Ontario | $528,900 | $280,800 |
| Québec | $323,700 | $201,400 |
| Canadian Average | $466,100 | $254,800 |
| Province and territory | Average home price (2016)* | Year- |
|---|---|---|
| Manitoba | $282,511 | +4.2% |
| Alberta | $395,648 | +2.7% |
| British Columbia | $625,871 | -6.4% |
| Newfoundland and Labrador | $265,395 | -2.4% |
| New Brunswick | $158,295 | +2.0% |
| Nova Scotia | $218,332 | +1.7% |
| Northwest Territories | $423,222 | -0.1% |
| Ontario | $571,696 | +21.2% |
| Prince Edward Island | $165,406 | +0.0% |
| Quebec | $291,232 | +2.6% |
| Saskatchewan | $292,303 | +0.4% |
| Yukon | $289,312 | -15.9% |
*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016
Home to more than one million Canadians, Manitoba is the sturdy and thriving agricultural and commercial heartland of the country. With its abundant natural resources, the province has benefitted from a commodity boom, while also being the site of big-city industries like finance, manufacturing and tourism. Winnipeg, the handsome capital of Manitoba, boasts world-class cultural institutions and festivals year-round.
