Winnipeg's Top Mortgage Brokers

The specialists at True North Mortgage know your area best.

That’s what makes us one of the top-rated mortgage brokers in Winnipeg. Every situation is unique, and our brokers are here to offer five-star customer service as well as the best mortgage rates.

Our large network of lenders allows us to benefit from significant volume discounts. In fact, we are so confident that we can offer the best mortgage rates in Winnipeg that we guarantee to beat it - or we’ll give you $500.*

How are mortgages regulated in Winnipeg?

Mortgages in Winnipeg are regulated by the Manitoba Securities Commission, which is a division of the Manitoba Financial Services Agency. Their Real Estate Division is responsible for administering specific regulations such as the Mortgage Brokers Act and the Real Estate Brokers Act.

The Mortgage Brokers Act was enacted in 2011 and regulates the activities of mortgage brokers by ensuring proper registration and compliance with specific disclosures to consumers.

The Real Estate Brokers Act requires all brokers to have a separate trust account to hold money to be transferred and to file a surety bond with the Registrar. The division also registers mortgage brokers and investigates complaints against them.

What mortgage insurance is available?

If you purchase a home in Winnipeg with less than a 20% down payment, you must also purchase mortgage default insurance, as is standard throughout Canada.

This insurance is commonly referred to as CMHC, for the Canada Mortgage and Housing Corporation. The premiums are an additional cost to the home buyer, and the amount is calculated based on a percentage of the total mortgage amount.

By requiring this insurance, lenders are able to offer lower interest rates and lower down payment requirements because they are minimizing the risk they are exposed to if the borrower defaults.

CMHC is the most common mortgage insurance provider, but you can also get insurance through Genworth Financial or Canada Guaranty.

Historic mortgage rates in Winnipeg

When looking at mortgage rates, it is important to make the distinction between fixed rates and variable rates. A fixed-rate mortgage has an interest rate that is fixed when the loan is initiated, while a variable rate mortgage has an interest rate that can fluctuate.

Here is how mortgage rates in the Winnipeg market have changed over the last few years:

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%

Overview of the Winnipeg real estate market

The CMHC believes that Winnipeg’s housing market will continue to see an increase as employment and income growth will continue to boost demand into the coming years.

There is also rising demand from first-time homebuyers, spurred by provincial and federal assistance programs. These programs range from government grants to repayable loans of up to 40% for existing homes.

According to the National Household Survey, about 70% of residents own their home, and while housing prices seem expensive to residents of other areas of Canada, they are relatively affordable when compared to the national average.

The Winnipeg real estate market is resilient. During the global pandemic, the market saw sales in June 2020 that were more than 20% higher when compared to June 2019.

How we work with our clients

We understand that purchasing a home can be both exciting and stressful.

Compiling all of the information needed to make an informed decision can be very difficult and time consuming, as there are an overwhelming number of tools and calculators which give conflicting data.

At True North Mortgage, our approach is built around your needs and finding the right lender for you.

Our specialists are salaried employees that do not work for any particular lender, ensuring that you are getting the best possible product and rate for your situation.

After assessing your specific needs and creating a tailored solution for you, our brokers will give you an idea of what rates you can expect and be there every step of the way. Regardless if you are purchasing, renewing or refinancing.

Apply for your TrueRate in minutes.

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
Mortgage
Size
Term
Rates From
Payments as low as
1 Year Fixed
2.14%
$1678 /mo
2 Year Fixed
1.89%
$1678 /mo
3 Year Fixed
1.89%
$1678 /mo
4 Year Fixed
1.99%
$1678 /mo
5 Year Fixed
1.69%
$1678 /mo
10 Year Fixed
3.09%
$1678 /mo
5 Year Variable
1.60%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

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

Winnipeg 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.