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It's great, found the best rates.
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Fast and pleasant experience. Saved a lot of money too!
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Compare mortgage rates in Manitoba, Canada.

Shopping for the best mortgage rates in Manitoba? You’ve come to the right place.

Whether you’re looking for a classic five-year loan or a simple six-month agreement, LowestRates.ca helps you find and compare the best current rates from the leading mortgage brokers and banks.

Our service is free to use and there’s no obligation on your part.

Just select the type of mortgage you’re interested in and our comparison engine will pull together the lowest rates available in Manitoba — just like that.

Keep scrolling to learn more about 2021 mortgage rates for Manitoba.

When you’re ready, apply for mortgage quotes and discover which lender can offer you the best rate — all in three minutes or less with LowestRates.ca.  

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Fixed Rates

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Current lowest posted bank rate

6.25%

Conventional vs. high-ratio mortgages: Which is cheaper?

Mortgages come in two basic flavours — conventional and high-ratio. If you have a substantial mortgage down payment on a Manitoba property — at least 20% of the purchase price of your new home — you qualify for a conventional mortgage. That means your lender is backing the mortgage without any additional guarantees.

If you have less than 20% for a down payment, you’ll be taking on a high-ratio mortgage. You’ll need to buy mortgage insurance, which guarantees your lender will be repaid. Expect your insurance to cost between 2.8% and 4% of your total mortgage, depending on the size of your down payment.

But don’t despair over this added expense. High-ratio mortgage rates in Manitoba tend to be cheap. High-ratio mortgages can come with lower interest rates than conventional mortgages. That’s because mortgage insurance means your lender is taking on less risk.

If you have the option of choosing between a conventional and a high-ratio mortgage, talk to your mortgage advisor before deciding which flavour is right for you.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Manitoba

DateAverage Conventional RateAverage High Ratio Rate
10/21 2.12%1.87%
11/21 2.41%2.18%
12/21 2.48%2.25%
01/22 2.55%2.31%
02/22 2.76%2.49%
03/22 3.06%2.79%
04/22 3.64%3.37%
05/22 4.05%3.73%
06/22 4.38%4.02%
07/22 4.88%4.50%
08/22 4.78%4.36%
09/22 4.76%4.36%

Last Updated: October 1, 2022

Fixed rate vs. variable rate mortgages: Which is cheaper?

A lot of homeowners come to our site wanting to know the answer to the question, ‘What is the average mortgage rate in Manitoba?’ In order to answer it, we need to first distinguish between fixed and variable rate mortgages. Each type of mortgage behaves differently, so a harmonized mortgage rate wouldn’t be a useful benchmark.

With a fixed rate mortgage, you’ll pay interest at a set rate for the entire term of your mortgage loan. The most popular mortgages in Manitoba are 5-year fixed mortgage rates for this reason.

With a variable rate, your interest payments will fluctuate as rates move up or down. Variable rate mortgages in Manitoba, Canada usually cost less than fixed-rate loans — and they can save you even more money if rates fall over the term of your mortgage. But you could end up paying more if rates increase. Is the risk worth it? We’ve pulled Manitoba data from LowestRates.ca’s user database to show you how the average mortgage rate in Manitoba for both fixed and variable mortgages stack up.

We found that no matter which mortgage type you go with, Canada’s current financial climate has enabled interest rates to reach record lows. Either way, you’ll be getting a great deal. Find Manitoba’s best fixed or variable mortgage rates by comparing lenders online.

5-year fixed vs. 5-year variable mortgage rates in Manitoba

MonthFixedVariable
10/21 2.05%1.24%
11/21 2.32%1.19%
12/21 2.39%1.18%
01/22 2.47%1.23%
02/22 2.67%1.26%
03/22 2.99%1.52%
04/22 3.53%1.87%
05/22 3.91%2.26%
06/22 4.26%2.69%
07/22 4.73%3.21%
08/22 4.34%3.78%
09/22 4.59%4.23%

Last Updated: October 1, 2022

Factors that affect your Manitoba mortgage rate

In the big picture, the state of the economy drives mortgage interest rates. They are generally higher when growth is strong. They fall when the economy slows. Mortgage rates rise and fall in the same pattern. That’s as true in Manitoba as it is anywhere else in the country.

