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% | 4.76% | 4.74% | 4.78% | 5.95% | 4.725% |
3-Year Variable | 7.78% (open) | 4.07% | -- | -- | 5.95% | -- |
5-Year Fixed | 4.76% (insured) 4.86% (uninsured) | 4.61% (insured) 4.94% (uninsured) | 4.73% (insured) 4.88% (uninsured) | 4.62% (insured) 4.92% (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% | 4.311% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Manitoba mortgage rate update: July 2026
At the beginning of July, it seemed as if it was going to be a good month for mortgage shoppers in Manitoba. Fixed rates had eased as the war in Iran inched toward a peaceful conclusion.
Well, that’s all out the window. Now that bombs are once again falling in and around Iran, government bond yields are on the rise. This matters because lenders use yields to price their fixed mortgage rates.
The risk — an all too familiar one at this point — is that yields increase to the point that lenders are forced to raise their fixed mortgage rates. If you’re eyeing a fixed rate for an upcoming home purchase, get pre-approved pronto to hedge against this frustrating risk.
Variable mortgage rates in Manitoba, on the other hand, are a model of stability.
After the Bank of Canada announced it was holding its overnight rate at 2.25% on July 15, variable rates will continue hovering around their current levels until at least September 2, when the Bank will hand down its next overnight rate decision.
Manitoba housing market update
Manitoba’s housing market saw stable activity in June 2026. Home sales fell 5.6% compared to May, but were up 1.0% year-over-year. Year-to-date, sales in the province are tracking roughly 6.1% behind the first six months of 2025.
Home values in Manitoba’s largest city continue to increase. Winnipeg's benchmark price rose 0.4% month-over-month to $394,600 (+3.8% year-over-year).
State of the market: Tight as a drum; solid year-over-year price appreciation proves that underlying demand remains incredibly steady.
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 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.
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.
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 |
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 as inflation's about to spike.
Fixed rates
As of July 2026, fixed mortgage rates are considerably higher than they were a few months ago thanks 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 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.
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Connect with Homewise to get a renewal rate quote that's personalized to you.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 3.4% at mortgage brokers but over 4% at several banks.
What’s a good mortgage rate in Manitoba right now?
As of July 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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Clay Jarvis
Clay Jarvis