Overview
Mortgage rates in Winnipeg remain highly competitive in mid-2025, with several lenders—including banks, credit unions, and mortgage brokers—offering attractive rates for both fixed and variable terms. Manitoba’s lending landscape is unique, with strong credit union participation and a healthy mix of national and local mortgage products. Comparing rates and lender options is crucial to securing the best mortgage for your situation.
Current Best Mortgage Rates in Winnipeg (July 2025)
The most competitive mortgage rates in Winnipeg as of July 2025 are primarily for 5-year fixed terms, which are the most popular among Canadian homebuyers. Here is a comparison of rates from leading sources:
| Term | Best Rate (%) | Rate Type | Provider/Source |
|---|
| 5-year fixed | 3.84 | Fixed | Canadian Lender |
| 5-year fixed | 3.89 | Fixed | WOWA.ca |
| 5-year fixed | 3.99 | Fixed | Local Credit Unions |
| 5-year fixed | 4.36 | Fixed | Big 5 Banks Average |
| 5-year fixed | 4.49 | Fixed | RBC (Special Offer) |
| 3-year fixed | 3.89 | Fixed | Big 6 Bank |
| 5-year variable | 4.00 (Prime -0.95) | Variable | nesto.ca |
Key points:
- The lowest 5-year fixed rates are in the 3.84%–3.99% range, available through select lenders and brokers.
- Most major banks (RBC, CIBC, TD) post higher 5-year fixed rates, typically between 4.36% and 4.49%.
- Variable rates are competitive but remain above the best fixed rates, with prime-based discounts (e.g., Prime -0.95%) resulting in effective rates around 4.00%.
- Credit unions in Winnipeg, such as Access, Cambrian, and Westoba, also offer highly competitive fixed rates (often at 3.99% for 5 years).
Major Canadian Bank Offerings
| Bank | 5-Year Fixed Special Offer (%) | 5-Year Variable (%) | Notes |
|---|
| RBC | 4.49 | 4.55 (Prime -0.40) | Up to $5,700 cash bonus |
| CIBC | (Not published) | (Not published) | Rates may vary, check directly |
| TD | 4.54 (special offer) | 4.79 | Discounts available |
Major banks offer added incentives, such as cash bonuses or rate guarantees, but posted rates are generally higher than independent lenders and credit unions.
Winnipeg Credit Union and Broker Rates
| Lender/Broker | 5-Year Fixed (%) | Notes |
|---|
| Access Credit Union | 3.99 | Strong local presence |
| Cambrian Credit Union | 4.19 | Manitoba residents only |
| Verico One-Link | 3.99 | Broker channel |
| DLC Mainstream Mortgages | 3.99 | Broker channel |
| Westoba Credit Union | 3.99 | Local Manitoba credit union |
Market Conditions and Trends
- Bond yields have softened recently, suggesting potential for further rate cuts if economic conditions warrant, but fixed and variable mortgage rates in Winnipeg remain steady for now.
- The Bank of Canada’s policy rate is currently 4.95%, driving prime rates for variable mortgages.
- Pre-approvals are highly recommended to lock in today’s rates for up to 120 days, especially in a market where rates can shift rapidly.
Government Programs and Incentives
For First-Time Homebuyers in Winnipeg and Manitoba:
- First-Time Home Buyer Incentive (Federal): Shared-equity program allowing eligible buyers to finance a portion of their home through a government incentive, reducing monthly payments.
- Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP tax-free to use towards a down payment.
- Manitoba Land Transfer Tax Rebate: Not available, but first-time buyers can benefit from federal incentives and some local down payment assistance through credit unions, e.g., the Assiniboine Credit Union's Inner City Homebuyer Plan (matches down payment savings up to $7,000).
- GST/HST New Housing Rebate: May apply for new homes.
Provincial Considerations
- Manitoba regulations are similar to other provinces but always confirm local requirements for down payments, insurance, and qualification criteria.
- Credit unions play a prominent role in Manitoba, often providing special programs or more flexible products compared to national banks.
Actionable Next Steps
- Compare rates: Use platforms like theratefinder to see the most up-to-date rates from more than 30 Canadian lenders for residential, commercial, and construction mortgages.
- Get pre-approved: Secure a rate hold for up to 120 days to protect against potential increases.
- Check eligibility for incentives: Review both federal and local programs for first-time buyers and see if you qualify for additional down payment assistance.
- Consult with credit unions: They often have Manitoba-specific products and incentives.
- Apply online: For a seamless, multi-step application with access to competitive rates and lender options, start your personalized mortgage application at theratefinder.ca/onboarding.
Summary
The best mortgage rates in Winnipeg for July 2025 are as low as 3.84% for a 5-year fixed term from select lenders and brokers, with most local credit unions offering rates at or near 3.99%. Major banks post higher rates but may include cash bonuses or other offers. First-time buyers should explore federal and local incentives and consider the strong role of credit unions in Manitoba. For a tailored solution and to compare offers from Canada’s top lenders, begin your application with theratefinder for the most competitive rates and programs available.