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Rates in Manitoba

Current Mortgage Rates in Manitoba

As of Wednesday, September 16, 2026, current interest rates in Manitoba are 4.39% for a 5-year fixed mortgage and 4.44% for a 3-year fixed mortgage. Shop around for mortgage rates to find the best offer.

High interest rates continue to make it challenging to qualify for a mortgage, making it harder for Manitoba residents to afford a home. While it’s almost impossible to predict when rates will come down meaningfully, experts forecast that we should expect a gradual reduction over the next few years. 

Home prices remain high, with CREA reporting that the national average home price decreased 3.3% year-over-year to $665,600 in July 2026. As for Manitoba’s largest city, the average selling price of a home in Winnipeg increased 3% year-over-year to $397,000.

Manitoba Mortgage Rate Trends: September 2026

Bank of Canada Rate Announcement

The Bank of Canada (BoC) held its policy rate at 2.25% at its September 2 announcement, a seventh consecutive hold. In its accompanying statement, the Bank pointed to a recovery that is broadening across the economy. It reiterated its commitment to bringing inflation back to its 2% target, while noting that upside risks to inflation have increased as Middle East oil prices and refinery margins stay elevated.

Bond markets put the odds of a 25-basis-point hike at the Bank’s October 28 announcement at 60%, against 40% for a hold. The odds shift by December 9, which falls after another inflation report and the Bank’s October Monetary Policy Report, and markets imply 99% for a hike by then.

A Bank of Canada decision affects fixed and variable mortgages differently. If you hold a variable-rate mortgage (VRM) or an adjustable-rate mortgage (ARM), a rate change flows through directly, adjusting your principal-and-interest split (VRM) or your monthly payment itself (ARM), within days of your lender updating its prime rate. If you hold a fixed-rate mortgage, nothing changes until your term is up, since your rate and payment are locked for its full length. Either way, the next decision, on October 28, is the one to watch if you’re renewing or shopping for a new mortgage soon.

Real Estate Market Update

The Canadian Real Estate Association (CREA) reports that national home sales rose 0.5% month over month in July 2026, a fourth consecutive monthly gain, though actual activity was still 5.3% below July 2025. New listings fell 1.6% month over month, the third drop in a row, tightening the national sales-to-new-listings ratio to 51.3% and moving it closer to its long-term average of 54.7%. The national average home price was $674,819 in July, up 0.2% from a year earlier, while the MLS Home Price Index edged up 0.1% month over month, its first increase since November 2024, and was down 3.3% year over year, the smallest annual decline since October 2025. Inventory sat at 4.7 months, the lowest reading so far in 2026. CREA notes markets across the Prairies, Quebec, the East Coast, B.C.’s Lower Mainland and Ontario’s Greater Golden Horseshoe all moving back toward balance, which should keep bringing first-time buyers off the sidelines through the fall.

CPI Inflation Update

Inflation held at 3.0% year-over-year in August, matching July. Gasoline price growth slowed to 22.8% year-over-year from 25.7% in July, which pulled down on the all-items figure, while higher travel tour and rent prices pushed back the other way. Excluding gasoline, inflation rose to 2.4% after 3 consecutive months at 2.2%, and the Bank’s core measures stayed near target, with the trimmed-mean rate at 1.9% and the median rate at 2.0%. Travel tours climbed 26.1% on a base-year effect, and rent accelerated to 2.8% from 2.5%. Food price growth slowed to 2.8% year-over-year from 3.0% in July, falling below the all-items rate for the first time since July 2024. September figures are released on October 19.

Mortgage Statistics for Manitoba

Home prices in Manitoba remain well below the national average and haven’t increased as much as other provinces in the last 10 years. Here are some mortgage statistics for the housing market in the province’s largest city: 

• Average home value in Winnipeg (as of July 2026): $397,000 (CREA)
• Canadian homeownership rate (as of 2021): 66.5% (StatsCan)
• Number of home sales in Winnipeg (as of July 2026): 1,649 (WREEB)
• Number of new listings in Winnipeg (as of July 2026): 2,317 (WREEB)

Mortgage Options in Manitoba

Manitoba conventional mortgage: Conventional or uninsured mortgages require a 20% downpayment or more. Mortgage default insurance is not required, as the equity from your downpayment amount is enough to protect the lender. There is no limit on the purchase price of a home with an uninsured mortgage, allowing you to purchase homes valued at $1 million or more. With conventional mortgages, you can extend the amortization to 30 years with prime lending.    

Manitoba high-ratio mortgage: High-ratio or insured mortgages allow you to purchase a home with less than 20% as a downpayment. Mortgage default insurance is required to reduce the lender’s risk if you default on the mortgage. Borrowers are limited to a purchase price of less than $1 million and an amortization of 25 years. 

