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Today’s lowest mortgage rates in:

6.00%

5-Year Variable

4.79%

5-Year Fixed

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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.

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.  

The best current mortgage rates in Canada

Check out today's best mortgage rates in Canada by type and term.

Rates are based on an average mortgage of $300,000
 Insured ?

The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.

80% LTV ?

The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

65% LTV ?

The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

Uninsured ?

The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.

Bank Rate ?

Bank Rate is the mortgage interest rate posted by the big banks in Canada.

 
1-year fixed rate
Insured
4.99%
80% LTV
5.6%
65% LTV
5.6%
Uninsured
6.69%
7.09%
 
2-year fixed rate
Insured
5.67%
80% LTV
5.3%
65% LTV
5.3%
Uninsured
6.04%
6.39%
 
3-year fixed rate
Insured
4.84%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
4.94%
5.64%
 
4-year fixed rate
Insured
4.84%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
5.09%
5.49%
 
5-year fixed rate
Insured
4.74%
80% LTV
4.79%
65% LTV
4.79%
Uninsured
4.89%
5.04%
 
7-year fixed rate
Insured
4.84%
80% LTV
5.29%
65% LTV
5.29%
Uninsured
5.09%
5.9%
 
10-year fixed rate
Insured
5.69%
80% LTV
5.84%
65% LTV
5.84%
Uninsured
5.84%
7.25%
 
3-year variable rate
Insured
6.1%
80% LTV
6.7%
65% LTV
6.7%
Uninsured
N/A
8.6%
 
5-year variable rate
Insured
5.9%
80% LTV
6.1%
65% LTV
6.1%
Uninsured
6.25%
6.59%
 
HELOC rate
Insured
7.2%
80% LTV
7.2%
65% LTV
7.2%
Uninsured
7.2%
N/A
 
Stress test
Insured
6.74%
80% LTV
6.79%
65% LTV
6.79%
Uninsured
5.25%
N/A

Variable Rates

As low as

6.00%

Fixed Rates

As low as

4.79%

Cha-ching! Our rates are always lower than the posted bank rates.

Current lowest posted bank rate

7.49%

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
04/23 4.79%4.45%
05/23 4.86%4.53%
06/23 5.24%4.92%
07/23 5.52%5.14%
08/23 6.07%5.41%
09/23 6.02%5.60%
10/23 6.20%5.90%
11/23 6.19%5.78%
12/23 5.96%5.52%
01/24 5.64%5.27%
02/24 5.36%5.09%
03/24 5.21%4.97%

Last Updated: April 1, 2024

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

A lot of homeowners come to our site with a desire to know the answer to the question, ‘What is the average mortgage rate in Manitoba?’ 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. A variable rate means your interest payments will fluctuate as rates move up or down.

In the current economic situation, Canadians have witnessed steep rise in interest rates in the last two years. The Bank of Canada’s interest rate hikes since March 2022 until now, has caused huge stress to homeowners, especially those with a variable rate. The homeowners who are up for mortgage renewal are also facing extreme challenges in making the best choice for their mortgage going forward.

On October 25, 2023, the Bank of Canada maintained its overnight lending rate at 5%, aiming to address a slowdown in economic activity attributed to prior interest rate hikes. These hikes were effective in curbing inflation, which is down to 3.1%, with reduced consumption and housing activity contributing to weaker economic conditions.

The Bank anticipates subdued economic growth until late 2024, and despite maintaining the policy rate at 5%, the Bank is prepared to implement further rate hikes if necessary.

The interest rate hikes have made fixed rate mortgages a more favourable option for home buyers over variable rate mortgages in recent months.

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
04/23 4.64%5.86%
05/23 4.64%5.89%
06/23 5.02%6.18%
07/23 5.30%6.38%
08/23 5.57%6.47%
09/23 5.71%6.52%
10/23 5.93%6.53%
11/23 5.85%6.54%
12/23 5.65%6.50%
01/24 5.42%6.39%
02/24 5.24%6.47%
03/24 5.09%6.41%

Last Updated: April 1, 2024

Factors that affect your Manitoba mortgage rate

There are several factors that can impact the mortgage rate you’re eligible for. While evaluating mortgage products is crucial for securing the best possible rate, it's essential to recognize that personal qualification remains a key determinant of your final offer. These factors include:

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Typical mortgage amount in Manitoba

The table below shows average scheduled monthly payments for new mortgage loans in Manitoba compared to the national average from the first quarter of 2022 to the second quarter of 2023.

Geography2022 Q12022 Q22022 Q32022 Q42023 Q12023 Q2
Canada$1,594$1,722$1,909$1,923$1,984$1,922
Manitoba$1,176$1,277$1,449$1,473$1,462$1,464

Source: CMHC

We can see a significant rise of almost $300 from Q1 2022 – when interest rates were at all time low – to the Q2 2023, after Bank of Canada increased the interest rates almost 10 times in one year. This has caused a lot of financial stress to many home buyers and homeowners, who have seen their mortgages increase manifold in only a matter of months.

Manitoba housing market and home prices

In October 2023, the number of homes sold in Canada dropped by 5.6%, mainly because fewer people were buying homes in big cities. According to Larry Cerqua, Chair of CREA, it seems like many people who wanted to buy a home are hibernating until 2024 spring season, and some sellers are holding on to their properties too. The ratio of homes sold to new homes listed also went down to the lowest in 10 years.

In Manitoba, home sales were 6.8% below the five-year average and 2.8% above the 10-year average for the month of August 2023. In the first eight months of the year 2023, the total number of homes sold was 10,147, which is 14.1% less than the same time last year. The average price of homes sold in August 2023 was $358,167, a 4% moderate increase from August 2022. While the average price of homes increased, the real estate market saw a decline in sales activity due to increasing interest rates. The Bank of Canada rate hike is making it increasingly difficult for new homebuyers to borrow money from lenders on top of the stifling stress test. The economic tightening has caused significant slack in Manitoba’s housing market sales activity, just like everywhere else in Canada.

If we look at the average price of homes sold from the beginning of the year until now, it's $350,423, which is 5.2% less than the same time last year. The number of new homes listed in August 2023 was 2,171, the lowest in five years for the month of August.

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.

 

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.

How can I find the best mortgage rates in Manitoba?

If you are searching for the lowest mortgage rates in Manitoba, the best way is to compare rates from various lenders. At LowestRates.ca, we help you compare rates from 50+ mortgage lenders and aid your decision to make the right choice for your financial situation. Reach out to a mortgage broker.

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?

The cost of living in any city would depend on your lifestyle, requirements and needs. It is truly your personal choice what you decide to spend on and your saving habits. However, the cost of living is increasing at its fastest pace in decades, with Manitoba experiencing the second highest inflation rate among the provinces. As of October 2023, Manitoba’s average residential sale price is $344,478, which is way below the average of other provinces like British Columbia and Ontario.

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.

Shivani Kaul

Shivani Kaul

About the Author

Shivani Kaul is a content manager in the personal finance space. Prior to this, she worked as a digital editor with Pagemasters North America (a division of The Canadian Press) for four years. Shivani has also worked as a freelance writer and editor for Investor's Digest of Canada and The Ghost Bureau.

She has more than a decade of experience working as an editor and writer for different news media organizations in Canada and South Asia. She has a Digital Marketing Management certification from the University of Toronto, a Master's degree in Mass Communication (Journalism) and a Bachelor's degree in English from the University of Delhi (India).

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*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on Lowestrates.ca, as of January 14, 2022.