Manitoba is one of Canada’s most affordable provinces for homebuyers. The average home price in Winnipeg is approximately $370,000 in early 2025, well below the national average. Combined with moderate property taxes and strong employment, Manitoba offers excellent value for buyers. Current mortgage rates are shown below.
| Name | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable |
|---|---|---|---|---|---|
| BMO | 7.34 | 6.95 | 6.74 | 6.79 | 6.7 |
| CIBC | 6.99 | 6.99 | 6.74 | 6.84 | 6.7 |
| Nesto | 5.84 | 4.79 | 4.89 | 4.34 | 5.4 |
| Pine | 6.24 | 4.24 | 4.54 | 4.34 | 4.75 |
| RBC | 5.89 | 5.09 | 4.99 | 4.94 | 6.1 |
| Scotiabank | 7.19 | 6.74 | 6.54 | 6.59 | 7.15 |
| TD | 7.34 | 5.22 | 6.74 | 5.12 | 6.19 |
| True North | 4.99 | 4.84 | 4.84 | 4.49 | 5.5 |
This table was last updated on December 21, 2024 rates are from the data available on each institution’s website.
Fixed vs. variable mortgage rates in Manitoba
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Rate type | Locked for the term | Fluctuates with prime rate |
| Typical 5-year rate | 4.0% - 5.0% | 4.5% - 5.5% |
| Payment certainty | High | Lower |
| Penalty to break | Higher (IRD) | Lower (3 months interest) |
| Best when | Rates expected to rise | Rates expected to fall |
The Bank of Canada reduced the overnight rate from 5.00% to 2.75% through 2024-2025, making variable rates increasingly competitive.
Monthly payment examples for Manitoba home prices
Based on a 25-year amortization with minimum down payment:
| Home Price | Down Payment | Rate | Monthly Payment |
|---|---|---|---|
| $250,000 | $12,500 (5%) | 4.0% | ~$1,248 |
| $300,000 | $15,000 (5%) | 4.5% | ~$1,580 |
| $370,000 | $18,500 (5%) | 4.5% | ~$1,949 |
| $450,000 | $22,500 (5%) | 5.0% | ~$2,497 |
| $500,000 | $25,000 (5%) | 5.0% | ~$2,775 |
Use the Manitoba mortgage payment calculator for exact figures at your rate and amortization.
Manitoba land transfer tax
Manitoba charges a land transfer tax on all property purchases with marginal rates:
| Home Price | Land Transfer Tax |
|---|---|
| $250,000 | ~$2,650 |
| $370,000 | ~$4,550 |
| $500,000 | ~$7,150 |
Manitoba’s LTT is moderate compared to Ontario or BC but higher than Saskatchewan and Alberta, which charge no land transfer tax at all.
Manitoba housing market overview
- Winnipeg — average home price ~$370,000, the primary market in the province
- Brandon — Manitoba’s second-largest city with even more affordable options
- Steinbach / Portage la Prairie — smaller communities with lower price points
- Stable market — Winnipeg has seen steady, moderate growth without the extreme swings of Toronto or Vancouver
Manitoba offers excellent affordability compared to most of Canada. The Manitoba mortgage affordability calculator can show what price range you can target.
Down payment requirements in Manitoba
| Purchase Price | Minimum Down Payment |
|---|---|
| Under $500,000 | 5% of purchase price |
| $500,000 to $999,999 | 5% of first $500K + 10% of remainder |
| $1 million+ | 20% of purchase price |
For a $370,000 home (Winnipeg’s average), the minimum down payment is just $18,500. Less than 20% down requires mortgage default insurance. Use the down payment calculator for exact amounts.
Impact of rate changes on Manitoba mortgages
| Rate | Monthly Payment ($350K) | Total Interest (25 years) |
|---|---|---|
| 4.0% | ~$1,840 | ~$202,000 |
| 4.5% | ~$1,940 | ~$232,000 |
| 5.0% | ~$2,040 | ~$262,000 |
| 5.5% | ~$2,150 | ~$295,000 |
Securing even a 0.5% lower rate on a $350,000 mortgage saves approximately $15,000 in total interest over 25 years.
Tips for getting the best Manitoba mortgage rate
- Compare lenders — big banks, credit unions (popular in Manitoba), and mortgage brokers
- Get pre-approved — lock in a rate for 120 days while you search
- Consider insured mortgages — less than 20% down sometimes qualifies for lower rates
- Improve credit — scores above 680 unlock the best rate offers
- Use a mortgage broker — brokers can access rates from multiple lenders at once
Frequently asked questions
What are the best mortgage rates in Manitoba?
The best 5-year fixed rates range from approximately 3.9% to 5.0% depending on lender and mortgage type.
Is Manitoba affordable for homebuyers?
Yes. Winnipeg’s average of $370,000 is well below the national average, making Manitoba one of Canada’s most affordable markets.
Does Manitoba have a land transfer tax?
Yes. Manitoba charges LTT with marginal rates from 0% to 2%. On a $370,000 home, expect approximately $4,550 in LTT.
Related guides
- Manitoba land transfer tax calculator
- Manitoba mortgage affordability calculator
- Manitoba mortgage payment calculator
- Manitoba mortgage insurance calculator
- Down payment calculator
- Mortgage rates across Canada
