The Best Mortgage Rates in Manitoba
Compare customized mortgage rates from Manitoba’s top lenders. Find the best fixed or variable mortgage rate for your needs.8Twelve has partnered with over 65 Canadian mortgage lenders to provide competitive rates on over 7,000 mortgage products. 8Twelve can quickly match you with a lender and mortgage type that meets your needs — even if your financial situation is unique.
Manitoba mortgage rate update: July 2025
Variable rates are holding steady.
The BoC could change rates on July 30.
Fixed rates have seen recent declines, but could increase.
July has brought a new sense of uncertainty to Manitoba mortgage rates.
In the last half of June, falling government bond yields allowed lenders and brokerages to lower their fixed rate offers. But July has seen those bond yields start creeping up again. If those bond yields keep increasing over a sustained period of time, fixed rates are likely to edge up, too.
As of July 8, 2025, three- and five-year fixed mortgage rates can still be found for around 3.9% at some brokerages, but they’re generally 4% or higher. If you’re worried about rates rising before you secure a mortgage this summer, consider getting pre-approved and locking in a rate sooner rather than later.
Variable mortgage rates have been stable since the Bank of Canada decided to hold its overnight rate at 2.75% on June 4. The country's lowest variable mortgage rates will stay around 4% until at least July 30, when the BoC is scheduled to make its next overnight rate announcement.
A rate cut in July will depend on both inflation and the state of Canada's tariff-rattled economy, so it'll be a challenging call for the Bank to make. Analysts expect the BoC to cut its overnight rate another two times this year, which could shave at least 0.5% off of current variable rates.
A July rate cut would make variable rates the most affordable option for home buyers in Manitoba. It's been over two years since that was the case.
What's a good mortgage rate in Manitoba right now?
As of July 2025, Manitoba lenders are offering fixed mortgage rates for around 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 closed out the first half of 2025 with another steady month of home sales. The province averaged 1,356 sales per month from January to June — higher than during the same period in both 2023 and 2024.
New listings in the province were down 3.4% compared to May, which limited inventory and nudged prices upward. The average sale price in Manitoba was $383,649 in June, 1.1% higher than in May and up 8.1% compared to June 2024.
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.
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Clay Jarvis