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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 5.04% | 80% LTV 5.15% | 65% LTV 5.15% | Uninsured 6.63% | 6.29% | ||
Insured 4.74% | 80% LTV 4.79% | 65% LTV 4.74% | Uninsured 4.74% | 5.59% | ||
Insured 4.14% | 80% LTV 4.14% | 65% LTV 4.14% | Uninsured 4.49% | 4.89% | ||
Insured 4.29% | 80% LTV 4.14% | 65% LTV 4.14% | Uninsured 4.49% | 4.74% | ||
Insured 3.99% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.14% | 4.59% | ||
Insured 4.44% | 80% LTV 4.39% | 65% LTV 4.39% | Uninsured 5.9% | 5.5% | ||
Insured 5.09% | 80% LTV 5.29% | 65% LTV 5.29% | Uninsured 5.8% | 7.14% | ||
Insured 4.6% | 80% LTV 4.7% | 65% LTV 4.6% | Uninsured 4.6% | 6.85% | ||
Insured 4.3% | 80% LTV 4.55% | 65% LTV 4.3% | Uninsured 4.3% | 4.65% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
4.35%
4.24%
7.24%
With over 749,607 residents, Winnipeg is home to more than half of Manitoba's population. Winnipeggers enjoy relatively low housing costs compared to other provinces, putting them in the driver’s seat when they’re shopping for a loan.
While the average housing cost in Winnipeg is considerably cheaper than other markets, like Toronto, Vancouver or Calgary, the mortgage market is likely to be a little bit restrictive compared to the bigger cities, due to low competition among lenders.
According to the Winnipeg Regional Real Estate Board (WRREB), the average price of a residential detached home in Winnipeg was $427,237 in October 2024 – a 7% increase year over year. This is considerably lower than the national average home price of $696,166 – reported by the Canadian Real Estate Association (CREA) in October 2024 (which itself was an increase of 6% from October 2023).
The Big Six Banks (RBC, TD, Scotiabank, BMO, CIBC and National Bank) operate in Manitoba, and by extension, Winnipeg – alongside 18 credit unions. Access Credit Union, Manitoba’s largest credit union is the sixth largest credit union in Canada. Hubert Financial is another popular credit union, which is the sole online-only credit union in the province. Steinbach Credit Union, Assiniboine Credit Union, Cambrian Credit Union and Caisse Financial Group are some of the other credit unions operating in the province.
If you are looking for the lowest mortgage rate available, here are some of the factors that Winnipeg lenders consider when deciding their rate:
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When it comes to conventional and high-ratio mortgage rates in Winnipeg, and Manitoba at large, the overall trend has been downward so far, which is fantastic news for home buyers.
Looking at the chart on the left, both types of mortgages have been on the decline since October 2023, with the most significant drop taking place after September 2024. Fixed rates have been dropping due to the decline in government bond yields. As the bond rates have declined, so have fixed mortgage rates. The chart shows that since November 2023 – average conventional rates moved from 6.19% to 4.85%, while average high-ratio rates went from 5.78% to 4.59% (as of November 2024).
Some bond yields have begun to climb, post-US election, which could induce higher mortgage rates, but that is a wait-and-see game that has not fully materialized yet.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 12/23 | 5.96% | 5.52% |
| 01/24 | 5.64% | 5.27% |
| 02/24 | 5.36% | 5.09% |
| 03/24 | 5.21% | 4.97% |
| 04/24 | 5.14% | 4.95% |
| 05/24 | 5.18% | 5.00% |
| 06/24 | 5.13% | 4.97% |
| 07/24 | 5.07% | 4.93% |
| 08/24 | 5.20% | 5.03% |
| 09/24 | 5.17% | 4.97% |
| 10/24 | 4.85% | 4.59% |
| 11/24 | 4.76% | 4.48% |
Last Updated: December 1, 2024
Fixed rates and variable rates have both been trending downward in 2024.
Average variable rates have stayed high, hovering at around 6.40% throughout the tail end of 2023 and first half of 2024. That’s because variable rates often correspond with the prime rate, which has remained unchanged – at 7.20% – between July 2023 and June 2024. Like the prime rate, the average variable rate began to drop off significantly in June 2024 – down to 5.77%, as of October 2024 (with the prime rate dropping to 5.95%).
