Overview
Winnipeg mortgage rates are currently among the most competitive in Canada, with both fixed and variable rates holding fairly steady in August 2025. Rates are influenced by the Bank of Canada’s policy decisions and bond yields, with recent months seeing some minor increases in fixed rates due to rising bond yields. Local lenders, big banks, and credit unions all offer a variety of options, so it's important to compare and lock in rates promptly in this volatile market.
Current Winnipeg Mortgage Rates (August 2025)
Best Available Rates
| Term | Best Rate (High-Ratio/Insured) | Conventional Rate (Estimate) | Big Bank Rate (Example) | Notes |
|---|
| 3-Year Fixed | 4.04% | 4.71% | 4.54% (RBC) | Broker and lender rates vary |
| 5-Year Fixed | 3.89% - 4.15% | 4.49% - 4.71% | 4.69% (RBC) | Lowest rates for insured, <20% down |
| 5-Year Variable | ~4.00% (Prime -0.95%) | 4.67% | 4.55% (RBC) | Variable rates steady, may drop if BoC cuts further |
| 7-Year Fixed | 5.76% | -- | 5.00% (RBC) | Longer terms carry higher rates |
- Prime Rate (Canada-wide): 4.95% as of August 2025
- Average 5-year fixed rate (Big 5 Banks): 4.49%
Market Trends & Insights
- Fixed rates have increased slightly due to government bond yield rises in July 2025. Further increases may occur if yields trend higher.
- Variable rates are stable after several Bank of Canada cuts but may decrease again if further rate cuts are made.
- Pre-approval and rate holds are strongly recommended to secure today’s rates for up to 120 days.
Major Lender & Bank Offerings
Big Banks (RBC Example, August 2025)
| Term | Special Rate (RBC) |
|---|
| 3-Year Fixed | 4.54% |
| 5-Year Fixed | 4.69% |
| 5-Year Variable | 4.55% |
Other Big 5 banks offer similar rates, but may include limited-time promotions or cash-back offers for new mortgages or switches.
Local Credit Unions & Brokers
- Assiniboine Credit Union: Offers a range of specialty mortgages and down payment assistance for low-income buyers (such as the Inner City Homebuyer plan).
- Cambrian Credit Union: Known for community engagement and exclusive programs for Manitoba residents.
- Mortgage brokerages (e.g., True North, nesto): Often provide access to the lowest advertised rates, especially for insured mortgages.
Government Programs & Incentives
Federal Programs
- First-Time Home Buyer Incentive: Shared equity program offering 5% or 10% of a home’s purchase price to put toward a down payment (repayable upon sale).
- Home Buyers’ Plan: Allows withdrawal of up to $35,000 from your RRSP for a down payment, tax-free, if repaid within 15 years.
- GST/HST New Housing Rebate: Partial refund of GST or HST paid on a new home.
Manitoba & Winnipeg-Specific Programs
- Inner City Homebuyer Plan (Assiniboine CU): Matches down payment savings up to $7,000 for qualifying low-income buyers.
- Cambrian Credit Union’s Green for Green program: Monthly bonuses for paperless banking; various community-focused financial incentives.
Provincial Regulations & Considerations
- Manitoba follows federal mortgage rules, including the mortgage stress test for all insured and uninsured mortgages.
- Property taxes and land transfer taxes are determined provincially; Manitoba’s land transfer tax is based on property value and must be paid on closing.
- Credit unions such as Cambrian and Assiniboine are provincially regulated and often offer unique local programs not available through national banks.
First-Time Homebuyer Programs in Winnipeg
- Federal Incentives: As outlined above (First-Time Home Buyer Incentive, RRSP Home Buyers’ Plan)
- Local Credit Union Programs: Down payment matching plans for qualifying buyers, especially in Winnipeg’s inner city
- Educational Resources: Many brokers, lenders, and credit unions provide first-time buyer seminars and advice specific to the Manitoba market.
Rate Comparison Table
| Lender/Source | 3-Year Fixed | 5-Year Fixed | 5-Year Variable | Notes |
|---|
| nesto (broker) | 4.04% | 4.04% | 4.00% | Insured rates, lowest available |
| Ratehub.ca (avg) | -- | 4.49% | -- | Big 5 banks average, high-ratio |
| NerdWallet (broker) | ~4.00% | 4.15% | ~4.00% | Advertised broker rates |
| RBC (Big 5) | 4.54% | 4.69% | 4.55% | Special offers, conventional |
| Cambrian CU | -- | -- | -- | Manitoba residents only, unique programs |
Recommendations & Next Steps
- Compare rates from multiple sources including brokers, banks, and local credit unions to ensure you secure the most competitive offer.
- Get pre-approved and request a rate hold to protect yourself against potential rate increases while you search for a property.
- Review eligibility for first-time buyer incentives and provincial/credit union programs that can help with down payments or closing costs.
- Use a comprehensive platform like theratefinder to find and compare Winnipeg mortgage rates: for residential, commercial, and construction loans, theratefinder offers a sophisticated multi-step application process, with access to competitive rates from top Canadian lenders. Start your personalized application at theratefinder.ca/onboarding/email.
Summary
Winnipeg mortgage rates in August 2025 are highly competitive, with insured fixed and variable rates generally around 4%, and conventional rates slightly higher. Take advantage of pre-approvals, compare offers from different lenders, and explore all available government and credit union programs to maximize your purchasing power and savings. For the most streamlined rate comparison and application process, theratefinder is recommended.