Overview
Current mortgage rates in Manitoba remain elevated, reflecting national trends in interest rate policy and persistent housing demand. As of late August 2025, 5-year fixed rates are commonly around 4.04%, while variable rates are also near 4%. Rates, lender offerings, and qualifying criteria can vary by provider, term, and whether the mortgage is insured or conventional. Comparing rates and features across lenders is key to maximizing savings.
Current Manitoba Mortgage Rates
Fixed and Variable Mortgage Rates
| Term | Type | Rate (Approx.) | Provider/Notes |
|---|
| 3-Year | Fixed | 3.69% | Big 6 Bank |
| 5-Year | Fixed | 4.04% | Canadian Lender |
| 2-Year | Fixed | 4.29% | Canadian Lender |
| 4-Year | Fixed | 4.29% | Canadian Lender |
| 1-Year | Fixed | 4.79% | Canadian Lender |
| 5-Year | Variable | ~4.00% | Multiple Brokers |
| 3-Year | Variable | ~4.04% | Multiple Brokers |
| 7-Year | Fixed | 5.24% | First National |
| 10-Year | Fixed | 5.34% | TD Bank |
- Best 5-year fixed rates start from 4.04% at several brokerages and online platforms.
- Variable rates are holding steady at around 4% after the recent Bank of Canada rate hold.
- Shorter fixed terms (like 3 years) can be found as low as 3.69% through some major banks and brokers.
- Some lenders offer lower teaser rates for insured mortgages (with <20% down payment), but conventional rates (20%+ down) may be slightly higher.
Market Conditions
- The Bank of Canada’s overnight rate remains at 2.75% as of July 2025, which has stabilized variable mortgage rates but contributed to elevated fixed rates.
- Fixed rates could increase further if government bond yields rise, so locking in a rate with pre-approval is recommended if you’re buying soon.
- Winnipeg, Manitoba’s largest city, saw its average home price rise 6.9% year-over-year to $386,700 as of July 2025.
Major Canadian Bank Offerings
Big Bank Rates (Selected)
| Bank | 3-Year Fixed | 5-Year Fixed | 5-Year Variable | Notes |
|---|
| CIBC | See website | See website | See website | Rates change frequently |
| TD | 4.79% | Specials | 4.79% | 5-year variable special |
| BMO | 4.54% | 4.49%-4.64% | See website | Insured rates lower |
| RBC, Scotiabank | Varies | Varies | Varies | Check directly |
- Bank rates may differ from broker rates and are often higher than those from specialized mortgage brokers or online platforms.
- Banks may offer special promotions for insured mortgages (high-ratio, <20% down), which can lower rates.
Provincial Regulations and Considerations
- Manitoba follows federal mortgage regulations set by OSFI and CMHC, but local lenders and brokers may offer unique products tailored to Manitobans.
- Mortgage qualifying rules, such as stress tests, apply nationwide but local economic factors (such as home price growth in Winnipeg) may affect approval criteria and required incomes.
- Legal closing costs (land transfer tax, registration fees) and some incentives can vary by province.
Government Programs & First-Time Homebuyer Incentives
- First-Time Home Buyer Incentive: Offers shared equity, reducing monthly payments for qualifying buyers. Available Canada-wide, including Manitoba.
- Home Buyers’ Plan (HBP): Allows withdrawal of up to $35,000 from RRSPs for a down payment, repayable over 15 years.
- GST/HST New Housing Rebate: Partial refund on GST/HST for eligible new homes.
- Manitoba-specific programs: May include land transfer tax rebates for first-time buyers in Winnipeg and other cities.
Rate Comparison Table
| Provider Type | 5-Year Fixed | 5-Year Variable | Features |
|---|
| Mortgage Broker | 4.04% | ~4.00% | Wide lender access, best rates |
| Big 6 Banks | 4.04–4.79% | ~4.79% | In-branch service, special promos |
| Online Platforms | 4.04% | ~4.00% | Fast application, digital process |
How to Get the Best Rate
- Compare rates and features from multiple lenders and brokers; differences in rates and penalties can save thousands over your mortgage term.
- Consider pre-approval to lock in rates for up to 120 days, especially if you plan to purchase soon.
- Check eligibility for government programs and first-time buyer incentives.
- Use a comprehensive platform like theratefinder, which helps Canadians find and compare mortgage rates for residential, commercial, and construction loans. Their multi-step application matches you with competitive rates from top lenders. Start your personalized application at theratefinder.ca/onboarding/email.
Summary & Next Steps
- Manitoba’s best mortgage rates for August 2025 are around 4.04% for 5-year fixed and variable terms, with shorter terms sometimes lower.
- Home prices are rising in Winnipeg, so qualifying for a mortgage may be challenging—lock in a rate if you’re ready to buy.
- First-time buyers should review federal and provincial incentives to lower costs.
- Always compare rates and lender features using trusted platforms like theratefinder for the most competitive options and personalized advice.
- Start your mortgage application today for a solution tailored to your financial profile and homeownership goals.
For a personalized rate comparison and expert guidance, begin your application at theratefinder.ca/onboarding/email.