Best 3-year variable mortgage rates in Manitoba.
Today’s best 3-year variable rate in Manitoba is 3.55% — about $1,602/month on a $399,003 home with 20% down. A 3-year variable is a shorter-commitment variable for borrowers who want flexibility and a quick re-shop.
Who has the best 3-year variable rate in Manitoba?
Radius Financial, at 3.55%. The lowest rates are usually insured pricing.
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 →
What would my payment be?
About $1,602/month. That’s Manitoba’s average price of $399,003 with 20% down ($79,801), a $319,202 mortgage at today’s best 3-year variable rate of 3.55%, over 25 years with Canadian semi-annual compounding. That payment moves with prime over the term. Model your own price in the payment calculator.
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.19% | $1,712/mo |
| 5-Year VariableLowest | 3.00% | $1,511/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 does a 3-year variable cost on a typical Manitoba home?
With the minimum down ($19,951), you pay about $1,979/month and $40,106 in interest over the 3-year term. Lenders test your income at 5.55%.
See the full 3-year cost: down payment, insurance, interest and balance
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, and what breaking it costs
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?
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.
Manitoba lenders and closing costs
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.
Why get your Manitoba 3-year variable rate through a broker?
Because 100+ lenders compete for your file instead of one. We can help you save money.
100+ lenders compete, not one
A Manitoba bank shows you one 3-year variable rate sheet. We put your file in front of 100+ lenders, including RBC and Scotiabank.
Broker pricing
The rate brokers get is typically 15-30 bps below a bank's posted rate. You can't get it at a branch.
Built for Manitoba
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.. Land transfer tax, rebates and local lender fit are built in.
Your rate held 90-120 days
A pre-approval locks your 3-year variable rate while you shop, and many lenders honour a drop before you close.
No credit pull to start
We shop your Manitoba 3-year variable rate and pre-qualify you without a hard credit check. FSRA-licensed advice in 15+ languages.
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
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.
Manitoba 3-year variable rates — FAQ
What is the best 3-year variable mortgage rate in Manitoba right now?
The best 3-year variable rate in our 100+ lender network for Manitoba is approximately 3.55% as of Oct 24, 2026, which is about $1,602/month on the Manitoba average price of $399,003 with 20% down over 25 years. Your personalized Manitoba rate depends on your file — income, credit, loan-to-value, and property type. We shop every lender on one application to find your lowest.
Are Manitoba 3-year variable rates different from the rest of Canada?
The headline rate is set nationally, but what you can actually get in Manitoba differs: the provincial lender mix, Manitoba Securities Commission regulation, and local credit unions all shape pricing and qualification. 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.
Is a 3-year variable a good idea in Manitoba?
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. You get maximum flexibility but give up the longer rate hold a 5-year term provides.
How does breaking a 3-year variable mortgage work?
Three months' interest, the same cheap-exit advantage as any variable, paired here with an even shorter commitment.
What land transfer tax will I pay in Manitoba?
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.
Can I lock this Manitoba rate before I buy?
Yes. Most lenders offer a 90-120 day rate hold on a pre-approval, so a rising market can't catch you (and many honour a lower rate if they drop). Start a pre-approval (no bureau pull to begin) and we'll hold your best Manitoba 3-year variable rate.
Lock your best Manitoba 3-year variable rate.
Free, no credit pull to begin. We shop 100+ lenders and hold your rate while you shop for the home.