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The Best Mortgage Rates In Winnipeg

Find the right fixed- or variable-rate mortgage for your home buying needs.

Nerdy Insight: The best mortgage rates in Winnipeg edged up in April after rising government bond yields opened the door to higher three- and five-year fixed mortgage rates. These two popular fixed-rate options are still below 5% at many lenders, while variable mortgage rates will hold steady around 6% until the Bank of Canada reduces its overnight rate. That might not happen until June.

Rates updated: April 04, 2024

Mortgage Type

Purchase Price

Down Payment








Est. payment

: $3,120.00/mo
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Est. payment

: $2,667.00/mo
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Est. payment

: $2,982.00/mo
Radius Financial
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Est. payment

: $2,694.00/mo
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Est. payment

: $2,576.00/mo
First National
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Est. payment

: $2,913.00/mo
Neo Financial
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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:

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Winnipeg mortgage rate update: April 2024

Discounted mortgage rates have inched up in April. As of April 10, 2024, five-year fixed mortgage rates remain below 4.8% at some lenders, while three-year fixed mortgage rates can still be found for around 4.9%.

Recent activity in the government bond market could lead to slightly higher rates. The yields on three- and five-year bonds have been trending upward since late March. When bond yields rise or fall, fixed mortgage rates typically follow suit. Lenders are generally a lot quicker to increase their rates than they are to reduce them.

Variable mortgage rates remain elevated after the Bank of Canada held its overnight rate at 5% on April 10. The Bank’s rate hikes have likely 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 June or July.

Winnipeg mortgage rate forecast

Variable Mortgage Rates

Variable mortgage rates are expected to finally begin decreasing in the first half of 2024. When they decline, and by how much, depends on the Bank of Canada’s overnight rate.

When inflation is running hot, the Bank raises the overnight rate to increase borrowing costs and cool the economy. Whenever the overnight rate increases, variable mortgage rates rise to the same degree.

If inflation trends closer to the Bank’s target rate of 2% in the first few months of 2024, it may feel confident lowering the overnight rate as soon as June. When the overnight rate falls, variable mortgage rates will soon follow.

Fixed Mortgage Rates

Because they’re driven by lenders’ reactions to activity in the government bond market, fixed mortgage rates can be difficult to predict over the long-term.

Based on bond activity in the latter half of February 2024, for example, lenders could drop their three- and five-year fixed mortgage rates moderately in March, but there weren’t many bargains on offer at the time of this writing.

Fixed mortgage rates could be somewhat lower by the end of 2024, but it’s unlikely that they’ll fall significantly below 5%. 

Mortgage calculators to inform your home buying decision

Mortgage payment calculator ↗

Estimate your monthly mortgage payments.

Mortgage affordability calculator ↗

Estimate how much house you can afford.

Mortgage closing costs calculator ↗

Create a home buying budget by estimating your closing costs.

Winnipeg Housing Market Update

Average home prices in Winnipeg

According to the Winnipeg Regional Real Estate Board, the 1,120 homes sold in March was an 11% bump compared to March 2023, and the 3,385 active listings represented a 1% increase. 

In March, the average sale price in Winnipeg by property types included:

Winnipeg home sales and price forecast

Prices and sales in Winnipeg could remain static for much of 2024. Demand should remain high, but so will interest rates.

As one of Canada’s most affordable places to live and own property, Winnipeg should continue attracting new residents from other provinces and other countries, which will keep pressure on provincial housing stock. Without the population boom being seen in Alberta, however, it’s unlikely that the market will experience the same surge.

Low prices and high rents are also attractive to real estate investors, who may covet properties in Winnipeg, Brandon and Steinbach for their profitability. The more properties that get snapped up by investors, the tighter the market will become. 

But high mortgage rates, economic uncertainty and heavy debt loads will likely keep a lid on the market for the first half of the year.

Land transfer taxes in Winnipeg

When you purchase a home in Manitoba, you’re required to pay a land transfer tax. To determine the tax amount, the province applies unique tax rates to different segments of the purchase price.

On a home worth $300,000, the land transfer tax would total $3,650. But you’ll also have to pay one or two registration fees. Registering a new title will cost $124, as will registering a new mortgage. 

Manitoba first-time home buyer programs

There aren’t many provincial programs available to eligible first-time home buyers in Manitoba. Two of the only ones still available are:

First-timers in Manitoba can also make use of federal programs like the Home Buyers’ Plan and the First Home Savings Account

Guide to mortgage rates in Winnipeg

Types of lenders in Winnipeg

Mortgage lenders in Winnipeg tend to fall into four categories, which include:

Types of mortgages in Winnipeg

Fixed-rate mortgages

With a fixed-rate mortgage, the rate stays the same for the duration of the mortgage term, even if rates fluctuate.

Fixed rates provide certainty, which can make them easier to budget around than variable mortgage rates. That certainty comes at a price, though: Outside a few exceptions, fixed rates have historically been higher than variable rates.

Variable-rate mortgages

Variable mortgage rates rise or fall depending on which direction your lender’s prime rate moves. Depending on the state of the economy, a variable rate can increase or decrease multiple times during a mortgage term. 

Variable rates are risky, which is why they’re typically lower than fixed rates. In a high-inflation environment, when lenders’ prime rates are driven upward by increases to the Bank of Canada’s overnight rate, variable mortgage rates can skyrocket. 

