Current Mortgage Rates in Winnipeg
Compare fixed and variable mortgage rate offers from banks and alternative lenders in Winnipeg.Winnipeg mortgage rate update: November 2025
The economy might be a mess, but it’s driving down mortgage rates in Winnipeg.
On October 29, in response to sluggish economic growth, the Bank of Canada lowered its overnight lending rate for the fourth time this year. Shortly after the 25-basis point cut was announced, Canadian lenders lowered their variable mortgage rates.
The Bank accompanied its rate cut with a statement that said rates are “at about the right level” to usher Canada through this period of financial uncertainty, so variables might be as low as they’re going to get in 2025.
As of October 30, some mortgage brokerages in Winnipeg are offering variable rates for around 3.5%. They’re generally above 4% at Canada’s biggest banks.
Fixed mortgage rates dipped toward the end of October, but it’s unlikely they’ll keep decreasing. Government bond yields, which lenders use to determine their fixed rate offers, shot up after the Bank of Canada’s latest rate decision. If bond yields continue rising, lenders may be forced to increase their fixed rates.
As of October 30, the lowest three-year fixed and five-year fixed mortgage rates available from brokers in Winnipeg are around 3.7%. Fixed rates of 3.8% or higher are more common.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
What's a good mortgage rate in Winnipeg right now?
As of November 2025, some Manitoba lenders are offering variable mortgage rates for around 3.5% and fixed rates around 3.7% on certain home purchases.
2025 Manitoba mortgage rate forecast
If the Bank of Canada lowers its overnight rate before the end of 2025, variable mortgage rates will also decrease. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
Winnipeg housing market update
Winnipeg’s housing market had a relatively hot September. Home sales were up 12% compared to a year before and 7% above the five-year average for the month. Average detached and condo prices set new records for September.
The average sale price of detached homes, $436,507, was up 6% year-over-year, while the average condo price rose 7% to $297,213 over the same period.
Buyers are contending with deteriorating inventory levels, so prices aren’t likely to soften anytime soon. In September, overall active listings were down 8% from a year ago, with the most severe declines occurring in communities outside the city limits.
Land transfer taxes in Winnipeg
Manitoba uses a basic graduated tax with a maximum rate of 2% for amounts over $200,000.
- No tax on the first $30,000 of your home's value.
- 0.5% of any amount between $30,001 and $90,000.
- 1.0% of any amount between $90,001 and $150,000.
- 1.5% of any amount between $150,001 and $200,000.
- 2% of any amount over $200,000.
Mortgage calculators
Frequently asked questions
How do Winnipeg lenders determine mortgage rates?
How do Winnipeg lenders determine mortgage rates?
The mortgage rate you’re offered in Winnipeg 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.
Will mortgage rates come down in 2025?
Will mortgage rates come down in 2025?
The Bank of Canada overnight rate has been unchanged since March. If the bank lowers the rate, lower variable mortgage rates will follow. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
How do you qualify for a lower mortgage rate in Winnipeg?
How do you qualify for a lower mortgage rate in Winnipeg?
While some factors that affect rates are beyond your control, there are things you can do to encourage lenders to offer you the best mortgage rates. For example, you can:
Improve your credit score. To start, pay down any outstanding debt and pay off every bill in full.
Increase your income. This isn’t always easy, but any additional income will improve your financial position.
Decrease your total debts. Lenders consider your total debt load when determining the details of your loan.
Consider all your options. See if adjusting the loan type, the term length or the amortization period of your loan could help.
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis