The Best Mortgage Rates in Manitoba

Compare current mortgage rates from Manitoba’s top banks, lenders & brokers

Compare Manitoba mortgage rates from lenders across Canada

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Manitoba Mortgage Rate Comparison (Rate Matrix)

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% 5.99% 5.99% 6.69%
2-year fixed rate 5.94% 5.30% 5.30% 6.04%
3-year fixed rate 4.84% 5.20% 5.20% 4.94%
4-year fixed rate 5.09% 5.05% 5.05% 5.09%
5-year fixed rate 4.84% 4.99% 4.99% 4.94%
7-year fixed rate 4.99% 5.44% 5.44% 5.65%
10-year fixed rate 5.90% 6.14% 6.14% 6.05%
3-year variable rate 6.25% 7.00% 7.00% N/A
5-year variable rate 5.99% 6.20% 6.20% 6.25%
HELOC rate 7.70% 8.20% 8.20% 8.20% N/A
Stress test 6.74% 6.79% 6.79% 5.25% N/A
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Written By Joel Kranc

Contributing writer


How to find the best mortgage rates in Manitoba?

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.

  • Using sites like RATESDOTCA is a great first start as it provides up-to-date comparisons and can connect you to a brokerage at the click of a button.
  • Talk to your real estate agent about options that suit your specific needs and financing.
  • Speak to your current bank or lender, if you have one, to see how they can assist you and if they will offer the best mortgage rates in Manitoba.
  • In general, the better your credit, the more likely you will be to find the best mortgage rates in Manitoba. So, do what you can to improve your credit score by paying off credit card balances and other personal debts, to the extent you can.
  • The interest rate is important, but there’s more to compare. Is there a prepayment penalty if you decide to refinance at some point? What are the total closing costs? Closing costs generally amount to 2% to 5% of the price of the home. If your home costs $150,000, expect to pay $3,000 to $7,500 in costs. That’s a big range, so it would be wise of you to see what a lender typically charges.

Factors that affect your mortgage rate

Finding the best mortgage rates in Manitoba depends on certain factors specific to your needs and financial situation.

  • How much of a down payment as a percentage of the house you are buying do you have? Lenders want to make sure you will pay back the mortgage and not default. Having a larger down payment may affect your mortgage rate and allow you to negotiate with the knowledge that you are “low risk.”
  • The neighbourhood you choose to live in could also affect your mortgage rate in Manitoba. Lenders want to know they will get paid back and pricier neighbourhoods could set off red flags about risk and repayment.
  • Credit score. Having a good credit score obviously improves your chances for a loan and your ability to pay back that loan. Lenders will see that and may reduce mortgage rates or negotiate knowing that you are a solid risk.
  • The mortgage type you choose could also affect your rate. Fixed or variable rates are different and can fluctuate depending on the term of the fixed or the changing nature of variable interest rate fluctuations.

Manitoba mortgage regulation

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.

Manitoba housing market

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:


  • New Listings (low) - 1,150
  • New Listings (high)- 2,292
  • Properties Sold (low) - 600
  • Properties Sold (high – 1,749

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.


  • New Listings (low) - 1,115
  • New Listings (high) - 705
  • Properties Sold (low) - 3,016
  • Properties Sold (high) - 1,980

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.

Tips for first time homebuyers in Manitoba

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.

  1. Take a deep breath. This is a big investment, and you should be at peace with your decision.
  2. Find out what you can comfortably afford.
  3. Deal with and settle, as best as possible, your current debt(s).
  4. Assess your savings and determine how much you can afford for a down payment.
  5. Know what you want and how long you will be there. For example: do you plan to grow your family? Is commuting a problem? Is transit accessible?
  6. Know what’s out there. Use sites like RATESDOTCA to know the market and what Manitoba mortgage rates are available to someone in your financial situation.

Frequently asked questions about mortgages in Manitoba

Find answers about getting a mortgage in Manitoba.

How much can I save by comparing the current Manitoba mortgage rates?

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.

Are Manitoba mortgage rates higher than other provinces?

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.

Can you get a 30-year mortgage in Manitoba?

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.

Who is the top mortgage lender in Manitoba?

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.

Joel Kranc ,

Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."

  • Master's of Political Science, University of Toronto
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