Current Mortgage Rates in Winnipeg
Compare fixed and variable mortgage rate offers from banks and alternative lenders in Winnipeg.Winnipeg mortgage rate update: December 2025
December should be a month of stability for mortgage rates in Manitoba.
On December 10, the Bank of Canada decided to hold its overnight rate at 2.25%. The overnight rate directly impacts variable mortgage rates, so the Bank's rate hold means nothing changes for home buyers.
Variable mortgage rates will stay at their current levels until at least January 28, 2026, when the Bank is scheduled to make its first rate decision of next year.
Until then, the lowest variable mortgage rates in Manitoba will hover around 3.5%.
Fixed mortgage rates aren’t likely to move much this month, either. Government bond yields, which determine fixed rates, haven’t shifted much in the last several weeks. Without a sustained rise or fall in bond yields, there’s no reason for lenders to significantly adjust their fixed rates.
Unless the bottom drops out of the economy, the lowest fixed rates in Manitoba should stay around 3.7% for the rest of the year.
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 November 2025, some Manitoba lenders are offering variable mortgage rates for around 3.5% and fixed rates around 3.7% on certain home purchases.
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.
Winnipeg housing market update
Winnipeg’s housing market hit a bit of a speed bump in October. Home sales were up 1.4% year-over-year, but down 4.2% versus September. Year-to-date, sales across the first 10 months of the year are the third highest on record for Winnipeg.
The average sale price of detached homes, $442,104, was up 4% year-over-year, while the average condo price rose 12% to $297,428 over the same period.
Buyers are contending with deteriorating inventory levels, so prices aren’t likely to soften in Winnipeg anytime soon. In October, overall active listings were down 3% from a year ago.
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