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Published December 7, 2023

The Best Mortgage Rates in Manitoba

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Nerdy Insight: When government bond yields slid even further in the first week of December, mortgage rates in Manitoba got even better. Rates in Manitoba are still elevated, but the province’s relatively low housing prices can help home buyers navigate the challenges of qualifying for a mortgage.

Find the best mortgage rates in Manitoba

Rates updated: December 08, 2023

Mortgage Type

Purchase Price

Down Payment

Rate Type


Mortgage Term


Lender Highlights




Radius Financial

  • Strong mortgage features.
  • Very good monthly pre-payment.
  • Skip payment not available.
  • Very good annual pre-payment.




5 yrs.



Radius Financial

  • Strong mortgage features.
  • Very good monthly pre-payment.
  • Skip payment not available.
  • Very good annual pre-payment.




5 yrs.




  • Strong mortgage features.
  • Good monthly pre-payment.
  • Skip payment not available.
  • Very good annual pre-payment.




5 yrs.




  • Restricted mortgage features.
  • Low monthly pre-payment.
  • Skip payment not available.
  • Low annual pre-payment.




5 yrs.




  • Strong mortgage features.
  • Very good monthly pre-payment.
  • Skip payment not available.
  • Very good annual pre-payment.




5 yrs.



First National

  • Strong mortgage features.
  • Very good monthly pre-payment.
  • Skip a payment.
  • Very good annual pre-payment.




5 yrs.



Disclaimer: These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners. Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB.

Data source:

The average mortgage rate in Manitoba

There’s no single average for mortgage rates in Manitoba. Even if you had access to all the current mortgage rates being offered by lenders in Manitoba, it wouldn’t be much help when you’re mortgage shopping. That’s because the mortgage offer you receive is always specific to you and takes into account multiple factors like your credit score, the type of mortgage you want and the amount you need to borrow.

Think about the “average mortgage rate” the way you would Manitoba’s average home price. It’s interesting data to have, but it’s not necessarily relevant to your own home buying journey.

Historical trend: New mortgage loans in Manitoba

Manitoba mortgage rate update: December 2023

In the first week of December, government bond yields plummeted to their lowest levels in months, dragging five-year fixed mortgage rates down with them.

Five-year terms remain more affordable compared to one- and three-year terms, which puts Manitoba mortgage shoppers in a real bind: A five-year term isn’t overly attractive if rates are expected decline in the next year or two, but shorter-term options may be too expensive for many borrowers to qualify for.

According to the Bank of Canada, the average posted rate for a one-year, fixed-rate mortgage was an eye-watering 8.09% as of December 6. At an average posted rate of 7.24%, three-year fixed mortgage rates might be more affordable, but they require borrowers to pass the stress test at a brutal 9.24%. 

Don’t let your bank’s posted rates make you hyperventilate, though. They’re meant to be negotiated down, and should be closer to the rates found on our table above. Lenders were offering five-year fixed rates below 4.9% on certain mortgage products as of December 7.

Variable mortgage rates remain elevated after the Bank of Canada held its overnight rate at 5% on December 5. With inflation and employment both slowing, it’s possible that the Bank’s rate hikes have come to an end. But the overnight rate, and variable mortgage rates, won’t be reduced until inflation is firmly under control and heading toward the Bank’s target of 2%. That may not occur until well into 2024.

The Financial Consumer Agency of Canada recently released a set of new guidelines for the country’s mortgage lenders to follow when dealing with borrowers whose finances have been pushed to the breaking point by higher interest rates. If you’re having trouble making your mortgage payments, or are having to make uncomfortable decisions to stay on top of your mortgage, reach out to your lender or mortgage broker immediately to find out what assistance or payment flexibility might be available to you.

Manitoba mortgage rate forecast 2023

Fixed mortgage rates

Fixed rates, which have been on the rise lately, are likely to start edging down slightly by the end of the year, according to some real estate experts. 

The Canadian bond market affects fixed mortgage rates, making them hard to predict. But bond yields can sometimes tell you which direction certain fixed mortgage rates are heading. For example, declining yields on five-year government bonds often indicate that five-year fixed mortgage rates may soon decline.

Variable mortgage rates

Variable mortgage rates follow your bank’s prime rate, so the amount of interest you pay can change from year to year, or even month to month. If rates fall, you’ll pay less in interest. But rising rates mean you’ll pay more. 

Variable-rate mortgages are riskier than fixed-rate mortgages. So if you’re shopping for a mortgage, the variable rates you see are likely to be lower compared to fixed rates with otherwise comparable terms.

People with existing variable-rate loans have seen their rates rise multiple times recently because the Bank of Canada has been raising rates to combat stubborn inflation — and when the BoC raises its rates, bank prime rates rise, too. The BoC likely won’t relent until inflation rates are closer to 2%. Variable rates will likely stay elevated into 2024.

Current mortgage rates at Canada’s Big Six banks

Rates updated: December 11, 2023


1-Yr Fixed Rate

3-Yr Fixed Rate

5-Yr Fixed Rate

5-Yr Variable Rate (Open)

8.09% 7.25% 7.09% 8.90%
7.69% 7.24% 7.09% 10.50%
7.89% 7.14% 7.04% N/A
8.09% 7.30% 7.14% 10.50%
8.04% 7.24% 7.04% 10.40%
7.84% 7.14% 7.04% 8.35%

Posted rates for closed mortgages with amortization under 25 years. Data source: Canada's major banks

Best mortgage rates

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Manitoba housing market update: November 2023

Manitoba’s housing market experienced healthy year-over-year increases in both sales and average sale price in October.

Sales rose 7.6% versus October 2022, while the average price rose 8.1% to $344,478, according to data released by the Manitoba Real Estate Association.

