Best Mortgage Rates in Winnipeg
Compare fixed and variable mortgage rate offers from banks and alternative lenders in Winnipeg.Winnipeg mortgage rate update: September 2025
It's an active month for mortgage rates in Winnipeg.
On September 17, 2025, the Bank of Canada lowered its overnight rate 25 basis points to 2.5%. Lenders have already responded by lowering their variable mortgage rates.
Some mortgage brokerages are now offering variable rates around 3.7%. They’re still well over 4% at the big banks.
Variable rates could dip again if a cut is handed down at the Bank of Canada’s next overnight rate announcement, which is scheduled for October 23.
Fixed mortgage rates have also edged down in September, but this is a response to falling government bond yields, not the Bank of Canada’s cut.
Three- and five-year yields, which lenders use to price their fixed rates, have been sliding all month. It was just a matter of time before three-year fixed rates and five-year fixed rates followed suit.
Rates aren't exactly plummeting, but we are seeing improved offers at some of Canada's biggest banks. Three- and five-year fixed rates are still well over 4% at the Big Six. At brokerages, five-year fixed rates can be found for around 3.9%. There are still some 3.69% three-year fixed offers out there, too.
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.
What's a good mortgage rate in Winnipeg right now?
As of September 2025, some Manitoba lenders are offering variable mortgage rates for around 3.7% and fixed rates around 3.9% on certain home purchases.
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.
Winnipeg housing market update
Winnipeg’s housing market had a relatively cool end to the summer. Home sales in August 2025 were down 5% compared to a year ago and 3% below the five-year average for the month.
The sluggish sales could be the result of rising prices. The average sale price of detached homes, $450,596, was up 8% year-over-year, while the average condo price rose 4% to $280,143 over the same period.
Buyers are contending with deteriorating inventory levels, so prices aren’t likely to soften anytime soon. In August, overall active listings were down 10% from a year ago, with the most severe declines occurring in communities outside the city limits.
Land transfer taxes in Winnipeg
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 Winnipeg lenders determine mortgage rates?
How do Winnipeg lenders determine mortgage rates?
The mortgage rate you’re offered in Winnipeg 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 Winnipeg?
How do you qualify for a lower mortgage rate in Winnipeg?
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
Clay Jarvis