The best mortgage rates in Manitoba? Get ‘em right here!

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Best Variable Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.70%
Best Fixed Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.49%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.54%
CanWise Financial

CanWise Financial

Term 4 Year
Type Fixed Closed
Rate 2.69%
CanWise Financial

CanWise Financial

Term 1 Year
Type Fixed Closed
Rate 2.69%
CanWise Financial

CanWise Financial

Term 2 Year
Type Fixed Closed
Rate 2.69%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.19%
CanWise Financial

CanWise Financial

Term 3 Year
Type Fixed Closed
Rate 2.79%

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 rates = bigger savings.

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.

On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:

$435 Per Month
$5,214 Per Year
$130,353 In a Lifetime

5-year fixed mortgage rate from LowestRates.ca in Manitoba vs 5-year bank rate

MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
02/182.99%5.14%
03/182.99%5.14%
04/183.01%5.14%
05/183.07%5.34%
06/183.09%5.34%
07/183.09%5.34%
08/183.1%5.34%
09/183.19%5.34%
10/183.27%5.34%
11/183.44%5.34%
12/183.39%5.34%
01/193.35%5.34%

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. 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.

On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:

$142 Per Month
$1,707 Per Year
$42,667 In a Lifetime

5-year fixed mortgage rate in Manitoba vs 5-year variable rate from LowestRates.ca

MonthOur average 5-year fixed rateOur average 5-year variable rate
02/183.14%2.26%
03/183.14%2.21%
04/183.01%2.21%
05/183.07%2.2%
06/183.09%2.2%
07/183.09%2.2%
08/183.1%2.4%
09/183.19%2.41%
10/183.27%2.43%
11/183.44%2.65%
12/183.39%2.65%
01/193.35%2.65%

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 in 2016. The average resale price of a Manitoba home is about $270,000 — a modest increase over 2015’s average.

Resale Home Prices in Manitoba

QuarterManitobaCanada
Q1/13$254,994$367,382
Q2/13$254,340$372,775
Q3/13$257,487$388,651
Q4/13$260,000$381,900
Q1/14$263,169$399,945
Q2/14$263,999$402,605
Q3/14$266,715$409,388
Q4/14$265,044$416,410
Q1/15$265,543$425,062
Q2/15$268,431$438,866
Q3/15$272,400$445,000
Q4/15$272,900$438,200
Q1/16$272,900$440,800
Q2/16$273,300$441,800

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.

Two-Storey Home and Condo Prices by Province

ProvinceTwo StoreyCondo
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

Your Manitoba mortgage questions, answered.

Variable or fixed: which is more popular?

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.

5-Year Fixed Rates vs. 5-Year Variable Rates in Manitoba: Who Takes What?✝

of Manitoba borrowers apply for 5-year variable mortgages
57%
of Manitoba borrowers apply for 5-year fixed mortgages
43%

✝Based on borrowers in Manitoba who applied for a mortgage at LowestRates.ca since 2014.

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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