With fixed rates following in the footsteps of government bond yields, which have been declining since the fall of 2023, you can see a much sharper drop in their average, which went from 6.84% in November 2023 to 4.75% in October 2024.
There are expectations that the Bank of Canada could cut rates several more times by mid 2025, with some banks, such as RBC and National Bank, believing that the prime rate could go as low as 2.00%. Should this trend persist, variable rates will continue to fall.
| Month | Fixed | Variable |
|---|---|---|
| 12/23 | 5.63% | 6.50% |
| 01/24 | 5.40% | 6.39% |
| 02/24 | 5.23% | 6.46% |
| 03/24 | 5.08% | 6.40% |
| 04/24 | 5.01% | 6.39% |
| 05/24 | 5.07% | 6.39% |
| 06/24 | 5.02% | 6.32% |
| 07/24 | 4.93% | 6.13% |
| 08/24 | 5.00% | 6.16% |
| 09/24 | 5.02% | 6.20% |
| 10/24 | 4.75% | 5.77% |
| 11/24 | 4.65% | 5.40% |
Last Updated: December 1, 2024
The average value of new mortgage loans in Winnipeg reached its peak in Q3 2022. Due to Bank of Canada’s interest rate hikes that started in March 2022, home prices went into a cooldown period between Q3 2022 and Q1 2023 (as reported by the CMHC). This led to a sharp decrease in the new mortgage loan value from Q4 2022 to Q2 2023, preventing many people from qualifying for larger loans.
The uptick in mortgage loans in Q3 2023 is mainly due to the increase in home sale prices in Q2 2023, especially in the condo and detached home sectors.
Also, mortgage loans dropped in Q1 2024, mainly because of price decreases that occurred in Q4 2023. As rates have declined, and borrowing is cheaper, average value of new mortgages in Winnipeg have steadily increased. They sit at $246,099 as of Q2 2024, below the national average of $332,825.
| Q1 - 2020 | Q2 - 2020 | Q3 - 2020 | Q4 - 2020 | Q1 - 2021 | Q2 - 2021 | Q3 - 2021 | Q4 - 2021 | Q1 - 2022 | Q2 - 2022 | Q3 - 2022 | Q4 - 2022 | Q1 - 2023 | Q2 - 2023 | Q3 - 2023 | Q4 - 2023 | Q1 - 2024 | Q2 - 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Canada | $278,928 | $289,038 | $297,367 | $313,607 | $323,678 | $343,971 | $364,954 | $350,686 | $361,001 | $366,163 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 |
Manitoba | $204,290 | $213,071 | $229,021 | $231,681 | $225,340 | $234,634 | $254,640 | $249,534 | $247,682 | $255,490 | $272,728 | $251,420 | $237,080 | $236,485 | $249,747 | $247,228 | $234,933 | $242,696 |
Winnipeg | $209,485 | $220,635 | $236,532 | $240,493 | $230,661 | $243,741 | $267,439 | $261,129 | $256,926 | $266,832 | $286,068 | $262,423 | $248,843 | $241,465 | $261,589 | $250,074 | $237,592 | $246,099 |
Much like the average value of new mortgages in Winnipeg, average monthly payments have seesawed in line with the rising, then declining, interest rates.
Mid 2022, after the rates started to rise, was a turning point, as monthly payments started to increase dramatically. From Q2 to Q3 2022, payments increased from $1,327 to $1,506, according to the CMHC. That’s an increase of more than 13%. It reached a peak of $1,624 in Q3 2023.
Payments dipped below $1,600 but have been increasing at a much slower pace. The current payment is $1,583. As interest rates have come down, people are borrowing more and paying more in monthly payments. It may also be true that fixed mortgages have been renewed at higher rates, causing the payments to also increase.
| Monthly mortgage payment | % change (QoQ) | |
|---|---|---|
| Q2 – 2024 | $1,583 | +0.8% |
| Q1 – 2024 | $1,571 | -1.7% |
| Q4 – 2023 | $1,598 | -1.6% |
| Q3 – 2023 | $1,624 | +8.9% |
| Q2 – 2023 | $1,491 | -2.1% |
| Q1 – 2023 | $1,523 | -0.9% |
| Q4 – 2022 | $1,536 | +2.0% |
| Q3 – 2022 | $1,506 | +13.5% |
| Q2 – 2022 | $1,327 | +9.9% |
| Q1 – 2022 | $1,207 | +0.6% |
Winnipeg home prices, in all categories, have risen over the course of 2024, according to WRREB. October 2024 was the third month during the year to see MLS sales at or above those seen in 2023 – and above the 5-year average. October was the fourth month in the year with MLS sales increases over both 2023 and 2022.