Read More

Typical mortgage amounts in Manitoba

Winnipeg property with a 5% down payment: $1,281.05/month / $290,890 borrowed

(Assumptions: 2% interest rate, 25-year amortization, avg. price single family home of $306,200)

Winnipeg property at 20% down: $1,037.29 / $244,960 borrowed

(Assumptions: Monthly mortgage payment at 2% interest rate, 25-year amortization, avg. price single family home of $306,200)

Manitoba housing market and home prices

Avg. Single-Family Home Price Winnipeg: $306,200 Jan. 20215

Avg. Townhouse Price Winnipeg: $233,500 Jan. 20215

Avg. Apartment Price Winnipeg: $197,000 Jan. 20215

Avg. Housing Price. Brandon, Man.,: in 2020.: $292,0246

Closing costs in Manitoba

Expect to pay 2% to 2.5% of your home’s purchase price in closing costs in Manitoba. Closing costs include legal fees, recording fees required by the provincial government to register your deed, title insurance, other costs, such as reimbursing property taxes paid by the previous owner, home inspections and so on.

Then there’s the provincial land transfer tax. Manitoba’s land transfer tax works on a sliding scale. You’ll pay a total of $1,650 on the first $200,000 of your home’s value plus 2% on any amount more than $200,000. For homes priced below $200,000, you pay no tax on the first $30,000 of the purchase price, 0.5% on amounts between $30,001 and $90,000, 1% on amounts between $90,001 and $150,000 and 1.5% on amounts between $150,001 and $200,00.

 

Information for first-time homebuyers in Manitoba

If it’s your first time hunting for a house in Manitoba, mortgage rates are probably top of mind. We don’t want to downplay the importance of getting a low mortgage rate in Manitoba, however, there are more things to know about financing the purchase of a home.

Federal rules state you must have a minimum down payment of 5% to qualify for a mortgage. The amount you put down initially directly influences how large (or small) your monthly mortgage payment will be. To find out how much you will pay each month, we recommend using a Manitoba mortgage payment calculator.

Many first-time homebuyers wonder whether it’s possible to get a no down payment mortgage in Manitoba. The answer is no — it’s not possible to purchase a house in Canada without a down payment. Zero-down mortgages were barred in Manitoba and the rest of Canada in 2008 following the financial crisis that ravaged the North American economy. One of the main drivers of the 2008 financial crisis was 0-down mortgages. In Manitoba, there are now guardrails preventing people who cannot truly afford property from buying real estate. Many American homeowners wound up having their homes foreclosed due to the fact that they purchased homes without a down payment. Zero down mortgages in Manitoba would be destructive in the long term and are generally a bad idea for any economy.

There’s a loophole that allows buyers to finance a down payment with a private loan, but this is never advisable — you’ll start off with no equity, and have a ton of debt from your down payment loan and your mortgage payments. Interest rates on private mortgages in Manitoba (and elsewhere) tend to be significantly higher than the rates offered at A lenders (think: Canada’s big six banks), or even B lenders (institutions like Equitable Bank and Home Capital).

Many first-time buyers’ impulse is to rely on Manitoba banks to secure a mortgage rate. However, you may be able to find better interest rates through a Manitoba mortgage broker. This is because brokers can essentially purchase mortgages in bulk from one of the country’s big banks. The volume discount they receive is passed on to you. Plus, brokers have access to more lenders.

If you are new to the market, you may be eligible for the federal government’s First-Time Home Buyers’ Tax Credit. The credit is worth $5,000. To qualify, you must not have lived in a home owned by yourself or your partner in the past four years. You must also be purchasing a “qualifying home,” which includes single-family homes, semi-detached homes, townhouses, mobile homes and condos among other housing types.

Ottawa offers a rebate on the GST or the federal portion of HST paid on the sale of new or substantially renovated homes. It’s a complex program, so talk to your mortgage advisor to see if your home purchase qualifies.

Homebuyers aged 65 or over, or who receive the federal Disability Tax Credit, may qualify for up to $10,000 in tax credits for renovations to make their homes accessible. People who care for seniors or those with disabilities may also qualify. Again, speak to your mortgage adviser for details.