New listings in the province have been trending down since June, and were 5.6% lower in October compared to September.

Manitoba home prices and sales forecast

Home prices aren’t expected to move much through the rest of 2023, according to real estate company Royal LePage, as limited supply keeps prices stable despite rising interest rates.

Buyers sitting on the sidelines hoping for a fall in home prices may be disappointed. Experts at RE/MAX Canada expect prices to climb again when the Bank of Canada’s rate hikes appear to be over — largely due to a continued shortage of available housing. 

Guide to Manitoba mortgage rates

Types of lenders in Manitoba

A lenders. Big banks and credit unions are A lenders and offer borrowers the best rates currently available. You’ll need a strong credit score before being offered a loan, and you’ll be expected to pass a stress test

B lenders. Some smaller Canadian banks and mortgage investment corporations work with people who have poorer credit scores or limited credit history. Rates are higher as a result. 

Types of mortgages in Manitoba

Fixed-rate mortgages. The interest rate stays the same for the duration of the mortgage term in a fixed-rate mortgage, even if the market fluctuates. Fixed rates typically:

Variable-rate mortgages. Variable mortgage rates increase or decrease whenever your lender’s prime rate increases or decreases. Variable-rate mortgages typically have rates that:

» MORE: Fixed-rate vs. variable-rate mortgages

Hybrid-rate mortgage. One portion of your mortgage is subject to a variable rate and the other portion is at a fixed rate of interest. These mortgages:

Insured vs. uninsured mortgages. If you make a down payment of less than 20% on a home costing under $1 million, you must insure your mortgage. Mortgage insurance adds to the cost of your loan. You pay a percentage of your mortgage amount, and the percentage depends on your down payment — the closer it is to 20%, the smaller your insurance payment is.

Homes worth $1 million or more require a down payment of at least 20%, so insurance is not required. 

Short-term vs. long-term mortgages. Short-term mortgages last five years or less. Long-term mortgages last over five years. With a shorter term, you’ll need to renew your Manitoba mortgage sooner, which can provide flexibility. Short-term mortgages often have lower interest rates than long-term mortgage rates.

Closed vs. open mortgages. The main difference between closed and open mortgages is that you can pay off an open mortgage whenever you like and not pay a penalty; if you make additional payments on a closed mortgage, you’ll generally be penalized.

Closed mortgages often offer better rates than open mortgages. But open rate mortgages may be a good option if you think you may be able to pay off your mortgage early.

» MORE: Open vs. closed mortgages

How Manitoba lenders determine mortgage rates

Manitoba mortgage rates fluctuate constantly.

Two main economic factors affect mortgage rates: 

Factors specific to you also affect the rates you’re offered. These include:

How to qualify for a lower mortgage rate in Manitoba

Some factors behind rates are beyond your control, but there are steps you can take to encourage lenders to offer you the best mortgage rates. For example, you can:

How to compare mortgages from Manitoba lenders

Compare the annual percentage rate (APR) instead of the interest rate alone. The APR includes the interest rate, as well as fees and closing costs the lender may charge. A lender that offers you the lowest rate may have a higher APR due to those additional costs. Comparing APRs is the best way to see what different offers will truly cost you.

Be sure you’re comparing the same type of mortgage. For a comparison to be useful, the mortgages should have the same term, amortization period and payment frequency.

Other aspects to compare when looking for the best mortgage rates in Manitoba include:

You can also compare mortgage rates in other provinces to get a sense of how the rate you’ve been offered in Manitoba stacks up:

Mortgage shopping is about more than finding the best rate

A low mortgage rate is usually a primary objective for buyers, but getting the lowest rate doesn’t necessarily mean you’re getting the best mortgage for your needs.

For example, you might opt for a fixed rate, which has a higher rate than a variable rate, if you’re uncomfortable with the risk of rates rising. Or, if you expect to come into a sizable sum of money soon (via an inheritance, for example), paying a higher rate for an open mortgage, which allows you to pay it off early without penalties, could be worth it.

Factors that affect mortgage affordability in Manitoba

Mortgage term

The term is the length of time your mortgage contract is valid. In Canada, mortgage terms can run anywhere from six months to as long as 10 years.

Chances are that your mortgage will have multiple terms during the amortization period until you pay it off in full.

Amortization period

A mortgage’s amortization period is the time it will take to pay off the loan in full. In Canada, the most common amortization period is 25 years. If your down payment is less than 20%, you can’t have an amortization beyond 25 years. 

If your down payment is greater than 20%, you may find some lenders willing to offer amortization periods of up to 35 years.

Why would you want a shorter amortization period? You’ll pay less interest overall and potentially save thousands of dollars. A shorter amortization period, however, will result in higher monthly payments.

Manitoba land transfer tax

The purchaser of a home in Manitoba must pay a land transfer tax based on the value of the home. The tiered-rate system means more expensive homes result in a higher rate. You’ll pay:

Manitoba first-time home buyer programs

First-time home buyers in Manitoba may qualify for programs, including the Rural Homeownership Program. Under this program you may be eligible to receive up to 15% of the purchase price of a first home depending on where you live and your income. If you live in the home long enough, you do not need to repay it.

Frequently asked questions for Manitoba mortgage rates

What’s a good mortgage rate in Manitoba right now?

As of September 2023, you could still find fixed mortgage rates for less than 5.5% and variable mortgage rates for under 6.5% for a home purchase price of $400,000 and a down payment of 10%. The rate offers you receive depend on factors like your credit

Will mortgage rates come down in 2023?

Variable mortgage rates could stay where they are until well into 2024. Fixed mortgage rates may decline a little before the end of 2023, but they may not decrease significantly until next year.

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