The Best Mortgage Rates in Winnipeg

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

Compare Winnipeg mortgage rates from lenders across Canada

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Winnipeg Mortgage Rate Comparison

Evaluate all of Winnipeg's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.

Rates are based on a home value of $400,000

Updated 16:01 EDT on Sep 22, 2023
Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 6.44% 5.60% 5.60% 6.79%
2-year fixed rate 5.15% 5.45% 5.45% 6.54%
3-year fixed rate 5.79% 5.30% 5.30% 6.09%
4-year fixed rate 5.39% 5.30% 5.30% 5.74%
5-year fixed rate 5.19% 4.99% 4.99% 5.34%
7-year fixed rate 5.59% 6.15% 6.15% 5.99%
10-year fixed rate 6.00% 6.35% 6.35% 6.00%
3-year variable rate 6.10% 6.40% 6.40% N/A
5-year variable rate 5.99% 6.25% 6.25% 6.30%
HELOC rate 7.70% 8.20% 8.20% 8.20% N/A
Stress test 5.99% 6.99% 6.99% 6.99% N/A

How banks and lenders determine Winnipeg mortgage rates

Banks and lenders in Winnipeg determine mortgage rates based on the same criteria other banks in other parts of the country do.

Lenders will look at the overnight rates of the Bank of Canada and determine their rates based on those numbers. As the BoC raises rates, so too do the lenders (in general). As rates come down so do the lender rates for mortgages in Winnipeg.

Lenders may also look at personal situations such as the type of house being purchased, the term of the mortgage, the financial stability of the borrower and their down payment. Each lender has the power to negotiate rates with their customers to provide the best mortgage rates in Winnipeg for each situation.

One of the most obvious changes as a result of high inflation and the Bank of Canada’s action to raise interest rates, and slow the economy, has been in mortgage lending rates.

The major banks have followed the Bank of Canada's lead and raised mortgage rates for consumers. This has had the effect of slowing demand and sales, leading to house prices falling as inventory grows.

The BoC has raised rates at least four times since March 2022 as part of an aggressive campaign to fight inflation.

Due to expectations of an economic downturn, bond yields, which lead fixed mortgage rates, have been falling. The thinking is that inflation may be nearing its peak, but the recession risk is real. In that case, lower growth and lower inflation could lead to lower mortgage rates later this year and into 2023.

Market demand can also affect mortgage rates. As demand heats up, prices for homes go up but competition from lenders could be a bonus for home buyers looking to buy homes, with banks offering lower rates to win business.

Factors that determine your own mortgage rate in Winnipeg

Other than macroeconomic factors such as inflation, there are other factors that are more personal to your situation. For example:

  • Credit score – This will show lenders your trustworthiness and how likely you are to pay down debt
  • Down payment – The more you save and have for a down payment, the lower your rate may be. Lenders want to reduce risk and so if you have more to put down towards your house, the more you may get a lower rate.
  • Type of mortgage – If you choose a fixed rate mortgage your payment and rate will stay the same throughout your full term. A variable rate mortgage will fluctuate based on the prime lending rate set by the lender.
  • Mortgage loan term – Choosing fixed rate mortgages can allow you to lock into lower rates if, for example, you choose a 5-year term versus a shorter 1-year term.

Tips on finding the best Winnipeg mortgage rates

While in 2022, the Bank of Canada may still be in rate-raising mode, consumers would be wise to shop around for the best Winnipeg 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 Winnipeg.
  • In general, the better your credit, the more likely you will find the best mortgage rates in Winnipeg. 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.

Historical average mortgage payments in Winnipeg

Winnipeg's average monthly mortgage payment was $1107 in the third quarter of 2020. During the same period the following year, it rose to $1121.

Types of mortgages available in Winnipeg

Home buyers looking for mortgages in Winnipeg can look at a variety of mortgages available to them. For example:

Fixed-rate mortgage

A fixed-rate mortgage is when the interest rate and monthly payment stay the same for the term of the loan regardless of how market rates fluctuate. The most popular term is the 5-year fixed.

Variable mortgage

A variable rate mortgage is one where your interest rate can go up or down depending on how prime rate moves. If interest rates are declining, a variable borrower enjoys falling interest costs, and vice versa. Despite the popularity of fixed rates, variable rates have proven less costly over the long-run.

Zero-down mortgage

By law, homebuyers must make at least a 5% down payment. So, technically, zero-down mortgages don’t exist. But borrowers who get default insurance can borrow that 5% down payment, effectively availing themselves of 100% financing.

High-ratio mortgage

A high-ratio (a.k.a. default-insured) mortgage is one where the borrower has less than 20% equity. Said borrowers must purchase mortgage insurance in order to get a mortgage from a mainstream lender.

