Current Mortgage Rates in Manitoba
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Manitoba mortgage rates available from a broker
Bank mortgage rates available in Manitoba
3-Year Fixed | 4.67% | 4.66% | 4.59% | 4.63% | 5.95% | 4.624% |
3-Year Variable | 7.78% (open) | 4.07% | -- | -- | 5.95% | -- |
5-Year Fixed | 4.76% (insured) 4.86% (uninsured) | 4.51% (insured) 4.86% (uninsured) | 4.43% (insured) 4.68% (uninsured) | 4.62% (insured) 4.72% (uninsured) | 6.09% | 4.861% (insured) 4.861% (uninsured) |
5-Year Variable | 4.12% | 4.12% | 4.14% | 3.68% (insured) 3.98% (uninsured) | 4.90% | 4.261% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Manitoba mortgage rate update: May 2026
In May, the mortgage market in Manitoba will be the tale of two rate types.
Variable mortgage rates should remain relatively affordable after the Bank of Canada held its overnight rate at 2.25% on April 29, 2026. Since the overnight rate directly affects variable rates, they’ll stay at their current levels until the Bank announces either a hike or cut.
The Bank’s next rate announcement is scheduled for June 10. A rate hike could be in store if inflation ramps up and seems lasting. That makes choosing a variable rate somewhat risky, but it would still take multiple rate hikes for variables to become as high as today’s best fixed rates.
Fixed mortgage rates are where the real uncertainty lies.
Government bond yields remain elevated due to the Iran war’s impact on oil prices and inflation. This matters because lenders use yields to price their fixed rates.
The war could shift from stalemate to active conflict at any minute. If hostilities further damage energy infrastructure or destabilize the global supply chain, yields could spike and take fixed rates with them.
All of this adds up to a queasy situation for home buyers in Manitoba. In times like these, it’s imperative to speak to a mortgage professional (or two) to weigh all of your options.
2026 mortgage rate forecast
Variable rates
Variable mortgage rates weren't forecasted to move in 2026, but the war in Iran has changed the game.
By driving up oil prices and inflation expectations, the Bank of Canada has warned that higher rates may be needed to keep inflation near its 2% target.
If the Bank increases its overnight rate, variable mortgage rates will follow suit. That could happen as early as this summer.
If the Canadian economy falters, the Bank may be compelled to deliver a rate cut at some point. But it's hard to picture a rate cut coming just if inflation's about to spike.
Fixed rates
As of May 2026, fixed mortgage rates have already risen considerably due to rapid increases in government bond yields. (Lenders use bond yields to price their fixed rates.) Yields skyrocketed after the war in Iran caused oil prices to spike, raising fears of inflation and future Bank of Canada rate increases.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage being done to oil and food supplies, bond yields should recede and take fixed mortgage rates with them. If the war escalates and worsens the global financial outlook, yields and fixed rates could increase even further.
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.
How to get a lower mortgage rate in Manitoba
While some factors that affect rates are beyond your control, there are things you can do to encourage Manitoba's lenders and brokers 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.
Frequently asked questions
What’s today’s mortgage rate in Manitoba?
There’s no single mortgage rate in Manitoba. Rates differ based on the lender, rate type and term length. For example, variable mortgage rates Manitoba are currently around 3.5% at mortgage brokers but over 4% at several banks.
What’s a good mortgage rate in Manitoba right now?
As of May 2026, the lowest fixed mortgage rates in Manitoba are around 3.9%. The lowest variable rates are around 3.4%.
Are mortgage rates in Manitoba different than in Alberta or Saskatchewan?
National lenders and mortgage brokers tend to offer similar rates to home buyers in these provinces, though rates might be a little lower in Alberta because its higher population creates a more competitive mortgage market.
How are mortgage rates determined in Manitoba?
Mortgage rates are influenced by economic factors, like the Bank of Canada’s overnight rate (variable rates) and government bond yields (fixed rates). The rate you’re ultimately offered will depend on your savings, income, debt and credit score.
What’s the minimum down payment for a house in Manitoba?
Minimum down payment rules are the same in every province. To get a mortgage in Manitoba, you’ll have to put at least 5% down on a home worth up to $500,000. If the home is worth between $500,000 and $1.5 million, you’ll need to put down 5% of the first $500,000 and 10% of the remaining amount. For homes worth more than $1.5 million, a 20% down payment is required.
How can I get a lower mortgage rate in Manitoba?
Getting a lower mortgage rate generally means presenting yourself as a low-risk borrower to Manitoba’s lenders and brokers. You can do this by making a larger down payment, lowering your debt service ratios and paying off other debts.
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Connect with Homewise to get a renewal rate quote that's personalized to you.Where to get a mortgage in Manitoba
Even though Manitoba has a shortage of large cities, there are still many places to get a mortgage. In addition to Canada’s biggest banks, you can also find mortgages at:
Credit unions.
Monoline lenders, which only provide mortgages.
Alternative lenders, which often service borrowers with lower credit scores.
Private lenders, which can range from individuals to large nationwide companies.
Here are some examples of different mortgage providers in Manitoba.
Banks | Credit Unions |
|---|---|
RBC | Steinbach Credit Union |
BMO | Assiniboine Credit Union |
CIBC | Access Credit Union |
Scotiabank | Cambrian Credit Union |
TD Canada Trust | Niverville Credit Union |
Mortgage Brokerages | Direct Lenders |
Mortgage Alliance | MCAP |
Dominion Lending Centres | First National Financial |
Verico Mortgage Group | CMLS Financial |
Centum | nesto |
TMG The Mortgage Group | Home Trust Company |
Buying a home in Manitoba
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.
Land transfer taxes in Manitoba
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.
Manitoba housing market update
Manitoba’s housing market has yet to catch fire this spring. Home sales in the province were down 1.1% from March and 9.7% lower year-over-year. Year-to-date, sales were 10.1% lower than in the first four months of 2025.
The number of homes for sale remains low. In April, there were only 2.3 months of supply left in the province, slightly up from the previous month. If home sales carried on at their current pace and no new listings were added, inventory would dry up in about 70 days.
The limited supply is putting upward pressure on home prices. The provincial average sale price in April, $403,388, was 1.4% higher than in March. The average price in Winnipeg, $429,717, rose by 1.8%.
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Clay Jarvis
Clay Jarvis