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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 November 16, 2023, the best high-ratio, 5-year fixed Winnipeg mortgage rate is 5.39%. The best high-ratio, 5-year variable mortgage rate in Winnipeg is 6%.
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 November 16, 2023, the average of the Big 5 Banks’ best high-ratio, 5-year fixed Winnipeg mortgage rates is 6.04%.
Will Winnipeg mortgage rates improve in 2023?
In order to control inflation, the Bank of Canada carried out a series of eight consecutive rate hikes over the course of 2022 and into January 2023, before announcing a conditional rate hold stance in the spring to see whether inflation would respond positively to these aggressive measures.
Coupled with unexpectedly robust GDP growth in the first quarter of 2023 and strong job numbers, intransigent core inflation was the primary driver of the Bank of Canada’s decision to end its rate hold stance and carry out two consecutive rate hikes of 0.25% in June and July, respectively, taking the overnight rate to 5%. Variable mortgage rates rose almost immediately in response to each rate increase. In its latest announcement on October 25, the Bank held the overnight rate at 5% for the second consecutive month, citing weak GDP figures, reduced consumer spending, and September’s lower-than-anticipated CPI figure as the main drivers of its decision. That said, the Bank also noted that inflation remained above its target rate of 2%, and made it clear that, should inflation fail to resume a downward trend and ultimately reach its target of 2%, it would not hesitate to effect another rate hike in 2023. While it’s too early to say if there will be another rate hike this year, it’s a safe bet that there will not be a rate cut. As such, variable mortgage rates will either remain where they are, or potentially rise higher.
Fixed-rate mortgages are directly tied to bond yields. If bond yields go up, the cost to lend money increases and fixed mortgage rates rise in tandem. The bond market mostly rose throughout 2022, causing fixed rates to climb as well. Bond yields have been on a wild and bumpy ride in 2023, starting off trending low before soon rising again in the first few weeks of the year. Then, global banking instability sent bond yields plunging in March, allowing lenders to discount their fixed mortgage rates. In May, bond yields started to climb once again in response to April’s high inflation figures and fears about the US debt ceiling negotiations, which obligated lenders to raise fixed mortgage rates. The Bank of Canada’s June and July rate hikes introduced further volatility into an already bumpy bond market. Spurred by fears connected to entrenched inflation and “higher for longer” interest rates, bond yields climbed ever higher in October, passing the 4.4% mark (a level not seen since 2007). As a result, lenders were forced to raise their fixed mortgage rate offerings in the latter part of October. The Bank’s rate hold on October 25 initially had little effect on the bond market, as the decision was widely expected. Then, once the US Federal Reserve announced a rate hold of its own on November 1, Canadian bond yields finally began to come down, allowing many lenders to discount their fixed-rate mortgage products by about 30 basis points (0.3%). Bond yields are currently hovering just below the 3.8% mark, and, should they continue to come down, we can expect that fixed mortgage rates will, too.
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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 | 5.19% | Fixed | Canadian Lender |
4 years | 5.64% | Fixed | Canadian Lender |
3 years | 5.89% | Fixed | Canwise |
7 years | 5.99% | Fixed | Big 6 Bank |
2 years | 6.24% | Fixed | Big 6 Bank |
6 years | 6.34% | Fixed | Bank of Montreal |
10 years | 6.39% | Fixed | Big 6 Bank |
1 year | 6.49% | Fixed | Big 6 Bank |
25 years | 12.00% | Fixed | RBC Royal Bank |
Winnipeg at a glance
- Population: 841,000
- Average Home Price: $340,300 in October of 2023, a year-over-year increase of 1%
- 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 2023 Winnipeg housing market update
On November 15, 2023, the Winnipeg Regional Real Estate Board (WRREB) published the latest housing market figures for the month of October 2023.
Some 1,131 homes were sold over the course of the month of October, slightly fewer than the previous month. Sales were up on annual basis by 7%, but down by -12% when compared to the five-year average. On both a monthly and annual basis, average home prices were up for detached homes, but down for condos and attached homes.
The average home prices for the three main property types in Winnipeg in October 2023 are as follows:
- Residential detached: $399,017 (+6% year-over-year)
- Condos: $259,127 (-1% year-over-year)
- Residential attached: $314,087 (-1% year-over-year)
Active MLS® listings came in at 4,047 in October, up by 10% from the same period last year, and 5% above the five-year seasonal average.
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.
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