Best 3-year variable mortgage rates in Manitoba.
Today’s best 3-year variable rate in Manitoba is 3.55%. We compare 3-year variable rates across 100+ Canadian lenders for Manitoba and lock your best on one application, with no bureau pull to start.
The best 3-year variable rate in Manitoba today is approximately 3.55% — about $1,602/month on Manitoba’s average price of $399,003 with 20% down over a 25-year amortization. A 3-year variable is a shorter-commitment variable for borrowers who want flexibility and a quick re-shop. 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..
Insured vs uninsured: the lowest 3-year variable rates are usually insured pricing: a purchase with less than 20% down, backed by CMHC, Sagen or Canada Guaranty. Uninsured files (20%+ down, homes over $1.5M, refinances) typically price higher. APR is shown only where the lender publishes one that differs from the rate.
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all Manitoba rates →
Manitoba mortgage payments by term
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.19% | $1,712/mo |
| 5-Year VariableLowest | 3.50% | $1,594/mo |
| 3-Year Fixed | 4.04% | $1,686/mo |
| 3-Year Variable | 3.55% | $1,602/mo |
| 2-Year Fixed | 3.99% | $1,677/mo |
| 1-Year Fixed | 4.19% | $1,712/mo |
| 4-Year Fixed | 4.24% | $1,721/mo |
| 7-Year Fixed | 5.00% | $1,856/mo |
| 10-Year Fixed | 5.34% | $1,919/mo |
What a 3-year variable costs on a typical Manitoba home
Worked on Manitoba’s average price of $399,003 (Manitoba province-wide average residential price, Manitoba Real Estate Association (via CREA)) at today’s best 3-year variable rate of 3.55%, a 25-year amortization and Canadian semi-annual compounding. The term figures cover the 3-year term only, and assume the rate stays at 3.55% throughout: a variable rate moves with prime.
| Minimum down (insured) | 20% down (uninsured) | |
|---|---|---|
| Down payment | $19,951 (5.0%) | $79,801 (20.0%) |
| Default insurance premium (added to the mortgage) | $15,162 | None |
| Mortgage amount | $394,214 | $319,202 |
| Monthly payment | $1,979/mo | $1,602/mo |
| Interest paid over the 3-year term | $40,106 | $32,475 |
| Principal repaid over the term | $31,124 | $25,202 |
| Balance owing at renewal (year 3) | $363,090 | $294,000 |
| Payment you must qualify at (5.55% stress-test rate) | $2,418/mo | $1,958/mo |
Manitoba Land Transfer Tax on this price: $5,630. Paid in cash at closing, on top of the down payment.
Qualifying: lenders test your income at 5.55% (the higher of your rate + 2% or 5.25%), not at 3.55%, so the qualifying payment above is the one your income must support, together with property tax, heating and other debts. Run your own numbers in the affordability calculator.
Is a 3-year variable right for you in Manitoba?
Who it suits. Borrowers who like the variable structure but want to revisit the whole mortgage in three years rather than five. It suits people expecting rate cuts who also anticipate a change (selling, refinancing, or restructuring) inside three years.
What drives the rate. Like the 5-year variable, it moves with prime and the Bank of Canada, but the shorter term means you renegotiate sooner. Availability is thinner than the 5-year variable, so the lender mix that offers it matters.
Breaking it early. Three months' interest, the same cheap-exit advantage as any variable, paired here with an even shorter commitment.
A niche term: useful, but offered by fewer lenders than the 5-year variable. You get maximum flexibility but give up the longer rate hold a 5-year term provides.
What’s specific to Manitoba
The Manitoba rate market. 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.
Top Manitoba lenders to compare. Manitoba’s 3-year variable pricing is shaped by a distinct lender mix: RBC, Scotiabank, Steinbach Credit Union, Assiniboine Credit Union, MCAP and others all bid for files here, and we shop the whole panel on one application.
Closing costs. On top of the rate, budget for manitoba land transfer tax — tiered tax of 0%–2% on purchase price; first $30K is exempt. On a $400K Winnipeg home, expect approximately $5,650 in LTT. Manitoba has no first-time-buyer land-transfer-tax rebate in the schedule modelled here; confirm current eligibility with Manitoba Finance and your lawyer. Run the full number in our Manitoba land transfer tax calculator.
A worked example for Manitoba
On Manitoba’s average price of $399,003 with 20% down ($79,801), the mortgage is $319,202. At today’s best 3-year variable rate of 3.55% over a 25-year amortization, that’s about $1,602/month using Canadian semi-annual compounding. That payment moves with prime over the term. Model your own price in the payment calculator.
Whatever your situation in Manitoba
First home, renewal, refinance, self-employed or bruised credit: there's a 3-year variable path for your file, with the same 100+ lender network.
First-time buyers
5% down to your first Manitoba home, with FHSA + RRSP HBP optimization.
Refinancing
Tap your Manitoba home equity for renovations, debt consolidation, or investing.
Renewing
Don't auto-renew. Compare your bank's offer against the market.
Self-employed
Business-for-self files priced right, with A-lender, alt-A and private compared.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
New to Canada
Newcomer programs at the big banks; international credit accepted.
6 reasons to lock your Manitoba 3-year variable rate through a broker
Why Manitoba borrowers shop the whole market instead of signing their bank's first 3-year variable offer.
100+ lenders compete, not one
A Manitoba bank shows you a single 3-year variable rate sheet. We put your file in front of 100+ lenders who bid for it, then pass on the volume pricing we hold as a brokerage.
Broker-channel pricing
The wholesale rate brokers access is typically 15-30 bps below a bank's posted rate. You can't get it by walking into a branch.
Built for the Manitoba market
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..
Your rate held 90-120 days
A pre-approval locks today's 3-year variable rate while you shop, and many lenders honour a drop if rates fall before you close.
No bureau pull to start
We can shop your Manitoba 3-year variable rate and pre-qualify you without a hard credit check, so comparing costs you nothing.
Rate Beat offer (conditions apply)
Rate-beat offer: if you bring a written, current 3-year variable offer from one of the six largest banks for the same product, term and amount, we will try to beat it or pay you $500 (keep it, or we'll donate it to your favourite charity). Conditions apply; see mortgagesquad.ca/rate-beat-guarantee. Our advice is free, because the lender pays our commission on funding.
Why shop your Manitoba 3-year variable rate with us
- 100+ lenders on one application: banks, monolines, and Manitoba credit unions like RBC and Scotiabank.
- Broker-channel rates 15-30 bps below posted, only a brokerage can access.
- Manitoba-specific guidance: land transfer tax, rebates, and local lender fit built in.
- FSRA-licensed advice in 15+ languages.
Manitoba 3-year variable rates — FAQ
What is the best 3-year variable mortgage rate in Manitoba right now?
Are Manitoba 3-year variable rates different from the rest of Canada?
Is a 3-year variable a good idea in Manitoba?
How does breaking a 3-year variable mortgage work?
What land transfer tax will I pay in Manitoba?
Can I lock this Manitoba rate before I buy?
Lock your best Manitoba 3-year variable rate.
Free, no bureau pull to begin. We shop 100+ lenders and hold your rate while you shop for the home.