Best Variable Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.65%
Best Fixed Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 3.39%
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.65%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
CanWise Financial

CanWise Financial

Term 1 Year
Type Fixed Closed
Rate 3.19%
CanWise Financial

CanWise Financial

Term 3 Year
Type Fixed Closed
Rate 3.29%
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.39%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.69%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 3.79%

Manitoba mortgage rates

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 = huge 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.

Mortgage Interest Savings in Manitoba:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Nov 2017 2.69% 4.99%
Dec 2017 2.69% 4.99%
Jan 2018 2.89% 5.14%
Feb 2018 2.99% 5.14%
Mar 2018 2.99% 5.14%
Apr 2018 3.01% 5.14%
May 2018 3.07% 5.34%
Jun 2018 3.09% 5.34%
Jul 2018 3.09% 5.34%
Aug 2018 3.10% 5.34%
Sep 2018 3.19% 5.34%
Oct 2018 3.27% 5.34%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
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:

$437
Per month
$5,239
Per year
$130,974
Per lifetime

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.

Mortgage Interest Savings in Manitoba:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2017 2.79% 2.28%
Dec 2017 2.80% 1.95%
Jan 2018 3.10% 2.26%
Feb 2018 3.14% 2.26%
Mar 2018 3.14% 2.21%
Apr 2018 3.01% 2.21%
May 2018 3.07% 2.20%
Jun 2018 3.09% 2.20%
Jul 2018 3.09% 2.20%
Aug 2018 3.10% 2.40%
Sep 2018 3.19% 2.41%
Oct 2018 3.27% 2.43%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0% 3.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$102
Per month
$1,221
Per year
$30,513
Per lifetime

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

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

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
Manitoba
Canada
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 (F) 2015 Q4 (F) 2016 Q1 (F) 2016 Q2 (F) $200k $400k $600k $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
Two-Storey
Condo
$0k $200k $400k $600k $800k
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Québec
Canadian Average

Average home prices by province and territory

Manitoba vs. Canada
Province and territoryAverage home price (2016)*Year-over-year change
Manitoba$282,511+4.2%
Alberta$395,648+2.7%
British Columbia$625,871-6.4%
Newfoundland and Labrador$265,395-2.4%
New Brunswick$158,295+2.0%
Nova Scotia$218,332+1.7%
Northwest Territories$423,222-0.1%
Ontario$571,696+21.2%
Prince Edward Island$165,406+0.0%
Quebec$291,232+2.6%
Saskatchewan$292,303+0.4%
Yukon$289,312-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

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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