As the onset of the COVID-19 pandemic, home sales were on an upward trajectory due to low rates at the time, climbing to peak levels in 2020 (when the prime rate was below 3.00%). As inflation set in during 2022, and the Bank of Canada increased its rates, home prices and the market in general started to fall. As of 2024, however, home prices in Winnipeg are on the rise again – though they are still below 2020 levels. Given the current trajectory, it’s unlikely that we’ll see the same surge in sales and prices as in 2020 anytime soon, but prices are expected to continue to climb.
Manitoba, and by association, Winnipeg require homebuyers to pay land transfer tax, and registration fees when registering a transfer of title.
Land transfer tax is calculated based on market value of a property on the date of the registration of a transfer of title. It is calculated as follows:
| Value of property | Rate |
|---|---|
| Up to $30,000 | 0% |
| On the next $60,000 (i.e. $30,001 to $90,000) | 0.5% |
| On the next $60,000 (i.e. $90,001 to $150,000) | 1.0% |
| On the next $50,000 (i.e. $150,001 to $200,000) | 1.5% |
| On amounts in excess of $200,000 | 2.0% |
Finding the best mortgage rates in Winnipeg starts with comparison shopping on sites like LowestRates.ca. With a few answered questions about your financing needs, we can provide you with more than 50 of top providers and brokers in the area offering the cheapest rates to meet your budget.
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Winnipeg is a relatively inexpensive place to live in, compared to Canada’s larger cities. The average price of a home in Winnipeg is less than one third the cost of one in Vancouver or Toronto.
For comparison, here are the average residential prices in each of these cities as of October 2024, according to CREA:
The national average, as of October 2024, is $696,166, putting Winnipeg well below that.
According to the CMHC Rental Market Report (January 2024), even the cost of renting in Winnipeg is lower than most cities. The average monthly rent in Winnipeg as of January 2024 was $1,427 for an average two-bedroom apartment in a purpose-built rental and $1,333 for an average two-bedroom condominium. That’s less than what renters pay every month for two bedrooms in purpose-built apartments in Toronto ($1,940), Vancouver ($2,181), Hamilton ($1,617), Calgary ($1,695), and Edmonton ($1,398). However, it’s higher than the average monthly rent in Saskatoon ($1,360), Regina ($1,301), Montreal ($1,096), and Quebec City ($1,040).
Winnipeggers have it pretty good when it comes to commuting. Only 2.3% of drivers in the city spend 60 minutes or more commuting to work compared to 11.1% of Torontonians and 7.7% of Vancouverites, according to Statistics Canada. Also, annual car insurance rates were much lower for Manitobans in 2020. They paid an average of $1,140 a month compared to $1,528 a month for Ontarians and $1,832 a month for British Columbians.
Getting a lower mortgage in Winnipeg (or anywhere else in Manitoba or Canada) can matter a lot – especially when you look at rates long-term. Let’s assume you’re trying to decide between two types of 7-year fixed rate. One is an 80% LTV (loan-to-value) rate of 4.44% – a rate that applies to mortgage amounts between 65.01% and 80% – and the other a bank rate of 5.06%.
Perhaps, you are buying a home that costs $600,000, with a down payment of 20%, meaning that you’re borrowing $480,000. In this scenario, combined with an amortization of 25 years, your 80% LTV monthly payment would be $2,641, while your monthly bank rate payment would be $2,808. The latter is $167 more expensive. It’s significant, but given the total monthly amount, it’s not that significant.
In a year, however, this difference would amount to $2,004 – close to a single monthly payment – and in five years, $10,020. That’s quite a bit of money, despite being a small percentage overall. Either way, it’s money you could save up for renovations, a new car or another vital expense.
Besides getting the best home mortgage rates, Winnipeg buyers should also look at these when choosing a mortgage:
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