Find the best mortgage rates in Manitoba

Get the best mortgage rates in Manitoba in just a few clicks. 

Best mortgage rates in Manitoba

Manitoba's mortgage and housing market

Rich in cultural diversity and natural beauty, Manitoba is situated in the heart of Canada. With a population of a little over 1.4 million, the province has eight cities, out of which Winnipeg and Brandon are most important in terms of economic, cultural and political influence. Manitoba’s top economic contributors are agriculture, tourism, manufacturing, oil, mining and forestry. The province has a diverse habitat and is home to the iconic polar bears and beluga whales. It has over 100,000 lakes and waterways.

The housing market in Manitoba is comparatively more affordable than other provinces, and the province also offers a range of property options from condos to suburban homes to choose from. The average house price in Manitoba is $372,212 (October 2024), lower than the national average of $696,166, per CREA data.

With an impressive mix of affordability and diverse housing options, Manitoba remains an attractive market for home buyers and investors. Mortgage rates available in Manitoba would pretty much match the rest of the country, however, there are several factors that impact the rate such as buyer’s financial situation, income, economic conditions and others. Manitoba is served by all big six Canadian banks and has a strong presence of credit unions as well. Home buyers have different lenders to reach out to when searching for the best mortgage rate in Manitoba. 

How to use our Manitoba mortgage rates table

Our Manitoba mortgage rates table can help you secure the best rate, in these quick and easy steps

Understanding your Manitoba mortgage rate

Having a thorough understanding of your mortgage is crucial, as it can affect the following:

• Budgeting: Buying a home will be one of your life’s biggest investments. Understanding whether your mortgage rate is fixed, variable, open or closed, will empower you to budget effectively for your future. This will help you plan better throughout the mortgage term, offering long-term financial stability.
• Cost of borrowing: Mortgage rates influence your total borrowing costs. Even the slightest fluctuation can have a significant impact on both your monthly payments and the overall interest paid over time.
• Rate comparisons: Comparing different mortgage rates and lenders can help you identify what’s best for you. While a lender may offer you a lower rate, the terms they offer may not be the best. Always judge the lender by both rate and terms they offer. Features like no prepayment penalties can be a game-changer, offering you greater flexibility and option to pay off your mortgage sooner.
• Risk management: In today’s volatile market, it’s crucial to understand how financial risks can shift with significant rate increases. For a variable rate borrower, a small rate hike can impact monthly payments and even amortization. For a borrower with a fixed rate, high interest rate can still influence renewal terms and affect home value in case of refinancing.
• Negotiation power: Having a strong understanding of mortgage rates and the factors influencing your rate can help you negotiate with the lender over more favourable mortgage terms.

How can I get the lowest mortgage rate in Manitoba?

You can secure the best mortgage rate in Manitoba with these simple steps:

1. Boost your credit score: Improving your credit score is the best way to ensure a lender that you’re a responsible borrower who can be trusted. In order to boost your credit score, pay bills on time, reduce debt, check credit reports for errors and aim to keep your credit card usage below 30% of your limit.

Read more: How to improve your credit score.

2. Save for a bigger down payment: If you make a downpayment of under 20%, you have to pay a premium for mortgage insurance for the life of your loan. Avoid that extra cost by making a 20% down payment or more, if you are able. This will also help you secure a better rate.

3. Compare mortgage rates and lenders: Compare rates from banks, credit unions and mortgage lenders to find the most competitive offer. You can even take one offer to the other lender and negotiate.

4. Always negotiate: Use offers from lenders to negotiate a better rate as even a small difference can add up to significant savings over time. Sometimes you can even get better terms, if not a better rate, over negotiations. 

5. Use a mortgage broker: A mortgage broker often has access to exclusive deals and can negotiate on your behalf with the lender.

6. Time it right: Read the mortgage market trends and apply for a mortgage when rates are low to maximize savings.

7. Consider all the features: Look at, not just rate, but also the terms of the mortgage, like prepayment options or portability.

8. Strengthen your finances: Lower your overall debt, increase your income or choose a property that fits your budget to make yourself a more attractive borrower to lenders.

9. Lock in a rate: Secure a rate hold for 90 to 120 days if you anticipate rates may increase while you’re shopping around for a house.

10. Choose the right mortgage type and term: Decide between fixed or variable rates and select a term length that aligns with your financial goals and lifestyle.

