Best mortgage rates
in Manitoba.
Today’s best 5-year fixed in Manitoba is 4.19% across our network. Variable is 3.00%. Affordable Prairie market with strong first-time buyer flow, low closing costs, and stable demand across the year.
Mortgage rates in Manitoba today start at 4.19%% fixed and 3.00%% variable across our 100+ lender network. The average home in Manitoba is $399,003; the federal stress test requires qualifying at your rate + 2%. Manitoba has unusually strong credit-union competition — Steinbach Credit Union and Assiniboine Credit Union are major mortgage lenders with locally focused rates that often beat Big-6 pricing on Manitoba files.
What are the best mortgage rates in Manitoba right now?
From 100+ lenders, lowest first. Rates are for insured mortgages unless noted.
How are mortgage rates set in Manitoba?
Your lender sets your rate from your credit, income, amortization and down payment. Fixed rates follow bond yields. Variable rates follow the Bank of Canada. Manitoba has unusually strong credit-union competition — Steinbach Credit Union and Assiniboine Credit Union are major mortgage lenders with locally focused rates that often beat Big-6 pricing on Manitoba files.
Follow the 5-year bond yield
Lenders price 5-year fixed rates off the Government of Canada 5-year bond yield. When yields rise, fixed rates follow within days. A 0.25% move adds about $12/month per $100k.
Follow the Bank of Canada
Variable rates are prime plus or minus a discount. The Bank of Canada sets its rate 8 times a year, and prime is that rate + 2.20%.
Credit and down payment
Insured mortgages (under 20% down) get the deepest discounts. Files with 20% or more down pay 0.05–0.25% more. A score above 720 gets the best tier.
What lenders look at in Manitoba
- 1. Your credit and income. Lenders check your credit score, income papers and total debt. A score above 720 gets the best discounts.
- 2. The lenders in your province. Not every lender works in every province, and pricing varies by region. Brokers reach banks, credit unions and monoline lenders.
- 3. Fixed or variable. Fixed rates follow Government of Canada bond yields. Variable rates follow the Bank of Canada. Neither is always cheaper over a full term.
- 4. The stress test. You must qualify at your rate + 2%, or 5.25%, whichever is higher. We build your application so you pass on the best product, not the easiest one.
Manitoba mortgage rates — common questions.
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How affordable is Winnipeg compared to other Canadian cities?
Winnipeg is one of the most affordable major Canadian markets. At an average home price of about $439,216, a 20% down payment is about $88K, against roughly $390K in Vancouver. Monthly carrying costs at current rates run roughly half what they would in the GTA core for an equivalent home.
Should I consider Steinbach Credit Union?
Steinbach Credit Union is Manitoba's largest credit union and a major mortgage lender with very competitive rates on Manitoba files, particularly for self-employed and rental property files. We compare them alongside Big-6 and monolines on every applicable file.
What is the Manitoba Land Transfer Tax on a $300K home?
Approximately $3,650 — 0% on the first $30K, 0.5% on the next $60K ($300), 1.0% on the next $60K ($600), 1.5% on the next $50K ($750) and 2.0% on the remaining $100K ($2,000). On top of that you pay a land titles registration fee of $137 electronically, or $144 on paper, under the schedule in force since 4 January 2026 — many older comparisons still quote about $70 for this and understate it by half. Manitoba offers no first-time-buyer rebate against the tax itself, so budget the full amount in cash on closing day.
Is Manitoba a good province for investment properties?
Cash flow is generally positive at current Winnipeg prices — a $400K rental property typically rents for $1,800-$2,400/month, which often clears expenses on a 20-25% down payment. We have lenders specifically appetited for Manitoba rental files.
Is the mortgage stress test the same in Manitoba as elsewhere in Canada?
Yes — the federal stress test applies uniformly in every province: you must qualify at your contract rate plus 2%, or 5.25%, whichever is higher. There is no Manitoba-specific exception. The stress test determines your maximum mortgage size, not the rate you pay.
What is the minimum down payment on a home in Manitoba?
Federal minimums apply: 5% on the first $500,000 of purchase price, 10% on the portion from $500,000 to $1,500,000, and 20% above $1,500,000. At Manitoba's average home price of $399,003, the minimum down payment is roughly 5%. Below 20% requires CMHC, Sagen, or Canada Guaranty default insurance.
What first-time buyer programs apply in Manitoba?
Federally: the First-Time Home Buyer Tax Credit ($1,500 non-refundable), the First Home Savings Account (FHSA — save up to $40,000 tax-free), and the RRSP Home Buyers' Plan ($35,000 withdrawal repaid over 15 years) all apply province-wide. Provincially: Manitoba has no first-time-buyer land-transfer-tax rebate in the schedule modelled here; confirm current eligibility with Manitoba Finance and your lawyer.
Have a Manitoba offer from a big bank?
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
- 5-minute pre-qualification
- No credit check to start
- Same-business-hour response