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Compare mortgage rates in Manitoba.

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.

Lower mortgage rates = bigger savings.

We know that one of the hardest things about buying a home is coming up with the down payment. How much money you put down actually factors into what type of mortgage contract you’ll be offered. If you put down 20% of the purchase price of the home or more, you’ll have what’s known as a conventional mortgage. If you put down less than 20% of the purchase price of the home, you’ll have a high ratio mortgage. It’s important to note that homes worth over $1 million must be purchased with a down payment of at least 20%. Below, you’ll see how rates on conventional mortgages compare to high ratio mortgages since this past April.

Conventional 5-year mortgage rates vs. High Ratio 5-year mortgage rates in Manitoba

DateAverage Conventional RateAverage High Ratio Rate
04/202.88%2.48%
05/202.60%2.28%
06/202.53%2.05%
07/202.49%1.99%
08/202.43%1.99%

Last Updated: September 11th, 2020

Variable or fixed: which is lower?

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 and we found that they’re closer than ever. While our variable rates are still a fraction of a percentage lower, you’ll get a great deal either way.

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

MonthFixedVariable
08/192.39%2.20%
09/192.49%2.20%
10/192.49%2.20%
11/192.54%2.20%
12/192.54%2.20%
01/202.54%2.20%
02/202.44%2.20%
03/202.44%2.20%
04/202.95%2.60%
05/202.72%2.45%
06/202.49%2.25%
07/202.49%2.14%

Last Updated: September 11th, 2020

Focus On

Manitoba Housing.

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 between 2019 and 2020.

Single-detached family home prices in Manitoba compared to Canada

 ManitobaCanada
08/19$279,600$648,700
09/19$278,400$652,300
10/19$278,900$656,100
11/19$281,700$659,200
12/19$281,500$656,300
01/20$279,800$668,600
02/20$280,500$668,500
03/20$280,700$674,400
04/20$282,200$677,600
05/20$282,800$679,300
06/20$288,300$682,600
07/20$293,100$700,600

Last Updated: September 11th, 2020

Apartment prices in Manitoba compared to Canada

 ManitobaCanada
08/19$195,200$449,000
09/19$193,200$451,900
10/19$191,600$454,800
11/19$193,400$458,500
12/19$195,400$463,200
01/20$196,100$468,000
02/20$193,000$470,900
03/20$191,500$476,300
04/20$187,400$473,600
05/20$191,200$471,500
06/20$193,500$469,000
07/20$195,300$475,200

Last Updated: September 11th, 2020

Source: Zolo, Realtor.ca and CREA

Townhouse prices in Manitoba compared to Canada

 ManitobaCanada
08/19$231,400$492,000
09/19$231,400$494,200
10/19$233,900$496,400
11/19$227,300$497,600
12/19$224,400$499,400
01/20$218,800$506,900
02/20$224,600$505,800
03/20$228,000$508,000
04/20$227,200$508,900
05/20$226,300$508,200
06/20$231,500$512,000
07/20$233,000$515,500

Last Updated: September 11th, 2020

Your Manitoba mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

Variable or fixed: which is more popular?

Variable rates on LowestRates.ca tend to be lower than fixed rates. However, over the past year, fixed rates in Manitoba ranged from 2.30% to 2.95% last year - just a fraction of a percentage higher than variable rates. This means that no matter which type of rate structure you go with, you’re getting a great deal by comparing the market on LowestRates.ca.

About Manitoba

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.

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