Manitoba Mortgage Rates

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Rules have changed. Everyone's rate is unique.

Canadian regulations have changed the way mortgages work. You must now qualify for your rate. Factors like equity in your home and personal credit will impact the rate.

Get Your Best Rate
Rates From
Payments as low as
1 Year Fixed
$1678 /mo
2 Year Fixed
$1678 /mo
3 Year Fixed
$1678 /mo
4 Year Fixed
$1678 /mo
5 Year Fixed
$1678 /mo
10 Year Fixed
$1678 /mo
5 Year Variable
$1678 /mo
$1678 /mo

*Illustration purposes only. Use our Mortgage Calculator for accurate payments

We'll beat any competitor's offer,

True North Mortgage offers the best mortgage rates in Manitoba. Our expert brokers know your area best. This allows us to analyze your unique situation and help you find the best possible lender for your needs.

We are one of the top-rated mortgage brokers in Manitoba, thanks to our personalized customer service and ability to offer you the lowest possible rate. We do this through our volume discounts, secured by our relationships with many different lenders.

Calculating mortgage rates

Mortgages in Canada can vary across the country, although there certain regulations are standardized.

Not everyone can obtain the lowest advertised rates. Many factors determine what rate you can qualify for, including credit score, amortization period, and the purpose of the property.

If you are unable to meet the credit requirements posed by an ‘A lender’ you may be forced to take a loan from a ‘B lender’ that charges a higher rate.

Generally, mortgages with amortization periods greater than 25 years will carry higher interest rates. If you plan on purchasing a property as an investment or do not plan on personally living in the home, you will generally be offered a higher rate.

We will help you analyze your financial situation and determine what range of mortgage rates you can expect to qualify for.

Our online tools - such as the mortgage payment calculator - will help you consider many scenarios in a simplified format so that you can make the best decision for your situation.

Mortgage insurance in Manitoba

Mortgage default insurance protects lenders against a borrower defaulting. This allows lenders to offer lower interest rates and lower down payment requirements on their mortgages because their risk is mitigated.

In Manitoba, as is standard throughout the rest of Canada, it is necessary to purchase mortgage insurance if you buy a home with a down payment of less than 20%.

It is commonly referred to as CMHC, for the Canada Mortgage and Housing Corporation, but can also be acquired from Canada Guaranty or Genworth Financial.

Historic mortgage rates in Manitoba

There are two different interest rate options when choosing a mortgage: fixed and variable.

The interest rate in a fixed-rate mortgage is locked at the time the loan is initiated.

A variable-rate mortgage, on the other hand, has a fluctuating interest rate that can change over time.

Five-Year Fixed Rate

2019 - 2.84%

2018 - 3.17%

2017 - 2.79%

Five-Year Variable Rate

2019 - 2.71%

2018 - 2.33%

2017 - 2.00%

The real estate outlook

The Manitoba real estate market has been growing each year and has proven to be very resilient.

According to Winnipeg REALTORS, the average price of homes has increased by 1.5% and condos were up 5.4% (when comparing June 2020 vs. June 2019).

The CMHC believes this market will continue to rise as income and employment growth spurs demand.

Similarly, the federal assistance programs being offered to first-time homebuyers will encourage more individuals to purchase instead of rent.

Currently, about 70% of Manitoba residents own their homes.

We're here to help

The mortgage process can be difficult and time-consuming, regardless if you are buying a new home, refinancing, or renewing.

Our brokers are dedicated to going above and beyond to get you the best mortgage and make the process as simple as possible.

We’re happy to work with you, based on your preferences.

We can connect by:

  • Phone
  • Online chat
  • Email
  • In-store appointment

If you prefer - one of our mobile mortgage brokers can even come to you.

Manitoba Mortgage Rates

Mortgage Rates are different across Canada. Rates are shown based on your location. If you are planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.