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 | 4.57% | 4.41% | 4.54% | 4.43% | 6.05% | 4.524% |
3-Year Variable | 8.03% (open) | 4.42% | -- | -- | 6.10% | -- |
5-Year Fixed | 4.51% (insured) 4.66% (uninsured) | 4.21% (insured) 4.56% (uninsured) | 4.43% (insured) 4.63% (uninsured) | 4.32% (insured) 4.62% (uninsured) | 6.09% | 4.661% (insured) 4.661% (uninsured) |
5-Year Variable | 4.42% | 4.52% | 4.64% | 3.93% (insured) 4.23% (uninsured) | 5.15% | 4.561% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Manitoba mortgage rate update: October 2025
October should be a month of stability for mortgage rates in Manitoba.
Variable mortgage rates will stay at their current levels until at least October 29, when the Bank of Canada is scheduled to announce its next overnight rate decision. A rate cut from the Bank will result in a similar decrease in variable rates. (After the Bank reduced the overnight rate from 2.75% to 2.5% on September 17, variable rates dipped by as much as 30 basis points at some lenders.)
Expect variable rates to hover around 4% for most of October, though some brokerages and direct lenders are offering variables for considerably less.
Fixed mortgage rates might also be static this month. Government bond yields, which fixed mortgage rates tend to follow, have somewhat flattened out after falling for much of September. If yields avoid any dramatic shifts, fixed rates will, too.
Fixed rates may not dip this month, but they’re still fairly approachable. Brokers are offering three- and five-year fixed rates for less than 3.9%, but they’re still well over 4% at Canada’s biggest banks.
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.
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.
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?
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, fixed mortgage rates Manitoba are currently around 3.9% at mortgage brokers but well over 4% at major banks.
What’s a good mortgage rate in Manitoba right now?
What’s a good mortgage rate in Manitoba right now?
As of October, the lowest fixed mortgage rates in Manitoba are around 3.9%. The lowest variable rate is 3.7%.
Are mortgage rates in Manitoba different than in Alberta or Saskatchewan?
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?
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?
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?
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.
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.
Getting a mortgage in Manitoba
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 |
Steps to getting a mortgage in Manitoba
Getting a mortgage in Manitoba isn’t any different than getting one in any other province. The real differences are often at the lender level, where you might encounter different mortgage rates and lending guidelines.
Getting a mortgage in Manitoba generally involves the following steps:
Checking your credit score. If your credit score’s below 620, it might limit the lenders you’re able to borrow from. If it’s relatively low in general, this might be an opportunity to pay down some debt prior to applying for a mortgage.
Comparing mortgage rates. View rates from multiple sources — banks, credit unions and mortgage brokers — to help determine who you’d like to work with.
Getting pre-approved for a mortgage. Reach out to a lender and have them take a thorough look at your finances. Once this process is complete, you’ll have an accurate estimate of what you’ll be able to borrow and how much you’ll pay in interest charges.
Finding a home and putting in a successful offer. This isn’t something you can do safely without being pre-approved first.
Formally applying for a mortgage. Even though you’ve been pre-approved, your lender will need to give your finances a final evaluation before signing off on your loan.
Mistakes to avoid when getting a mortgage in Manitoba
Choosing a mortgage based solely on rate. The lowest rate available might be attached to a mortgage with limited features. Discuss the details with your lender or mortgage broker.
Not comparing a variety of lenders. There are a lot of mortgage providers in Manitoba. Make sure you’re comparing banks, brokers and credit unions so you don’t miss out on what might be the ideal mortgage for your needs.
Not negotiating. Mortgage rates are negotiable. Always ask a lender or broker what more they can do to decrease the rate you’re offered.
Borrowing too much. Borrowing the maximum amount allowed by your lender can help you buy more house, but it can mean less money for essentials, savings and investments.
Renewing a mortgage in Manitoba
Renewing a mortgage in Manitoba generally involves the same process you’ll encounter in the rest of Canada. But being in a less populous province might give you fewer lender options.
You should approach your mortgage renewal the same way you’d approach a home purchase: compare your mortgage rate options thoroughly so you can make an informed decision.
When renewing your mortgage in Manitoba, keep the following in mind:
Your lender’s initial renewal rate offer won’t be their best. Be prepared to negotiate.
Consider using a mortgage broker, who can compare renewal rates from a wider range of lenders than a bank’s mortgage adviser.
Start the process early and give yourself time to find the product and lender that best suits your current financial situation.
Refinancing a mortgage in Manitoba
Refinancing a mortgage in Manitoba shouldn’t be any more difficult than it would be anywhere else. The rates you’ll encounter will be similar to those in other provinces, although refinance rates are generally higher than what lenders offer on home purchases.
Prepare yourself for refinancing your mortgage by exploring our mortgage refinancing guide and by comparing current mortgage finance rates.
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 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.
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Clay Jarvis