Manitoba offers support for new homebuyers looking to purchase property in certain rural communities. The program includes assistance with down payments and costs such as land transfer taxes. To be eligible for the program, your income must be below certain thresholds. If you think you might qualify, talk to a Manitoba mortgage broker or bank.

Last but not least, compare mortgage rates to find out who has the best mortgage rates in Manitoba. LowestRates.ca can connect you with a Manitoba mortgage agent or broker who can lock in the rate for you.

Also, keep in mind that the answer to ‘What is the best mortgage rate in Manitoba?’ will be different for everyone. The mortgage rate you secure is shaped by your current employment situation, your down payment, your credit score and more.

Your questions about mortgages in Manitoba, answered.

What’s the difference between a mortgage term and an amortization period?

The amortization period on your mortgage is the total number of years you expect it will take to pay off the entire loan. Most new mortgages come with amortizations of 25 years, although periods can range from one year to 30 years. To see how much the size of your payments is affected by amortization periods, use a Manitoba mortgage rates calculator.

The mortgage term is a shorter period — usually four or five years — which represents the length of time your lender will provide your mortgage loan at a given interest rate. By far and away, the most popular term length in Manitoba is the 5-year mortgage. Rates for 5-year mortgages, for the majority of homebuyers, are the most affordable. In some cases, it’s possible to get a 6-month term on a mortgage in Manitoba, though rates on mortgages tend to be prohibitively expensive for most. At the end of the term, you’ll renegotiate your mortgage for a new term, either with your existing lender or a new financial institution. Most lenders offer terms ranging from one year to 10 years.

What’s the difference between an open mortgage and a closed mortgage?

Mortgage rates will vary depending on whether you get an open mortgage or a closed mortgage.

An open mortgage gives you the flexibility to pay off the mortgage on your house at any time. You can also refinance your mortgage, or renegotiate the terms. With a closed mortgage, if you pay it off before the mortgage term ends, you’ll have to pay a penalty.

Because the rules are more strict, closed mortgage rates in Manitoba generally have lower interest rates compared to the rates on open mortgages in Manitoba.

How much does it cost to live in Manitoba?

With a median family income of $81,600 in 2018, Manitoba sits right in the middle of the pack compared to Canada’s other provinces. You can earn more in Ontario or Alberta, but incomes are higher than what you’ll find in, say, the Maritimes.

On top of that, Manitoba offers some advantages when it comes to affordability. According to a National Bank of Canada study, it takes only slightly more than two years for Winnipeg residents to save up for a 6% down payment on an average home, based on a savings rate of 10% of income. That’s pretty good, considering the national average is five years.

Rents, meanwhile, are competitive. CMHC reports the average monthly cost of a two-bedroom apartment at $1,262 in Winnipeg and $1,215 province-wide.16 Gasoline prices, meanwhile, are among the lowest in Canada.17 Auto insurance rates are again in the middle of the national pack, but cheaper than in Ontario, Saskatchewan and Alberta.

How much does getting a lower interest rate matter in Manitoba?

Finding the lowest mortgage rates in Manitoba can help you potentially save thousands of dollars over the life of your mortgage. But interest rates are only part of the equation when it comes to figuring out which mortgage is best for you. For example, most mortgages allow you to make lump-sum payments on your mortgage principal without penalty. An open mortgage lets you pay off the entire amount whenever you like. Closed mortgages only allow limited pre-payments but generally come with lower interest rates. So, consider your cash flow over the long term when choosing a mortgage. If you expect a windfall down the road, you may be better off paying a bit more in monthly interest on an open mortgage for the ability to make a large lump sum payment later on.

You should also consider whether you want a “portable” mortgage when you buy your home. Portability allows you to transfer the balance of your mortgage, its term and interest rate to the purchase of a new home if you decide to move before your mortgage term ends. This means you avoid penalties for breaking a mortgage early, which can be very costly.

But remember, not all mortgages are portable, especially variable rate mortgages. If you think you might want to sell your home before the end of your mortgage term—maybe you have a growing family—think twice before signing up for that low-interest variable rate plan.

Your questions about LowestRates.ca, answered.

How are mortgage rates determined on LowestRates.ca?

LowestRates.ca works with 50+ Canadian banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage interest rates for Manitoba. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).

The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.