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With over 700,000 residents, Winnipeg is home to more than half of Manitoba's population. Winnipegers enjoy relatively low housing costs compared to other provinces, putting them in the driver’s seat when they’re shopping for a loan. Remember, you can see all the lowest mortgage rates in Winnipeg right here at LowestRates.ca.
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 6.44% | 80% LTV 5.29% | 65% LTV 5.29% | Uninsured 7.35% | 6.59% | ||
Insured 5.54% | 80% LTV 5.59% | 65% LTV 5.59% | Uninsured 5.84% | 6.19% | ||
Insured 4.79% | 80% LTV 4.79% | 65% LTV 4.79% | Uninsured 4.99% | 5.29% | ||
Insured 4.74% | 80% LTV 4.84% | 65% LTV 4.84% | Uninsured 4.89% | 5.19% | ||
Insured 4.44% | 80% LTV 4.64% | 65% LTV 4.44% | Uninsured 4.44% | 4.84% | ||
Insured 4.89% | 80% LTV 5.29% | 65% LTV 5.29% | Uninsured 5.89% | 5.9% | ||
Insured 5.69% | 80% LTV 5.84% | 65% LTV 5.84% | Uninsured 6.09% | 7.25% | ||
Insured 5.75% | 80% LTV 6.15% | 65% LTV 6.05% | Uninsured 6.05% | 8.35% | ||
Insured 5.65% | 80% LTV 5.8% | 65% LTV 5.7% | Uninsured 5.7% | 6.19% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
5.49%
4.69%
7.24%
If you’re new to the world of mortgages, you’re probably unaware that there are two different types: high-ratio and conventional mortgages.
A high-ratio mortgage is when the down payment is less than 20% of the purchase price. As a result, you have to buy mortgage default insurance. In Canada, there are three mortgage default insurance providers: the Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty, and Sagen (formerly known as Genworth Canada).
A conventional mortgage is when the down payment is 20% or more of the purchase price. On a home that costs $350,000, that means your down payment is at least $70,000.
While mortgage interest rates in Winnipeg are usually lower when you get a high-ratio mortgage, the total costs including interest will often be higher because you’re also required to purchase mortgage default insurance. Of course, you’ll pay less interest if you get the best mortgage rates in Winnipeg.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 07/23 | 5.52% | 5.14% |
| 08/23 | 6.07% | 5.41% |
| 09/23 | 6.02% | 5.60% |
| 10/23 | 6.20% | 5.90% |
| 11/23 | 6.19% | 5.78% |
| 12/23 | 5.96% | 5.52% |
| 01/24 | 5.64% | 5.27% |
| 02/24 | 5.36% | 5.09% |
| 03/24 | 5.21% | 4.97% |
| 04/24 | 5.14% | 4.95% |
| 05/24 | 5.18% | 5.00% |
| 06/24 | 5.13% | 4.97% |
Last Updated: July 1, 2024
You should compare mortgage rates in Winnipeg before shopping for a home. That will help give you an idea of what you can afford if you qualify for the lowest mortgage rates in Winnipeg. You’ll also need to decide if you want a fixed or a variable rate mortgage.
Fixed mortgage rates in Winnipeg (and in Canada, for that matter) don’t change during the mortgage term, which is often five years. On the other hand, variable rate mortgage rates will usually change if the Bank of Canada increases or decreases the overnight rate. Typically, the term on a variable rate mortgage is also five years.
Although variable mortgage rates in Winnipeg and across Canada were once lower than fixed rates, that trend has reversed over the last few years. Fixed rates are now lower than variable rates.
Here’s an overview of the average 5-year mortgage rates in Manitoba (including Winnipeg):
| Month | Fixed | Variable |
|---|---|---|
| 07/23 | 5.30% | 6.38% |
| 08/23 | 5.57% | 6.47% |
| 09/23 | 5.70% | 6.52% |
| 10/23 | 5.92% | 6.52% |
| 11/23 | 5.85% | 6.54% |
| 12/23 | 5.64% | 6.50% |
| 01/24 | 5.41% | 6.39% |
| 02/24 | 5.23% | 6.47% |
| 03/24 | 5.09% | 6.41% |
| 04/24 | 5.02% | 6.39% |
| 05/24 | 5.08% | 6.40% |
| 06/24 | 5.03% | 6.33% |
Last Updated: July 1, 2024
Today, mortgage rates in Winnipeg are quite low. But there are a variety of factors that can affect whether or not you’ll be able to qualify for the cheapest mortgage rates in Winnipeg. Read below to find out what lenders are looking for when they calculate your mortgage for a Winnipeg home.
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After peaking in mid-2022, Winnipeg's housing market shows signs of cooling off following several rate increases by the Bank of Canada.
The typical mortgage amount in the second quarter of 2023 was $241,536, according to the Canadian Mortgage and Housing Corporation (CMHC). While it’s just 3% lower than the previous quarter, it marks a significant decrease from the same period the previous year, when the average mortgage amount was roughly 11% higher ($266,832).
Meanwhile, monthly mortgage payments are also coming down, but not as quickly as mortgage loan amounts due to rising interest rates.
Recent data from CMHC shows the average monthly payment as $1,491, 2% lower than the previous quarter. However, payments are up 10% annually, thanks to mortgage rate hikes.
