Winnipeg Mortgage Brokers

Our brokers know your area the best.

That’s what makes True North Mortgage one of the top-rated mortgage brokers in Winnipeg. Every situation is unique, and our brokers are here to offer 5-star customer service along with the best mortgage rates. Our large network of lenders allows us to benefit from significant volume discounts. In fact, we're so confident that we can offer the best mortgage rates in Winnipeg that we guarantee to beat it — or give you $500.

Overview of the Winnipeg real estate market

The 'pandemic effect' has hit Winnipeg’s housing market. Despite the economic challenges of the COVID-19 pandemic, Winnipeg real estate is seeing frenzied buying activity, with increasing prices and bidding wars. Experts feel that the combination of low interest rates and buyer-desire for more home and yard space is contributing to the rush to get in on current prices or to snap up inventory as it comes on market. The Winnipeg Real Estate board predicts that sales will normalize as inventory increases, but the market should remain strong over the next few months.

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 (2011) and the Real Estate Brokers Act.

The Mortgage Brokers Act 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. This 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 is also provided through through Sagen or Canada Guaranty.

Historic mortgage rates in Winnipeg

When looking at mortgage rates, it's 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, which means your payments stay the same throughout the term. A variable rate mortgage has an interest rate that can fluctuate, and therefore payments may also fluctuate. Fixed-rates tend to be higher, as they protect owners from interest fluctuations over the mortgage term.

Here are mortgage rates for the Winnipeg market 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%

True to you — how we work with our clients.

At True North Mortgage, we understand that purchasing a home can be both exciting and stressful. We're here to help.

On your own, trying to compile all of the information needed to make an informed decision can be overwhelming. Plus, there are many tools and calculators available from different sources, which may give conflicting data.

Our experienced mortgage brokers do the work for you, at no obligation. We find the right mortgage solution tailored for your needs. After checking with accredited lenders for the lowest rate and best mortgage fit possible, we complete your mortgage from beginning to end — stress-free.

Whether you're refinancing, purchasing or renewing, our mortgage specialists are salaried employees and do not work for any particular lender. The volume we conduct allows us to pass along a discount for your best rate possible, often from your bank.

No matter where in Winnipeg, Manitoba or Canada you reside, we can complete your mortgage over the phone, or online. Call us today or apply online now.

Winnipeg Mortgage Rates

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

Canada Wide Mortgages

True North Mortgage can efficiently complete your mortgage anywhere you are in Canada — online, over the phone or at our store locations.