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Mortgage Rates Manitoba

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Frequently asked mortgage questions

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How to get the best mortgage rate in Manitoba

Jamie David

Getting a mortgage is a big financial commitment, and finding a great mortgage rate is one of the best things you can do to make your mortgage more manageable. Luckily, how to get a lower mortgage rate isn’t a secret - all you need to do is plan ahead.

Our mission at is to make it easy to compare rates from Canada's big banks,  credit unions and smaller lenders, all to ensure that you can make the best choice. Read on to learn how to get a lower mortgage rate in Manitoba.

Best mortgage rates in Manitoba +

Manitoba at a glance

  • Population: 1.39 million 
  • Average House Price: $380,707 in Q1 of 2022, a 12.5% year-over-year increase
  • Average Household Income: $68,147
  • Percentage of Homeowners: 69%

Fun Facts About Manitoba 

  • Many famous Canadian companies, including A&W, SkipTheDishes and the Hudson’s Bay company started out in Manitoba. 
  • Manitoba is home to over 110,000 lakes that cover about 15% of its surface, including Lake Winnipeg, the 12th largest lake in the world - it’s the size of Israel!

What is the best mortgage rate in Manitoba?

The best mortgage for you is the one that best suits your needs, and offers a great rate. It's important to remember that the best mortgage is not always the mortgage with the lowest rate. While a low rate is important and can save you thousands of dollars, you also need to make sure that the term, conditions, and features of your mortgage suit your needs.

What factors affect the mortgage rate I get?

While comparing mortgage products is an important part of getting the best possible mortgage rate, you’ll still need to personally qualify for your final offer. There are several factors that will affect the rate you’re able to qualify for. Here are some of the major ones:

  • Down payment: In Canada, property purchases require a minimum down payment of between 5% and 20%, depending on the purchase price. However, if your down payment is less than 20%, you’ll have to pay for mortgage default insurance. This will cost you more, but it will make your mortgage less risky, from your lender’s perspective. This generally results in a lower mortgage rate. Note that even with a lower mortgage rate, it's still worth avoiding the cost of mortgage default insurance, so you should always aim to have a down payment of at least 20%.
  • Amortization period: Mortgages with amortization periods of more than 25 years generally have higher interest rates. This is because this type of mortgage can't be insured with mortgage default insurance. Despite this, mortgages with longer amortization periods can be more financially manageable, because they have lower monthly payments.
  • The purpose of the property: You’ll generally be offered a higher rate on a mortgage for a property that you don’t plan to personally live in.
  • Mortgage type: A refinanced mortgage, or a mortgage with features like a HELOC, will typically come with a higher rate than a mortgage for a renewal or new purchase.
  • Credit score: A low credit score may mean you cannot get approved by an ‘A lender’, like a big bank or credit union. If you’re forced to take a mortgage from a ‘B lender’, you’ll probably be charged a higher rate.

Manitoba mortgage rates: Historical trends

Manitoba mortgage rates rise and fall, as do rates across Canada. Here’s a quick snapshot of the lowest mortgage rates in Canada over the past few years, to give you an idea of where we are today.

Source: Ratehub Historical Rate Chart


Land transfer tax in Manitoba

Like most other provinces in Canada, Manitoba charges a land transfer tax on all property purchases. In addition to a $70 registration fee, you'll be required to pay a percentage of the purchase price, based on the current marginal rates, found in the table below.

Source: Government of Manitoba


Manitoba first-time homebuyers

Unlike some provinces, Manitoba doesn't offer a rebate of the land transfer tax for first-time homebuyers. However, Manitoba's first-time home buyers are still eligible for first-time homebuyer programs at the federal level. These can still result in thousands of dollars of savings, so it's well worth checking them out.


  1. Manitoba Bureau of Statistics
  2. CREA
  3. Statistics Canada
  4. Fun World Facts

Jamie David is the Business Director of Mortgages at A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education and business strategy brought her to where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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