Pros and cons of fixed rate mortgages vs. variable-rate mortgages in Manitoba

Fixed mortgage rates

Pros

• Predictability: Makes financial planning easier as rate remains unchanged

• Security: Protection from rising interest rates during rate hike periods

Cons

• Higher costs: Initial rates are typically higher than variable rates

• Higher penalties: Breaking the mortgage early results in larger penalties

Variable mortgage rates

Pros

• Lower initial rates: Often start lower than fixed rates

• Lower penalties: Breaking the mortgage early typically has smaller penalties

Cons

• Uncertainty: Rates can increase, affecting payments or amortization

• Budget challenges: Fluctuating payments make financial planning harder

Two other mortgage types in Manitoba are gaining in popularity.

• Adjustable-rate mortgages (ARMs): Similar to variable rate mortgages, adjustable rate mortgages have fluctuating interest rates over time. However, in the case of ARM, your mortgage payments adjust in response to the rate change. While lower rates imply reduced payments when interest rates go down, there is a risk of substantial increases if Manitoba mortgage rates rise. It’s important to have a contingency financial plan in place. For instance, Scotiabank offers the Flex Value Mortgage, which is an ARM.
• Hybrid mortgages: Hybrid or combination mortgages help divide your loan into portions, each with a different type of rate — fixed, variable, or adjustable. This approach spreads your risk across varying rate environments. A hybrid mortgage provides the stability of fixed rates alongside the potential savings of variable rates. However, these mortgages can be complex, so it is important to understand the terms and conditions of the mortgage agreement.
  

How are Manitoba mortgage rates determined

Mortgage rates in Manitoba, as in the rest of Canada, are affected by several micro and macro factors. Here are all the factors that affect Manitoba mortgage rates:

• Bank of Canada's policy interest rate: The Bank of Canada’s (BoC) overnight rate has a direct impact on the lender’s prime rate, which determines variable mortgage rate. Fixed mortgage rates, while influenced by the policy rate, are not directly impacted by a change in the overnight rate. Bond yields lead the fixed rate, which means if bond yields fall, fixed rates will follow suit and vice versa.
• Bond market: Government bond yields, particularly five-year Canadian government bonds, have a direct impact on fixed mortgage rates. When bond yields rise due to factors like inflation or better returns from alternative investments, banks tend to raise fixed mortgage rates to maintain profitability.
• Economic conditions: The overall economic health of a country can affect mortgage rates. During economic growth, increased credit demand and inflation expectations may drive rates higher. In contrast, economic slowdowns may prompt rate reductions by the Bank of Canada to encourage borrowing and investment.
• Inflation: To maintain inflation in its target range of 2 to 3%, the Bank of Canada adjusts its monetary policy and overnight rate. This has a direct impact on mortgage rates. Higher inflation results in lenders raising rates to control borrowing.
• Lender's funding costs: The costs incurred by mortgage lenders to obtain the funds they lend out impacts mortgage rates. These costs can vary based on factors like borrower demand and the source of funding available to the lender.
• Regulatory changes: Government policies, such as updates made  to mortgage qualification rules or bank capital requirements, can influence mortgage rates by altering lending conditions and risk assessments.
• Lender competition: The level of competition among Manitoba lenders can impact mortgage rates. More competition generally leads to lower rates as lenders strive to attract high-income borrowers.
• International events: Global economic trends and events such as wars, can influence Canadian mortgage rates. For example, strong demand for Canadian bonds can lower bond yields, reducing fixed mortgage rates.
• Gross Domestic Product (GDP): GDP, a measure of overall economic health, can impact mortgage rates. A strong economy may push rates higher due to increased borrowing demand, while a weak economy may result in lower rates to stimulate economic activity.
• Employment rates: Employment levels can influence housing demand and mortgage rates. Higher employment often correlates with rising rates, whereas higher unemployment may lead to rate decreases as lenders seek to encourage economic activity.
• Consumer confidence: Consumer confidence impacts spending habits. Increased consumer confidence and spending can drive mortgage rates higher, while cautious behavior may result in lower rates.

While these factors offer insights into what determines mortgage rates in Manitoba, the specific rate offered will also depend on individual factors such as income, credit score, down payment, amortization period and the type of mortgage rate.

Manitoba’s current housing market

According to the Real Estate Board of Manitoba statistics, the average sale price of a single-family home in September 2024 was $362,137, which is 3% higher compared to the same period last year. The average house price in the city of Winnipeg in October 2024 was $361,400, 6.4% higher than $339,800 in October 2023. Brandon house prices saw a 3.9% increase compared to last year as well, with average price being $238,850 in October 2024 vs. $229,892 in October 2023.

Portage La Prairie, on the other hand, reported a 4.7% decline in average house prices, $226,764 in October 2024, compared to $238,029 in October last year.

