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Best Mortgage Rates in Winnipeg

Compare current mortgage rates in Winnipeg and find the best rate in seconds.

We compare the most competitive brokers, lenders and banks in Winnipeg to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Winnipeg rates, and are updated every few minutes. To learn more about a particular rate, simply click "Inquire" - an agent will contact you within 1 business day. Don't worry, there are no obligations when you choose to inquire. Advertising Disclosure

Rates updated: July 5, 2020 12:21 PM

Best mortgage rates in Winnipeg (view all) +

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Current Winnipeg Mortgage Rate News

Best Winnipeg mortgage rates

Mortgage rates in Winnipeg have been hovering near 50-year lows. Many economists believe that interest rates could increase in the first half of 2017. Discounted 5-year variable rates are forecast to stay near 2.70% (Prime-0.0%).

Winnipeg Information

Winnipeg, the capital of Manitoba, has a population of over 740,000 and recently experienced a 1.5% growth in population in 2015 due to international immigration. As a city renowned for its diversity and strong support of arts and culture, it was recognized as the 2010 Cultural Capital of Canada by the Government of Canada. With world-class cuisine and a landscape that offers breathtaking prairie scenery, Winnipeg is a great place to own a home.

The Winnipeg housing market¹

According to the CMHC, Winnipeg's housing market is expected to see an increase in MLS sales as the current balanced conditions continue through 2017. However, housing starts are expected to drop in 2017. Positive growth in employment and income from 2015 will continue to elevate demand into the coming years. Although there is growing demand amongst first-time home buyers and homebuyers ages 55 and above for multi-unit homes, the increasing supply in multi-unit properties will offset this demand.

The MLS® sales forecast and average home price forecast for Winnipeg is listed below:

	MLS® Sales	MLS®Avg Price
2015	12,267	$278,270
2016 forecast	12,350-12,700	$274,960-$289,050
2017 forecast	12,500-12,900	$278,850-$293,150

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Winnipeg mortgage brokers

Locating a Winnipeg mortgage broker is strongly advised because they can help with your mortgage financing needs and handle all the rate negotiations to ensure you get the best mortgage rate in the city.

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Winnipeg mortgage rates: Frequently Asked Questions

Here are a few answers to the most common questions we receive.

How much can I save by comparing Winnipeg mortgage rates?

Getting a mortgage in Winnipeg is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.

So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.

Why compare Winnipeg mortgage rates with Ratehub.ca?

Ratehub.ca makes it easy to compare Winnipeg mortgage rates, but pulling rates from the big banks, Winnipeg mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Winnipeg, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.

Are Winnipeg mortgage rates higher than other cities?

Winnipeg mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.

What’s the difference between variable and fixed rates?

Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.

The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.

The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.

Learn more about fixed and variable rates here.

Is it worth getting a mortgage pre-approval?

When buying a new home in Winnipeg it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget, and lets you move faster when you’re ready to make an offer.

You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.

Which bank has the best mortgage rates in Winnipeg?

No one bank has the best rates in Winnipeg, or offers the best mortgage in Winnipeg. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.

Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Winnipeg mortgage broker is a good way to better understand this, if you’re worried.

Should I use a mortgage broker in Winnipeg?

A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.

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References and Notes

1. Data taken from the CMHC