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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Winnipeg and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Winnipeg and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Manitoba credit unions like Assiniboine Credit Union — can often result in a better mortgage rate.
If you are looking for the lowest mortgage rate available, here are some of the factors that Winnipeg lenders consider when deciding their rate:
1. Down payment
Your down payment is the primary factor lenders look at, as it determines how much mortgage you can afford and whether you need to purchase Canda Mortgage and Housing Corporation (CMHC) mortgage default insurance. When it comes to your down payment, more is better. There are minimum down payment rules that apply across Canada, based on the price of the home:
2. Debt service ratios
While your down payment is significant, it’s not the only factor that matters when determining your mortgage rate. Lenders will also look at your monthly debt repayment obligations to determine whether you’ll be able to afford your mortgage payments. To do so, lenders use two debt service ratios:
3. Credit score
A credit score is a number between 300 and 900 that measures your creditworthiness. A high credit score signifies to lenders that you pay your bills on time and manage your credit responsibly, which increases their confidence to lend you money. A low credit score means lenders are taking on more risk if they loan you money.
Each financial institution has its own criteria to determine borrowers’ eligibility for a mortgage, but most require a credit score of at least 600. The lower your credit score, the less likely you’ll be able to obtain a low mortgage rate in Winnipeg. If your score is too low, you won’t qualify for a mortgage from a bank or other traditional lender. To get a mortgage in Winnipeg with bad credit, you may have to look at mortgage rates from private lenders. No matter where you live in Canada, bad credit will be accompanied by a higher interest rate.
4. Employment and income
To ensure you’re capable of servicing your mortgage payments, lenders will want to know how you earn income – whether it’s through a salaried job, self-employment, rental properties, or investments.
They’ll ask for proof of all your income streams when assessing your application, so be prepared to provide it. If you’re self-employed, you’ll need to submit various documents, such as financial statements, business license, business and personal credit scores, tax returns from the past three years, contracts showing expected future revenue and proof that you’re the primary owner of the business.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.47%. That’s 33 bps above the average high-ratio 5-year fixed rate, which stands at 4.14%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
| 12/25 | 4.48% | 4.35% |
| 01/26 | 4.59% | 4.53% |
| 02/26 | 4.55% | 4.53% |
| 03/26 | 4.34% | 4.32% |
| 04/26 | 4.32% | 4.28% |
| 05/26 | 4.36% | 4.21% |
| 06/26 | 4.38% | 4.19% |
| 07/26 | 4.37% | 4.13% |
| 08/26 | 4.39% | 4.08% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 4.34%. That’s 41 bps abow the 5-year variable rate, which stands at 3.93%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.62% | 4.69% |
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
| 12/25 | 4.67% | 4.44% |
| 01/26 | 4.73% | 4.47% |
| 02/26 | 4.67% | 4.44% |
| 03/26 | 4.44% | 4.40% |
| 04/26 | 4.40% | 4.06% |
| 05/26 | 4.34% | 3.90% |
| 06/26 | 4.34% | 3.85% |
| 07/26 | 4.27% | 3.83% |
| 08/26 | 4.26% | 3.81% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $277,671 in Winnipeg and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Winnipeg from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Winnipeg | $261,479 | $270,280 | $286,062 | $262,423 | $248,861 | $241,472 | $261,544 | $250,074 | $237,604 | $246,099 | $266,932 | $265,603 | $253,274 | $261,216 | $285,515 | $277,671 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,586 in Winnipeg by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,222 | $1,341 | $1,506 | $1,536 | $1,523 | $1,491 | $1,624 | $1,598 | $1,571 | $1,583 | $1,658 | $1,612 | $1,525 | $1,525 | $1,815 | $1,586 |
Closing costs are the one-time fees buyers pay upon purchasing property in Winnipeg. Generally, closing costs include:
Land transfer tax calculations for a $500,000 property in Winnipeg without a rebate are:
Finding the best mortgage rates in Winnipeg starts with comparison shopping on sites like LowestRates.ca. With a few answered questions about your financing needs, we can provide you with top providers and brokers in the area offering the cheapest rates to meet your budget.
And best of all, it’s free to use.
Getting a lower mortgage in Winnipeg (or anywhere else in Manitoba or Canada) can matter a lot – especially when you look at rates long-term. Let’s assume you’re trying to decide between two types of 7-year fixed rate. One is an 80% LTV (loan-to-value) rate of 4.44% – a rate that applies to mortgage amounts between 65.01% and 80% – and the other a bank rate of 5.06%.
Perhaps, you are buying a home that costs $600,000, with a down payment of 20%, meaning that you’re borrowing $480,000. In this scenario, combined with an amortization of 25 years, your 80% LTV monthly payment would be $2,641, while your monthly bank rate payment would be $2,808. The latter is $167 more expensive. It’s significant, but given the total monthly amount, it’s not that significant.
In a year, however, this difference would amount to $2,004 – close to a single monthly payment – and in five years, $10,020. That’s quite a bit of money, despite being a small percentage overall. Either way, it’s money you could save up for renovations, a new car or another vital expense.
Besides getting the best home mortgage rates, Winnipeg buyers should also look at these when choosing a mortgage:
LowestRates.ca works to bring you the best mortgage rates from top banks and brokers across Canada, including Winnipeg. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Winnipeg. 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 not only in Winnipeg, but across 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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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