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Best Winnipeg mortgage rates
The rate table shows 5-year fixed mortgage rates in Winnipeg. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Winnipeg mortgage rates: FAQ
What are the current mortgage rates in Winnipeg?
As of March 18, 2024, the best high-ratio, 5-year fixed Winnipeg mortgage rate is 4.79%. The best high-ratio, 5-year variable mortgage rate in Winnipeg is 5.95%.
Use our rate table above to compare the most up-to-date Winnipeg mortgage rates. We update our rate tables several times daily, whenever there are any mortgage rate changes across the different providers.
What is the average 5-year mortgage rate in Winnipeg?
As of March 18, 2024, the average of the Big 5 Banks’ best high-ratio, 5-year fixed Winnipeg mortgage rates is 5.12%.
Will mortgage rates go down in 2024?
After watching the cost of borrowing skyrocket in Canada in the last couple of years, with 2022 alone seeing fixed rates more than double and variable rates soar by over 500 basis points from their pandemic-era lows, followed by more rate hikes and volatility in 2023, Canadians are unsurprisingly looking for signs of relief in 2024.
It seems that, after having hiked rates 10 times between March 2022 and July 2023, the Bank of Canada’s rate hiking cycle is finally behind us. In its most recent announcement on March 6, 2024, the Bank of Canada held the target for the overnight rate steady for the fifth consecutive time, citing weak GDP numbers, falling consumer spending and reduced wage growth as among the principal factors guiding their decision. The Bank did note, however, that the latest inflation reading from January of 2.9% remained above its target rate of 2% (despite coming in lower than expected), and concluded that rates would need to remain higher for longer in order to allow the effects of the rate hiking cycle to make their way through the economy. That said, so long as key economic points, namely inflation, trend in alignment with the Bank’s expectations, most market observers now believe that the Bank will hold its overnight lending rate at 5% for much of 2024, before starting to cut it towards the end of the year and into 2025. Should this come to pass, the prime rate in Canada will come down from its current level of 7.2% and bring variable mortgage rates down with it.
Fixed mortgage rates are tied to the bond market, rather than to the Bank of Canada’s rate decisions. The bond market is highly reactive to investor sentiment, and the same inflation that incited the Bank to start its rate hiking cycle has made the bond market extremely jumpy as well. After achieving a 16-year high of 4.42% back in October, bond yields gradually descended to the low 3% range in late December and early January, allowing lenders to discount their fixed mortgage rates. Then, in light of December’s unexpectedly high inflation reading and the prospect of higher rates for longer, bond yields crept up to the 3.8% range only to fall back down to the 3.4% range in response to January’s welcome 2.9% CPI and other economic indicators. In the long term, provided inflation resumes falling, we can expect bond yields to continue coming down as well, and, with them, fixed mortgage rates.
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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Getting the best mortgage rates in Winnipeg
Jamie David, Sr. Director of Marketing and Mortgages
Winnipeg is the largest city in Manitoba and has a healthy real estate market, with plenty of providers competing for your mortgage business. If you're in the process of buying a home or renewing your mortgage in Winnipeg, there are lots of ways to get a great mortgage for your needs, with a competitive rate too! Here are some things you'll need to know to get the right mortgage for you in Winnipeg.
Best mortgage rates in Winnipeg +
Rates updated:
Term | Rate | Type | Provider |
---|---|---|---|
5 years | 4.79% | Fixed | Canadian Lender |
3 years | 4.84% | Fixed | Big 6 Bank |
4 years | 4.99% | Fixed | Canadian Lender |
2 years | 5.59% | Fixed | Canadian Lender |
7 years | 5.64% | Fixed | Big 6 Bank |
6 years | 5.84% | Fixed | Bank of Montreal |
10 years | 6.04% | Fixed | Big 6 Bank |
1 year | 6.39% | Fixed | Big 6 Bank |
25 years | 12.00% | Fixed | RBC Royal Bank |
Winnipeg at a glance
- Population: 841,000
- Average Home Price: $367,461 in February of 2024
- Average Household Income: $68,402
- Percentage of Homeowners: 65%
Fun Facts About Winnipeg
- More than half the population of the province of Manitoba lives in Winnipeg.
- The Royal Winnipeg Ballet is Canada’s oldest ballet company and the longest continually running one in North America.
March 2024 Winnipeg housing market update
On March 18, 2024, the Canadian Real Estate Association (CREA) released the latest national housing market figures for the month of February 2024.
The 714 residential properties sold in Winnipeg over the course of February represent a noticeable uptick from the previous month’s total of 600, and represented a 19% improvement from the same period last year. Some 1,301 homes were newly listed, marking an 11.9% annual increase, and outpacing last month’s total of 1,260. With new supply helping to offset the increase in demand, the average home value in Winnipeg for the month of February 2024 came in at $367,461, up by 6.2% year over year, but below the previous month’s average price of $373,023.
Despite the new influx of listings helping to thwart home price increases, the Winnipeg housing market remains quite competitive, with a sales-to-new-listings ratio of 62.8%. For context, CREA considers a SNLR within 40-60% to represent a balanced market, with above and below that threshold representing sellers’ and buyers’ markets, respectively.
Read more: February Canadian home sales surge on rate cut optimism
Comparing the best mortgage rates in Winnipeg
The comparison tables above have the most up-to-date mortgage rates in Winnipeg, automatically updated every few minutes. One of the best things you can do to get a great mortgage rate is to compare rates between different mortgage providers and brokers.
Keep in mind that the rates listed above may be different from the rate that you're approved for. Things like your down payment, the purchase price, your credit score and the features you want for your mortgage can all affect what mortgage rate you're offered.
One of the best things you can do, no matter what stage of the journey you're in, is to get mortgage rate quotes from multiple lenders. You can get started with the tools at the top of this page. A mortgage broker can also help you find the right mortgage for your needs, as they are licensed specialists with access to multiple lenders and mortgage rates. Better still, they can provide you with expert, personalized advice at no cost to you.
Winnipeg closing costs
When applying for a mortgage in Winnipeg, you'll need to factor in the closing costs that will accompany your property purchase. Most of these will need to be paid in cash, up front, in addition to your down payment, though some of them can be added to your mortgage.
- Manitoba Land Transfer Tax: Manitoba has a province-wide land transfer tax that will need to be paid when you purchase the property. Manitoba land transfer tax rates vary based on the purchase price, ranging from 0% to 2%. You can learn more on our dedicated Manitoba land transfer tax page.
- Mortgage default insurance: If your down payment is less than 20%, you'll have to pay for mortgage default insurance coverage (often known as CMHC insurance) on top of your mortgage. This is typically rolled into your mortgage, but it's important to consider it.
- Sales tax (PST) on CMHC premiums: Manitoba used to charge PST on CMHC premiums. It scrapped the tax in 2020, as part of its response to the COVID-19 pandemic.
These are just some of the closing costs you’ll have to pay in Winnipeg. Learn more on our closing costs education centre page.
Winnipeg first-time home buyer rebates
Some Canadian provinces and cities offer a refund of the land transfer tax for first-time home buyers, in an attempt to make it easier for first-time home buyers to get into the real estate market.
Unfortunately, Manitoba does not offer such a rebate. However, Winnipeg's first-time home buyers are still able to access many of the other first-time home buyer programs in Canada.
Sources:
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
Want to learn more? Check out our comprehensive education centre
About Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
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