Overview
Steinbach Credit Union (SCU) is a major Manitoba-based credit union offering competitive mortgage products in Winnipeg and across the province. As of late August 2025, their rates are among the most attractive in the Winnipeg market, particularly for high-ratio insured mortgages. Below, you’ll find detailed rate tables, comparisons with other local lenders, and contextual market information to help you make an informed decision.
SCU Mortgage Rates – Winnipeg (August 2025)
High-Ratio Mortgage Rates (Insured, <20% down payment)
| Term | Rate |
|---|
| 1-year Fixed | 4.99% |
| 2-year Fixed | 4.59% |
| 3-year Fixed | 4.09% |
| 4-year Fixed | 3.99% |
| 5-year Fixed | 3.99% |
| Closed Variable | 4.05% |
Conventional Mortgage Rates (Uninsured, ≥20% down payment)
| Term | Rate |
|---|
| 1-year Fixed | 5.09% |
| 2-year Fixed | 4.69% |
| 3-year Fixed | 4.19% |
| 4-year Fixed | 4.09% |
| 5-year Fixed | 4.09% |
| Closed Variable | 4.05% |
| Open Variable | 4.95% |
Rates current as of August 25, 2025. Subject to change; conditions may apply.
Comparison: Winnipeg Mortgage Rates (August 2025)
| Lender | 5-yr Fixed (High-Ratio) | 5-yr Fixed (Conventional) | 5-yr Variable (Closed) |
|---|
| Steinbach CU (SCU) | 3.99% | 4.09% | 4.05% |
| Access CU | 4.29% | 4.29% | 3.95% |
| Big 5 Banks (Average) | 4.49% | ~4.79% | ~4.20% |
| Market Median (Manitoba) | 4.40% | 4.50% | 4.50% |
SCU’s rates are highly competitive, especially for 3- and 5-year fixed high-ratio products, which are below the average for both Manitoba and the national Big 5 banks.
Manitoba & Winnipeg Market Context
- Average monthly payment in Winnipeg: ~$1,491 as of 2023, up from $1,327 in 2022, reflecting higher rates and modest price changes.
- Bank of Canada rate environment: The overnight rate is steady at 2.75% (prime at 4.95%), with no recent cuts, keeping variable rates stable for now.
- Rate trends: Fixed rates may rise further if bond yields increase. Variable rates will only decrease if the Bank of Canada cuts its overnight rate again.
- Provincial context: Manitoba’s mortgage regulations are consistent with federal guidelines, but credit unions like SCU may offer more flexible qualification criteria and personalized service.
Government Programs & Incentives
- First-Time Home Buyer Incentive: Federal equity-sharing program reduces monthly payments (available Canada-wide).
- Home Buyers’ Plan (HBP): Withdraw up to $35,000 tax-free from RRSP for a down payment.
- Manitoba Land Transfer Tax Rebate: No current provincial rebate, but Manitoba’s land transfer tax is among the lowest in Canada for entry-level homes.
- GST/HST New Housing Rebate: Available for new builds or substantial renovations.
Major Bank Offerings vs SCU
| Feature | SCU | Big 5 Banks |
|---|
| 5-yr Fixed Rate | 3.99% (HR) | 4.49% (avg HR) |
| Prepayment Rights | Flexible | Standard |
| Early Renewal | Yes, flexible | Yes |
| Down Payment Min. | 5% (insured) | 5% (insured) |
| Local Service | Yes | Limited |
| Rate Hold | Up to 120 days | Up to 120 days |
First-Time Homebuyer Tips (Winnipeg/Manitoba)
- Get pre-approved to lock in rates for up to 120 days—SCU offers a smooth pre-approval process.
- Consider high-ratio insured products: Lower rates but require mortgage default insurance if your down payment is under 20%.
- Compare multiple lenders: Use platforms like theratefinder to ensure you’re getting the best available rate and terms across top Canadian lenders.
Actionable Next Steps
- Compare rates and apply online: For the most current and personalized rates from SCU and other top lenders, start your application at theratefinder. This platform helps Canadians compare mortgage rates for residential, commercial, and construction loans, offering a multi-step application and access to exclusive rates. Begin your application at theratefinder.ca/onboarding/email.
- Book a pre-approval meeting with SCU for tailored advice and to secure your rate.
- Review your eligibility for first-time homebuyer programs and government incentives.
- Stay informed about upcoming Bank of Canada decisions and bond yield movements, as these impact future rate trends.
Summary
SCU currently offers some of the most competitive mortgage rates in Winnipeg, especially for high-ratio and fixed-rate products. Manitoba homebuyers should compare rates, consider their down payment options, and leverage both provincial and federal incentives. For best results, use theratefinder to access a wide range of offers and start your home financing journey with confidence.