Manitoba fixed-rate mortgage: Fixed-rate mortgages lock in your interest rate for the term. This provides stable, predictable mortgage payments with a set principal and interest amount paid with each mortgage payment throughout the term. Penalties on fixed-rate mortgages are calculated based on the higher of the interest rate differential (IRD) or 3 months’ interest. 

Manitoba variable-rate mortgage: Variable-rate mortgages have interest rates that fluctuate based on changes to the Bank of Canada policy rate. Adjustable-rate mortgages (ARM) are variable mortgages that immediately adjust your mortgage payment to reflect your lenders’ prime rate when rates change. The principal portion remains fixed, while the interest can increase or decrease based on changes to the prime rate. Variable-rate mortgages (VRM) are variable mortgages that have fixed mortgage payments despite changes to your lenders’ prime rate. The principal and interest proportions will adjust with more going to interest and less to principal if the prime rate increases or more going to principal and less to interest if the prime rate decreases. 

What Affects My Mortgage Rate in Manitoba

Mortgage interest rates are determined based on the risks associated with the mortgage, the property used as collateral, and the borrower. The specific mortgage rate you are offered will be based on various personal factors like your credit score, income, capital, downpayment, loan purpose, and loan-to-value (LTV) ratio. Some of the most important determining factors affecting your mortgage rate include:

• Downpayment – Your downpayment determines your LTV ratio and whether you will be required to purchase mortgage default insurance. Insured and insurable mortgages have better rates as there is lower risk to the lender. These rates apply to properties valued at less than $1 million with amortizations up to 25 years. 
• Amortization Period – With prime lending, the amortization period cannot exceed 30 years on uninsured mortgages with a downpayment of 20% or more. Uninsured mortgages typically have higher interest rates to account for the added risk to the lender. On mortgages with less than a 20% downpayment, the maximum allowable amortization is 25 years. 
• Property Usage – Your primary residence, known as owner-occupied, generally has lower interest rates. Investment properties you intend to rent will typically have higher interest rates. Purchasing a primary residence with a second separate legally registered suite is considered an owner-occupied rental and will have access to the same rates as a primary residence. 
• Mortgage Type – The type of mortgage will affect your mortgage rate. Open mortgages have higher rates due to their flexibility. Refinances have higher rates than renewals and new mortgages. 
• Your Credit Score – Your credit score will determine the type of lender that approves you for a mortgage. If you have good to excellent credit, you can typically use prime lending and benefit from the best rates. If you have poor credit, you may need to look at alternative lending solutions with higher rates to offset the lender’s risks. 

First-Time Home Buyer Programs in Manitoba

• Affordable Home Program – provides downpayment assistance, land transfer tax fees, and non-repayable grants from Manitoba Housing to purchase the home they are currently renting or a vacant home owned by Manitoba Housing. To qualify, you must be renting a home in a select rural community from Manitoba Housing and looking to occupy it as your principal residence. 
• First Time Home Purchase Program – provides funding through a grant for Métis citizens who are first-time buyers in Manitoba to purchase affordable housing.  
• First-Time Homebuyers Tax Credit (HBTC) – a federal government program that allows first-time buyers to claim up to $10,000 for a maximum $1,500 tax credit to help offset closing costs. 

Land Transfer Tax in Manitoba

Land transfer tax in Manitoba is calculated based on the property’s fair market value based on the date of registration or transfer of the title. The rates can be calculated as follows:

Value of Property	Tax Rate
On the first $30,000	0%
$30,001 to $90,000	0.5%
$90,001 to $150,000	1.0%
$150,001 to $200,000	1.5%
$200,000+	2.0%

How to Find the Best Mortgage Rate in Manitoba

• Step 1: Understand your credit score:  Before looking for a mortgage lender or applying for a mortgage, check your credit score regularly. This will help you immediately report and remedy errors that could negatively affect your score. If necessary, improve your credit score to help with your mortgage approval.
• Step 2: Determine your borrowing capacity: To find the right mortgage solution, you’ll need to know how much house you can afford based on your income and downpayment. 
• Step 3: Know your mortgage needs: Analyze different mortgage solutions’ features, risks, and costs. Careful research and comparisons of the available options can help you choose a mortgage that best meets your immediate and long-term financial needs.
• Step 4: Find a suitable mortgage strategy: Get expert guidance to choose the best strategy for your homeownership goals. Your mortgage strategy shouldn’t just be based on the lowest rate.
• Step 5: Compare rates and terms: Not all mortgages are equal. Choosing a lender like nesto for your mortgage can help you compare rates and terms for multiple lending solutions, ensuring you find the best fit. 
• Step 6: Get prequalified for a mortgage: Begin your journey towards homeownership by taking advantage of nesto’s prequalification process. By analyzing your downpayment and financial stability, nesto will provide you with a comprehensive prequalification outlining the maximum mortgage amount you can qualify for. This information is crucial as it helps you set realistic expectations and narrow your search for a suitable home within your budget.