Best Mortgage Rates in Winnipeg
Compare fixed and variable mortgage rate offers from banks and alternative lenders in Winnipeg.Winnipeg mortgage rate update: May 2025
Mortgage rates in Winnipeg have been somewhat stable in May. Since there’s no Bank of Canada interest rate decision scheduled this month, most recent rate movement has been limited to fixed rates.
There have been marginal increases in three- and five-year fixed rates at some lenders. Both rate types are available for under 4%, though just barely. As of May 13, 2025, you can find three- and five-year fixed rates for 3.99%.
Fixed rates are more likely to increase than decrease in the coming weeks. Government bond yields, which determine fixed mortgage rates, have been slowly edging upward. When yields increase over a sustained period of time, lenders typically respond by raising their fixed rates.
The best variable mortgage rates in Winnipeg, which are currently around 4%, should be stable until at least June 4, when the Bank of Canada is scheduled to make its next rate announcement. The Bank is expected to reduce its overnight rate by 0.25%, which would reduce variable mortgage rates by the same amount.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Here's what you need to know.
2025 Winnipeg mortgage rate forecast
Variable mortgage rates
After the Bank of Canada’s fifth consecutive overnight rate cut on December 11, 2024, variable mortgage rates were down 1.75% since June. That’s a lot of action from a central bank with a conservative reputation.
The Bank likely won’t be as aggressive in 2025, as it has to wait for its most recent cuts to work their way through the economy. The overnight rate might decrease by another 50 basis points in the first half of 2025, which would bring variable mortgage rates down by another 0.5%.
Fixed mortgage rates
Because they’re determined by the government bond market, which is driven by investors’ decisions, fixed mortgage rates can be difficult to project over the long-term.
The mortgage brokers NerdWallet spoke to at the end of 2024 all expect fixed mortgage rates to remain relatively static for the next several months. That assumption, however, flies in the face of evidence from the government bond market. Bond yields, which determine fixed mortgage rates, cratered for three weeks straight starting on November 21. When yields fall consistently, it gives lenders the wiggle room to lower their fixed rates.
So, fixed rates could fall to begin the year, but lenders might keep them at current levels for a strategic reason: Lower fixed rates might entice home buyers away from the more expensive variable-rate mortgages they’ve been gobbling up to end 2024.
Crunch the numbers with our mortgage calculators
Winnipeg housing market update — April 2025
The uncertainty caused by the U.S. tariff war has throttled the spring housing market in many Canadian cities, but Winnipeg’s just capped off a relatively strong first quarter of 2025. In March, sales in the Winnipeg region were 6% higher year-over-year, although much of the growth was seen in nearby communities such as Steinbach.
The average sale price for detached properties, $470,399, set a new record for March, and marked an 11% increase compared to March 2024. The average condo price, $277,068, rose only 1% over the same period.
Winnipeg home sales and price forecast
According to Re/Max Canada, home prices and sales in Winnipeg are expected to moderate in 2025. After increasing by 10.2% in 2024, Re/Max anticipates sales rising by another 5% in 2025. The projected average sale price in the city is also expected to rise by 5% this year to hit just over $456,000.
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 the first $30,000: 0%.
From $30,001 to $90,000: 0.5%.
From $90,010 to $150,000: 1%.
From $150,001 to $200,000: 1.5%.
On any amount above $200,000: 2%.
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:
The First-Time Home Purchase Program, which helps homeowners of Metis descent purchase homes by providing funds that can help with down payment and closing costs.
The Rural Homeownership Program, which provides financial assistance to eligible home buyers purchasing either a single-family or semi-detached home in certain rural communities.
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:
Large chartered banks such as Scotiabank, RBC and TD.
Credit unions such as Access Credit Union and Assiniboine Credit Union.
B lenders that work with borrowers with lower credit scores, such as True North Mortgage and Neo Financial.
Private lenders, who typically deal with borrowers in need of short-term funding.
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:
Your credit score.
Your income.
Your total debts.
The loan type you choose.
The amount you’re borrowing.
The term length and amortization period of your loan.
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:
Improving your credit score. A higher credit score generally results in better loan offers. Get a better score by eliminating existing debt and paying future bills in full and on time.
Increasing your income. It’s not always easy, but any additional income you can earn will improve your financial position. Lenders look at your income to assess your ability to afford a mortgage.
Decreasing your total debts. Lenders consider your total debt load when determining your mortgage rate. Pay down personal loans, student loans or other types of debts if you can.
Considering all your mortgage options. See if adjusting the loan type, the term length or the amortization period of your loan could result in you being offered a better rate.
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:
Ease of application.
Customer service.
Any other fees not included in the APR.
Frequently asked questions
What are the current mortgage rates in Winnipeg?
What are the current mortgage rates in Winnipeg?
As of May 2025, some mortgage brokerages in Winnipeg are offering three-year fixed rates, five-year fixed rates and five-year variable rates for around 4%.
Will Winnipeg mortgage rates come down in 2025?
Will Winnipeg mortgage rates come down in 2025?
Mortgage rates may decrease further in the first half of 2025. The Bank of Canada might reduce its overnight rate again in June, which would lower variable mortgage rates by 0.25% versus today’s levels. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
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Clay Jarvis
Clay Jarvis
Clay Jarvis