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

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.88%2.48%
05/20 2.60%2.28%
06/20 2.53%2.05%
07/20 2.49%1.99%
08/20 2.39%1.99%
09/20 2.04%1.89%
10/20 1.97%1.83%
11/20 1.83%1.72%
12/20 1.85%1.68%
01/21 1.75%1.65%

Last Updated: February 1, 2021

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 vs. 5-year variable mortgage rates in Manitoba

04/20 2.23%2.77%
05/20 2.00%2.50%
06/20 2.02%2.32%
07/20 1.98%2.31%
08/20 1.97%2.33%
09/20 1.81%2.02%
10/20 1.77%1.96%
11/20 1.84%1.79%
12/20 1.78%1.77%
01/21 1.62%1.75%

Last Updated: February 1, 2021

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 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

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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