Compare the best current mortgage rates in Manitoba for free.

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.

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.

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.

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.

LowestRates.ca works with 75+ 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.

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.

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.