Open mortgage

Open mortgages have higher-than-normal interest rates but allow you to pay the loan off at any time without penalty. Open mortgages are also handy when you need short-term financing at the end of your term to give yourself more time to shop around for a lower rate.

Interest-only mortgage

Interest-only mortgages have considerably lower payments than regular “amortizing” mortgages. The trade-off is higher overall interest expense given the rate is higher and you’re not paying any principal. Just remember that you must prove you can pass the federal government’s mortgage stress test to get one. That means you must prove you can handle a regular mortgage payment at a rate that is at least two percentage points higher than your actual rate.

Private mortgage

Private mortgages are much easier to get approved for, but their rates are much higher.


Borrowers that can get approved mainly by proving they have a lot of home equity, second-mortgages, self-employed mortgages, commercial mortgages and reverse mortgages, are all possibilities outside traditional lending vehicles.

Winnipeg mortgage regulation

Mortgage regulation in Winnipeg falls under provincial jurisdiction via the Manitoba Securities Commission. The Manitoba Securities Commission is 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.

Mortgage lenders in Winnipeg

Homebuyers in Winnipeg looking for mortgage lenders have choice.

Insurance Companies Company Type Phone Address
BMO Mortgage Specialists Financial institution 1-204-995-7727 110-400 North Town Rd.  Winnipeg, R3Y 0J4 CA
CIBC Financial institution 1-204-944-5063 Grant Park Shopping Centre  1120 Grant Ave., Winnipeg, MB R3M 2A6
HSBC Financial institution 1-888-310-4722 1560 Kenaston Blvd, Winnipeg  MB R3P 0Y4
Neo Financial Financial institution 1-855-636-2265 200 8 Ave. SW #400, Calgary, AB T2P 1B5
RBC Financial institution 1-204-988-5750 1700 Corydon Ave., Winnipeg  MB R3N 0K1.
Rocket Mortgages Financial institution 1-844-733-4766 156 Chatham St. W., Suite 2, Windsor, ON, N9A 5M7, Canada
Simplii Financial Financial institution 1-888-723-8881 161 Bay St., Toronto, ON M5J 2S8
Tangerine Financial institution 1-416-756-2424 111 Gordon Baker Rd., Toronto, ON, M2H 3R1

Winnipeg’s housing market

The Winnipeg housing market saw a considerable slowdown in the summer months.

July was a clear departure from previous months in indicating single-family home pricing peaked in May. This is the case with 3,700 active listings available at the end of July compared to half that amount in the first four months of 2022.

New MLS listings of 2,359 entered in July are an increase of 9% over July 2021. Strong listing activity since May has reduced the 25% first quarter deficit in listings entered compared to last year to under 7% for the first seven months.

In August, sales dropped from July and from the previous year. Sales of 1,375 are down 15% from August 2021 and 9% over the 5-year average. Year-to-date MLS listings of 10,962 were down 18% from the same time last year.

On the other hand, new listings in August are up 2% compared to August of last year, and in line with the 5-year average which had 2,249 listings, slightly higher than the 2,201 entered this August.

Despite the small climb of new listings in August, they are still well down from the 2021 record-breaking activity. Market frenzy slowdown can also be seen in the above-list price sales. In August, 63% of single-family home sales went for under list price, while 29% sold for greater than list price.

How to find the best mortgage rates in Winnipeg

Every homebuyer is different. Needs, affordability and requirements will dictate the best tips for each. Here are some general tips that will help with the homebuyers' journey in Manitoba.

  1. Find out what you can comfortably afford.
  2. As best as possible, deal with and settle your current debt.
  3. Assess your savings and determine how much you can afford for a down payment.
  4. 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?
  5. 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.
  6. Look into First Time Homebuyers Incentive.

First Time Homebuyers Incentive

  • The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada, which offers:
  • 5% or 10% for a first-time buyer's purchase of a newly constructed home
  • 5% for a first-time buyer's purchase of a resale (existing) home
  • 5% for a first-time buyer's purchase of a new or resale mobile/manufactured home

Frequently asked questions about mortgages in Winnipeg

Get answers you have about getting a mortgage in Winnipeg.

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

Comparing Winnipeg 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 Winnipeg mortgage rate to meet your needs.

Are Winnipeg mortgage rates higher than other cities in Manitoba?

Mortgage rates in Winnipeg or 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.

Who has the best mortgage rates in Winnipeg?

Finding the best mortgage rates in Winnipeg can be easily compared when you know where to search. Luckily, Winnipegers 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 Winnipeg.

Can you get a 30-year mortgage in Winnipeg?

Buyers in Winnipeg 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.

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