Overall, Manitoba home sales were 2.3% above the five-year average and 12% above the 10-year average for the month of October. Sales activity in Manitoba continued to build momentum in October while the overall provincial housing market has tightened since the beginning of this year. With mortgage rates falling and new mortgage regulations coming into effect in December, market watchers are expecting buyer activity to remain strong over several months in 2025.

Types of Mortgage Lenders in Manitoba

Banks

All major Canadian banks have a presence in Manitoba and are a common source of mortgage financing. Manitoba home buyers have access to all the important mortgage products from the following banks:

• Royal Bank of Canada (RBC): Founded in 1864, RBC is one of the largest banks in Canada. RBC provides a wide range of mortgage options, including fixed and variable-rate mortgages, along with specialized products for first-time homebuyers.

• Toronto-Dominion Bank (TD Bank): TD Bank offers a variety of mortgage solutions, including fixed and variable-rate mortgages, as well as home equity lines of credit (HELOC).

• Bank of Montreal (BMO): BMO offers competitive mortgage rates and options, including fixed and variable-rate mortgages, along with special programs for first-time buyers.
• CIBC: CIBC has different mortgage products, including fixed and variable-rate mortgages, as well as a Home Power Plan that combines a mortgage with a line of credit.
• Scotiabank: Founded in 1832, Scotiabank is one of the oldest banks in Canada. They offer a broad range of mortgage options, including fixed, variable-rate and adjustable-rate mortgages. They also provide the Scotia Total Equity Plan, allowing homeowners to utilize their home equity to reduce borrowing costs.
• National Bank of Canada (NBC): Although headquartered in Montreal, National Bank provides mortgage products across Manitoba and the rest of Canada. These offerings include fixed and variable-rate mortgages, as well as tailored solutions for first-time homebuyers, designed to meet diverse financial needs and goals.
• Tangerine Bank: A wholly-owned subsidiary of The Bank of Nova Scotia, Tangerine Bank is a digital bank that offers various mortgage products, HELOCs and lines of credit. The bank has flexible lump sum prepayment options and offers all mortgage rates — fixed and variable.
• EQ Bank: Another digital bank that offers an alternative to traditional banking,EQ Bank has some unique offerings for mortgage borrowers. From Mortgage Marketplace, online mortgage process with personalized services, this digital bank has several mortgage products to choose from.

Credit unions

Credit unions are a strong pillar of the traditional lending scenario available in Manitoba. Here are some of the well-known credit unions in the province:

• Assiniboine Credit Union (ACU): Manitoba’s second largest credit union, ACU offers a wide range of personal and business banking services as well as mortgage products and rates.
• Steinbach Credit Union (SCU): One of the largest credit unions in Canada, headquartered in Steinbach, with two additional branches in Winnipeg. SCU is the second largest credit union in Manitoba and eighth largest in Canada.
• Cambrian Credit Union: A well-established credit union in Manitoba, CCU is known for its focus on innovative products such as the Unfee chequing account. It is over 60 years old and is active within the Winnipeg area. 
• Access Credit Union: A major credit union in southern Manitoba, Access caters both rural and urban communities with comprehensive banking solutions. It has over 54 branches in Winnipeg and is the largest credit union in the province.

These credit unions are known for their community involvement, member-first approach and competitive financial products.

Trust companies

Please list out the trust companies in Manitoba that offer mortgages.

There are several federal trust companies that are registered to do  business in Manitoba. Some of these trust and loan corporations are:

• Valiant Trust Company
• TD Mortgage Corporation
• Sun Life Financial Trust
• Scotia Mortgage Corporation
• The Royal Trust Company
• Royal Bank Mortgage Corporation
• People’s Trust Company
• Northern Trust Company
• National Bank Trust
• Manulife Trust Company
• Canada Trust Company
• Investors Group Trust Co. Ltd.

Mortgage Investment Corporations (MICs)

Mortgage Investment Corporations (MICs) are  legal entities created to lend money to individuals and businesses and often these loans are secured by way of a mortgage. Here are some of the popular ones in Manitoba:

• Guardian Mortgage Investment Corporation: GMIC is a private mortgage lender based in Winnipeg, MB, and their lending portfolio is made up of non-traditional mortgages
• WIN MIC: WIN MIC provides lending for Manitoba and Alberta. In the borrowing segment, WIN provides residential mortgage, re-financing, construction mortgage, bridge financing, as well as debt consolidation.
• Sun Mortgage Corporation Winnipeg: Based in Winnipeg, this MIC serves as a private lender, mortgage broker and administrator. It specializes in arranging private loans and customized mortgage solutions for residential and commercial clients in Manitoba.
• CMI Mortgage Investments: Part of the Canadian Mortgage Investment Corporation, this company offers mortgage investment opportunities and lending services. It connects investors with diverse mortgage products for stable, long-term returns.
• Perch Capital MIC: Focuses on providing alternative investment opportunities in the mortgage market, targeting individuals looking to diversify their portfolios through residential and commercial mortgages.
• Fisher Investments Canada: A division of Fisher Investments, this company offers wealth management services, including portfolio management tailored to individual financial goals. It focuses more on investment strategy than mortgage lending.

