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Evaluate all of Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 5.60% | 5.60% | 5.99% |
7.49%
|
| 2-year fixed rate | 6.19% | 5.64% | 5.64% | 6.39% |
7.09%
|
| 3-year fixed rate | 5.79% | 5.69% | 5.69% | 5.99% |
6.70%
|
| 4-year fixed rate | 5.54% | 5.59% | 5.59% | 5.64% |
6.49%
|
| 5-year fixed rate | 5.24% | 5.49% | 5.49% | 5.54% |
5.84%
|
| 7-year fixed rate | 5.49% | 5.44% | 5.44% | 6.00% |
6.70%
|
| 10-year fixed rate | 6.39% | 6.15% | 6.15% | 6.40% |
7.25%
|
| 3-year variable rate | 6.10% | 6.50% | 6.50% | N/A |
8.60%
|
| 5-year variable rate | 5.99% | 6.25% | 6.25% | 6.25% |
6.95%
|
| HELOC rate | 7.70% | 8.20% | 8.20% | 8.20% | N/A |
| Stress test | 6.99% | 7.44% | 7.44% | 5.25% | N/A |
Updated November 15, 2023
While in 2022 the Bank of Canada may still be in rate-raising mode, consumers would be wise to shop around for the best Manitoba mortgage rates possible.
Finding the best mortgage rates in Manitoba depends on certain factors specific to your needs and financial situation.
The Manitoba Securities Commission, a division of the Manitoba Financial Services Agency, is an independent agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province.
The real estate division of the Manitoba Securities Commission registers real estate brokers, salespersons and mortgage brokers, monitors brokers' trust accounts, and investigates complaints against real estate brokers, salespersons and mortgage brokers.
The Mortgage Brokers Act regulates the activities of mortgage brokers. In order to be a mortgage broker, the business or individual arranging your mortgage must be registered with The Manitoba Securities Commission. Registration ensures the person you are dealing with has the proper training and resources necessary to conduct business in a way that will protect your interests. The Manitoba Securities Commission can also investigate complaints involving mortgage brokers and can often assist in resolving your complaint. The Commission can also hold hearings and issue orders to protect the public.
The Manitoba housing market has mirrored the housing market in much of the country over the past decade. As low rates have persisted so too has the strength of the market and buying public.
Looking at the market today compared with 10 years ago we can see the following:
2012
In 2012, the year started with new listings at 1,150 but peaked in May, which is often prime sales season, with listings of 2,292. Actual properties sold started at 600 at the beginning of the year and peaked in May at 1,749.
2022
Ten years later, in 2022, the volume of houses listed was lower than 10 years prior, but the demand was higher and so about 100 more houses were sold at the beginning of the year than had been in 2012. Those numbers peaked in June when 3,106 houses were listed and 1,980 were sold this year.
Average sales price for houses in Manitoba peaked in May with a monthly average of $390,500. Year over year, housing prices in Manitoba have steadily climbed since about 2005 and reached a peak of $386,400 in 2021. Also, the trend lines of listings, houses sold, and price are steadily declining this year since its peak in June. Why?
The reason is that earlier in 2022, as inflation began to rise, the Bank of Canada began gradually raising interest rates to curb inflation and decrease demand in the market, in general, and housing, more specifically. As interest rates and Manitoba mortgage rates have gone up, the demand for housing has decreased. Sellers have moved to the sidelines waiting for better prices and buyers are waiting for rates to come back down. This may happen but inflation remains an issue in Manitoba and Canada, and the Bank of Canada may still have some interest rate raising up its sleeve.
Every homebuyer is different. Needs, affordability and requirements will dictate the best tips for each going forward. Here are some general tips that will help with the homebuyers' journey in Manitoba.
Find answers about getting a mortgage in Manitoba.
Comparing Manitoba mortgage rates is the best way to save money on interest rates. Sites like RATESDOTCA can assist with those comparisons and expedite the mortgage approval process if and when you decided on the best Manitoba mortgage rate to meet your needs.
Mortgage rates in Manitoba and other provinces with smaller populations, are generally a little bit higher than the more populous provinces of Ontario and B.C. due to reduced lender selection and limited competition.
While you may pay a little more than Ontario residents, you can still find great rates through RATESDOTCA and rates will vary by lender. So, shopping around is a must.
Buyers in Manitoba looking for the best rates and terms will be unable to find 30-year mortgages in that province. Homebuyers can find 25-year fixed rate mortgages. Only RBC offers this term, which is the longest term available in Canada from an A lender.
Finding the best mortgage rates in Manitoba requires patience and choice. Luckily, Manitobans are served by the big five banks (TD, Scotiabank, CIBC, RBC and BMO) and 22 credit unions. Check RATESDOTCA for the best rates from the biggest providers in Manitoba.
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