Manitoba Mortgage Rates
Need a mortgage in Manitoba? Quickly compare current mortgage rate offers from Canada's top bank and non-bank lenders.Editor’s Note: The Bank of Canada has lowered its overnight rate to 2.5%, a decrease of 0.25 percentage points. This was the first rate cut in six months. In its announcement, the BoC stated, “After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing.” Read more about the cut and how it could affect home buyers.
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Manitoba mortgage rate update: September 2025
Variable rates could fall after the Bank of Canada's upcoming interest rate decision.
Fixed rates are more likely to decrease than increase in September.
September could be an interesting month for mortgages in Manitoba.
Government bond yields, which lenders use to price their fixed mortgage rates, have trended down in the first week of the month. When yields dip for a sustained period of time, it generally gives lenders room to lower their fixed-rate offers.
We haven’t seen much movement yet. Three- and five-year fixed rates are still around 3.9% at mortgage brokerages, with some offering three-year terms as low as 3.69%. Fixed rates are generally well over 4% at Canada’s Big Six banks.
Variable rates could decline as soon as September 17, when the Bank of Canada will announce its next overnight rate decision. Disappointing GDP and unemployment numbers are strong arguments in favour of a rate cut, even though inflation remains well above the Bank’s target of 2%.
If the Bank reduces the overnight rate by 0.25%, the country’s lowest variable rates will drop to around 3.7%.
Rate cuts and lower bond yields are generally signs of a lagging economy, so even if affordability improves for buyers in September, we may not see housing demand pick up until buyers see more stability in the economy.
What's a good mortgage rate in Manitoba right now?
As of September 2025, Manitoba lenders are offering fixed mortgage rates for less than 4% on certain home purchases. Variable mortgage rates are generally 4% or higher.
2025 Manitoba mortgage rate forecast
Mortgage rates may decrease further in the second half of 2025.
The Bank of Canada is expected to reduce its overnight rate again twice before the end of the year, which would lower variable mortgage rates by at least 0.5% versus today’s levels.
Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for the remainder of 2025.
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.
Manitoba housing market update
Manitoba’s housing market ended the summer on a down note. Home sales in August 2025 fell 16.4% from July and were below the 10-year average for the month, according to the Manitoba Real Estate Association. It was the second consecutive month of declining sales for the province.
Even though sales activity dropped in August, home prices remained firm. The average sale price in Manitoba last month was $395,913, almost 9% higher than a year ago. On a monthly basis, the average price was up 1.4% from July.
One reason for the price increases could be the decreased supply levels buyers had to contend with.
New listings in August were lower than they’ve been in over a decade, while active listings — the total number of homes for sale at the end of the month — were 27.6% below the 10-year average.
Manitoba home buyer resources
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.
Mortgage calculators
Frequently asked questions
How do Manitoba lenders determine mortgage rates?
How do Manitoba lenders determine mortgage rates?
The mortgage rate you’re offered 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.
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 Manitoba?
How do you qualify for a lower mortgage rate in Manitoba?
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