Private Lender

Private lenders are individuals or firms providing personal loans, including mortgages, especially to borrowers struggling to secure financing through conventional methods. While they may offer loans with more lenient qualification criteria, private lenders usually charge higher interest rates and fees to compensate for the heightened risk. 

• True North Mortgage
• Threshold Mortgage Corporation
• Sun Mortgage Corporation Winnipeg
• The Spooner Group
• DLC Mainstream Mortgages
• The Mortgage World 
• Kokanee Mortgage
• Amansad Financial

Impact of rate hikes on monthly mortgage payments in Manitoba

Between 2022 and 2023, the Bank of Canada’s (BoC) 10 consecutive rate hikes made the lives of many Manitoba home buyers difficult. The rate hikes discouraged mortgage borrowing, tightening the rate market with historically high mortgage rates and impacted the housing market as well. However, since June 2024, the BoC overnight rate has significantly dropped and a lot of buyers who were waiting on the sidelines for rates to decrease are slowly getting back into the housing market.

Today, the lowest mortgage rates in Manitoba are around 4%, and only a few years back they stood around 2.5%. Until the Bank of Canada began slashing its overnight rate in 2024, the variable-rate mortgages were as high as between 7% to 8%.

Let’s see how the rate hike would have impacted a $400,000 home using our Manitoba mortgage calculator. 

If you had put 20% down ($80,000) on a five-year fixed rate mortgage for a $400,000 home five years ago, at2.5%, your bi-weekly mortgage payment would have been $716.75.

Five years later, you’d end up paying $56,837.67 towards your principal, lowering your total amount owing to $261,662.33 with 20 years left on the term.

At a 5% rate of interest, your bi-weekly mortgage payment jumps to $859.73, or an extra $285.92 per month upon renewal. This is why it is important to have a long term plan when it comes to securing a mortgage type and term.

Using our Manitoba mortgage calculator, you can see how different rates affect your mortgage monthly payments.

Understanding your Manitoba mortgage closing costs

Here are all the major closing costs involved in purchasing a home in Manitoba.

Land Transfer Tax Registration Fee

Under the Land Titles system in Manitoba, transferees must pay land transfer tax with some exemptions, plus a registration fee. The tax is calculated based on the property's fair market value:

• No tax on the first $30,000
• 0.5% on property valued between $30,001 to $90,000
• 1% on $90,001 to $150,000
• 1.5% on $150,001 to $200,000
• 2% on amounts over $200,000

Legal Fees and Disbursements

Your lawyer handles all legal paperwork for the transaction. Cost typically ranges from $1,000 to $2,500, varying based on complexity.

Home Inspection Fee

While optional, this highly recommended inspection identifies structural issues and necessary repairs. Costs between $300 and $600, depending on home size and condition.

Home Appraisal Fee

Required by most lenders to assess property market value. Fees range from $300 to $500+, depending on the property.

Mortgage Default Insurance

Required for mortgages with less than 20% down payment. Premiums range from 0.6% to 4.5% of the mortgage amount, added to your total mortgage and paid over the term.

Title Insurance

Protects against ownership disputes and title defects. One-time fee of $250 to $400, paid to your lawyer.

HST

Applies only to new and substantially renovated homes. 5% of purchase price, usually included in property price.

Manitoba Home Insurance

Mandatory for mortgaged homes, protecting against damages. Annual premiums range from $500 to $2,000.

Final thoughts on finding the best mortgage rates in Manitoba

There is no one formula for finding the best mortgage rate in Manitoba. It requires research, studying the terms lenders provide and practicing some good credit habits to come across as a responsible borrower to lenders. With the many factors that impact mortgage rates in Manitoba, some are in control of the borrowers such as income, down payment and credit score, while other factors such as economy, inflation and GDP are not in our control.

Borrowers can focus on what they can change in their financial decisions that can help them get a better rate. On top of it all, comparison shopping is the best way forward when searching for lenders and rates. 

Shivani Kaul Writer

Shivani Kaul Writer

Shivani Kaul is a seasoned freelance writer and editor specializing in insurance, mortgage, and finance.

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