» MORE: The difference between fixed- and variable-rate mortgages

Hybrid-rate mortgages

If you take out a hybrid-rate mortgage, a portion of your mortgage is subject to a variable rate and another portion is at a fixed rate of interest. Hybrid mortgages can dampen the impact of fluctuating interest rates in a particularly turbulent economy, but they tend to be more difficult to transfer between lenders.

Insured and uninsured mortgages

If you buy a home for under $1 million, and your down payment is less than 20% of the purchase price, you must purchase mortgage default insurance, which adds to the cost of your loan. In these cases, you’ll be getting an insured mortgage.

If your down payment is greater than 20%, or you’re buying a home where a 20% down payment is required, like an investment property or a home worth $1 million or more, insurance is not required. In this scenario, you’re getting an uninsured mortgage. 

Insured mortgage rates tend to be lower than uninsured mortgage rates. 

Short-term and long-term mortgages 

Short-term mortgages typically last five years or less. Long-term mortgages last over five years. With a shorter term, you’ll need to renew your mortgage sooner, which can provide flexibility, but it can also increase risk if rates are trending upward as your renewal date approaches. 

Closed and open mortgages 

The primary 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 have a closed mortgage and make additional payments that go beyond your pre-payment allowances, you’ll be penalized for breaking your mortgage.

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

» MORE: Understanding open and closed mortgages

How lenders determine mortgage rates in Winnipeg

The mortgage rate you’re offered by a lender in Winnipeg, or any other city in Manitoba, will be based on two primary factors; one based on the state of the economy and one based on your financial situation.

Economic factors

Variable mortgage rates are influenced by the Bank of Canada’s overnight rate. When the overnight rate increases or decreases, a lender’s prime rate follows suit. Variable mortgage rates are based on a lender’s prime rate, so as the prime rate rises or falls, so do variable rates. 

Fixed mortgage rates are determined by activity in the government bond market, particularly the yields on one-, three- and five-year bonds. Fixed mortgage rates follow the movement of those yields. 

Your financial situation

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

Lenders look for signs of risk when assessing these aspects of your finances. The riskier they perceive you to be as a borrower, the higher the rate they’re likely to offer you.

How to qualify for a lower mortgage rate in Winnipeg

Some of the mechanisms that shape mortgage rates are beyond your control, but there are steps you can take to persuade lenders to offer you the best mortgage rates. For example, you can try:

Factors that affect mortgage affordability

A home’s price and the rate you’re offered aren’t the only factors that affect how much mortgage you can afford. You’ll also have to account for the following components, which play a role in all mortgages.

Debt service ratios

Lenders use debt service ratios to determine how much of your income goes toward paying debt. If those ratios are too high, you may not qualify for the mortgage amount you need.

Car loans, credit cards and lines of credit are all examples of debt that require regular payments. Decreasing some of these balances, or relying less heavily on credit, can help you lower your debt service ratios. 

The mortgage stress test

You will have to pass the mortgage stress test if you want a home purchase funded by a federally regulated financial institution.

The rules of the stress test say you must qualify for a mortgage at a minimum qualifying rate of either 5.25% or the rate you’re offered plus 2%, whichever is higher. If a lender offers you a rate of 5%, for example, you’ll have to demonstrate you can afford the same mortgage at 7%.

You may be able to avoid the stress test if you apply for a mortgage with a lender that is not federally regulated, like a credit union.

Your down payment

Your down payment is a critically important factor in determining mortgage affordability. The more you can put down, the less you’ll need to borrow. Your monthly mortgage payment will likely be smaller, and you’ll pay less in interest. 

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. Once your mortgage term ends, you can pay your loan off in full, renew it or refinance it.

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 longer amortization period? The longer your mortgage lasts, the smaller your monthly payment will be. You’ll pay more in interest, but that might be a worthwhile trade-off if it helps you keep your home.

How to compare mortgages from Winnipeg lenders

Compare APR

The annual percentage rate (APR) includes fees and closing costs the lender may charge in addition to the interest rate. A lender offering the lowest rate may actually have a higher APR due to those additional costs. Comparing APRs is the easiest way to see the complete cost of each offer.

Compare similar mortgages

For a comparison to be useful, the mortgages should have the same term, amortization period and payment frequency. 

When looking for the best mortgage rates in Winnipeg, also consider:

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

There’s more to mortgage shopping than the interest rate 

Scoring a low mortgage rate might be a home buyer’s prime motivation, but getting the lowest rate doesn’t necessarily mean you’re getting the best mortgage for your needs.

For example, you could opt for a fixed rate, which might cost more than a variable rate, if you’re more comfortable with the certainty that your rate won’t increase during the term. If you expect to come into a sizable sum of money soon (via an inheritance, for example), paying a

Frequently asked questions about Winnipeg mortgage rates

Frequently asked questions about Winnipeg mortgage rates

What are the current mortgage rates in Winnipeg?

Some lenders are offering three- and five-year fixed mortgage rates below 5%, but a variable rate will likely cost you more than 6%.

When will mortgage rates come down?

Home buyers shouldn’t expect significant declines in fixed mortgage rates until the Canadian economy shows signs of increased stability. That might not be until late 2024 or early 2025. If inflation trends down in the first quarter of 2024, variable mortgage rates could start falling as early as June.


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Find the Best Mortgage Rates in Canada

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