Keep in mind that many other factors beyond the sale price determine the size of your mortgage payment. There is interest to be added to the cost of the mortgage, and if you put a low downpayment on the home (5%, for example), you will have to pay an additional 4% insurance premium to the mortgage. There’s also the added provincial sales tax (PST) on the insurance premium you’re required to pay in Manitoba.
Housing sales for the first half of 2023 were well below the record years of 2021 and 2022.
In July 2023, sales of Winnipeg houses were 14% below the five-year average and down 11% year-over-year, according to MLS data compiled by the Winnipeg Regional Real Estate Board.
The demand that depleted Winnipeg’s housing inventory is receding due to increased borrowing costs. But rather than being a sign for concern, experts forecast a return of the stable, balanced housing market Winnipeg saw between 2015 and 2019.
Prices for a residential detached homes rose 2% over last July and were up 9% over the 5-year average. The average price of a 1,365 sq. ft. house was $406,209.
In Manitoba, transferees are required to pay land transfer tax, as well as a registration fee upon registration of transfer of title.
Land transfer tax is calculated based on the market value of a property on the date of registration of a transfer of title. It is calculated as follows:
| Value of property | Taxation rate |
|---|---|
| First $30,000 | 0% |
| $30,001 - $90,000 | 0.5% |
| $90,001- $150,000 | 1.0% |
| $150,001 - $200,000 | 1.5% |
| Amounts above $200,000 | 2.0% |
You can easily look up the cost of your land transfer taxes with this calculator.
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 more than 50 of top providers and brokers in the area offering the cheapest rates to meet your budget.
And best of all, it’s free to use.
There’s a lot of jargon related to mortgages and it can be confusing. Here’s a quick overview of a mortgage term and the amortization period:
The length of the mortgage you get is called the term. The most common term is five years, but it can range from six months to 10 years. When the term is about to end, you have the option to stick with your current lender or find a different lender if you think you can find a better rate. It’s common to have a number of mortgages from multiple lenders over your lifetime.
The length of time you have to pay off your mortgage is called the amortization period, which is usually 25 years. It’s possible to get a mortgage with an amortization of 15 or 20 years, which will increase your mortgage payment and reduce the amount of interest you pay. You can also get a mortgage that has an amortization of 30 or 35 years, but you have to make a down payment of at least 20%.
When looking at the current mortgage rates, Winnipeg buyers will likely notice there’s a significant difference between rates on closed and open mortgages.
Closed mortgages will usually have a lower interest rate. Of course, there’s always a catch. In this case, there are restrictions when you have a closed mortgage. There may be restrictions on how many mortgage prepayments you can make every year and the amount you’re allowed to prepay. There will also be a large financial penalty if you pay off your mortgage before the term is up. You should review these restrictions before you take on a mortgage.
Open mortgages have higher interest rates, but without the restrictions that come with a closed mortgage. You can make prepayments whenever you want, you aren’t restricted to how much of a prepayment you can make, and you can pay off the entire mortgage without having to pay a penalty at any time.
If you’re buying a home in Winnipeg, a comparison of mortgage rates will show you how much of a difference there is between rates on open and closed mortgages.
Tourism Winnipeg promotes the town as a "bustling cosmopolitan city with plenty of small town charm and a proud Aboriginal heritage." The city is also home to the world class Winnipeg Symphony Orchestra and Canada's oldest ballet company, the Winnipeg Royal Ballet. Residents and visitors alike can also enjoy the many impressive visual arts collections housed in the city.
Winnipeg is also an inexpensive place to live compared to Canada’s larger cities. The average price of a home in Winnipeg is less than one third the cost as Vancouver or Toronto. That makes living in Winnipeg quite affordable.
Even the cost of renting in Winnipeg is lower than most cities. The average monthly rent in Winnipeg was $1,107 in 2020, according to the CMHC. That’s less than what renters pay every month in Toronto ($1,523), Vancouver ($1,508), Ottawa ($1,358), Calgary ($1,195), and Edmonton ($1,153). However, it’s higher than the average monthly rent in Saskatoon ($1,078), Regina ($1,061), Montreal ($891), and Quebec City ($854).
Winnipeggers have it pretty good when it comes to commuting. Only 2.3% of drivers in the city spend 60 minutes or more commuting to work compared to 11.1% of Torontonians and 7.7% of Vancouverites, according to Statistics Canada. Also, annual car insurance rates were much lower for Manitobans in 2020. They paid an average of $1,140 a month compared to $1,528 a month for Ontarians and $1,832 a month for British Columbians.
Besides getting the best home mortgage rates, Winnipeg buyers should also look at these when choosing a mortgage:
Prepayment privileges: You’re usually allowed to make extra mortgage payments when you have a closed mortgage, but the amount may vary. For instance, you might be allowed to pay up to 10%, 15%, or 20% of the original mortgage amount once a year.
Mortgage penalty: You will have to pay a fee when you break a closed mortgage early. This penalty is often charged when you refinance or switch lenders before the term ends. The penalty can be thousands of dollars depending on when during the term you break the mortgage.
Porting your mortgage: When you sell your home and move to another home, you may be able to take your mortgage with you. This essentially transfers your mortgage from one property to another. Your mortgage payments will be the same, the interest rate won’t change, and you can avoid paying a huge mortgage penalty.
LowestRates.ca works to bring you the best mortgage rates from 50+ banks and brokers across Canada, including Winnipeg. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. 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.
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* Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on LowestRates.ca, as of January 14, 2022.