Find the best mortgage rate in Winnipeg
We’ll find the best rates for you in less than 2 minutes
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 December 13, 2024, the best high-ratio, 5-year fixed Winnipeg mortgage rate is 4.14%. The best high-ratio, 5-year variable mortgage rate in Winnipeg is 4.35%.
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 December 13, 2024, the average of the Big 5 Banks’ best high-ratio, 5-year fixed Winnipeg mortgage rates is 4.64%.
Will mortgage rates continue to go down in 2025?
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 2025.
After having hiked rates 10 times between March 2022 and July 2023, the Bank of Canada’s rate hiking cycle is finally behind us, and we are now in a rate-cutting environment. In its most recent announcement on December 11, 2024, the Bank of Canada lowered the target for the overnight rate from 3.75% to 3.25%, marking the fifth time in a row it cut its trend-setting rate this year. The Bank noted that stable inflation and slow economic growth were the key factors behind the decision. However, the Bank of Canada indicated that rate cuts in 2025 might be slow, and any future rate decisions will depend on how the economy evolves. This means that while mortgage rates could continue to decrease in 2025, the pace of the decreases will likely be gradual and tied to economic developments.
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 in 2022 has made the bond market extremely jumpy as well. Since then, bond yields have swung up and down at a head-spinning pace as nervous investors react to various economic reports from Canada and abroad. Most recently, as anticipation for a rate cut from the Bank of Canada built up, bond yields dropped into the 2.8% range. This may prompt lenders to reduce their fixed mortgage rates. In the long term, provided inflation continues falling, we can expect bond yields to continue coming down as well, and, with them, fixed mortgage rates.
Not sure where to start? Check out our tools to get started
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 |
---|---|---|---|
3 years | 4.09% | Fixed | Big 6 Bank |
5 years | 4.14% | Fixed | Canadian Lender |
4 years | 4.44% | Fixed | Big 6 Bank |
2 years | 5.29% | Fixed | Big 6 Bank |
7 years | 5.29% | Fixed | Big 6 Bank |
10 years | 5.69% | Fixed | Big 6 Bank |
1 year | 5.89% | Fixed | Big 6 Bank |
6 years | 6.99% | Fixed | TD Bank |
25 years | 7.49% | Fixed | CIBC |
Winnipeg at a glance
- Population: 841,000
- Average Home Price: $399,268 in July 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.
November 2024 Winnipeg housing market update
On November 15, 2024, the Canadian Real Estate Association (CREA) released the latest Winnipeg housing market figures for the month of October 2024. The data shows robust activity, with 1,239 residential properties sold, representing an 18.8% increase compared to the same month last year.
A total of 1,494 homes were newly listed in October, down -10.2% year-over-year, indicating a tightening supply in the market. The average home price in Winnipeg reached $393,768 in October, marking a 7.9% increase from the previous year.
Buying conditions have tightened significantly compared to the previous month. The sales-to-new-listings ratio (SNLR) climbed to 82.9%, which is up 20.2% year-over-year and 19.5% higher than September's figure of 63.4%. According to CREA, an SNLR between 45% and 65% indicates a balanced market, while ratios above 65% signal a seller’s market and below 45% a buyer’s market. The elevated SNLR suggests that Winnipeg's housing market is currently favouring sellers, with strong demand and limited supply.
Read more: National home sales rise 30% in October
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.
When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
How are CanWise Financial and Ratehub.ca connected?
We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.
We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.