What is the average mortgage rate in Manitoba, Canada?

The current 5-year fixed mortgage rate in Manitoba is approximately 4.31%, and the variable rate is approximately 3.62% (Bank of Canada data, as of Apr 16, 2026). Rates vary by lender, term, and whether you require CMHC insurance.

Do I need CMHC insurance when buying a home in Manitoba?

CMHC mortgage default insurance is required in Manitoba when your down payment is less than 20% of the purchase price. Premiums range from 2.80% to 4.00% of the insured loan amount and are added to your mortgage balance — not paid at closing.

What is the stress test rate for mortgages in Canada?

Under OSFI Guideline B-20, all Canadian mortgage applicants must qualify at the higher of their contract rate plus 2%, or 5.25%. With a 5.24% contract rate, the qualifying rate is approximately 7.24%.

Mortgage Calculator — Manitoba, Canada

Q: What is the land transfer tax in Manitoba?

Manitoba charges a Land Transfer Tax on a sliding scale: 0.5% on the first C$30,000, 1% on C$30,001–C$90,000, 1.5% on C$90,001–C$150,000, 2% above C$150,000, and 2.5% above C$200,000. First-time buyer rebates up to C$4,500.

Pre-filled with Manitoba's average home price of C$335000, property tax of C$2680/year, and a 5-year fixed rate of 4.31%. Adjust any value below.

OSFI Stress Test: You must qualify at 7.24% (contract rate + 2%) under Canada's mortgage stress test rules. This calculator shows your actual payment — your lender will verify you can afford the stress-test rate.

Reference Rates

5-yr Fixed 4.31% Variable 3.62% Prime Rate 4.46% BoC Rate 2.2649%

Apr 16, 2026 · Bank of Canada

1 Loan Details

Home Price

Down Payment

Loan Amount

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Interest Rate (live 5-yr fixed 4.31%)

Amortization Period

2 Monthly Costs (Manitoba averages pre-filled)

Property Tax (annual) ~0.8% in MB

Home Insurance (annual)

Condo Fees (monthly, if applicable)

Include CMHC Insurance

Required when down payment < 20%

Estimated Monthly Payment

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Enter your loan details to see your payment

Principal & Interest

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Property Tax

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Home Insurance

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Condo Fees

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Total Interest Paid

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Over loan lifetime

Total Cost

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Principal + interest

Loan Amount

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Amount financed

Down Payment

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Of home price

Monthly Payment Breakdown

Balance Over Time

Rate Comparison

How your payment changes with different interest rates

Rate Scenario	Monthly P&I	Total Interest
Enter loan details above to see rate scenarios

Amortization Schedule

Full month-by-month payment breakdown

Manitoba Housing Market

Manitoba's housing market is anchored by Winnipeg, which offers some of the best big-city affordability in Canada. The province has a diversified economy with significant agriculture, manufacturing, and government employment. Price growth has been steady but modest compared to hotter markets.

Average Home Price C$335000

Effective Property Tax Rate ~0.8%

Avg Annual Property Tax C$2680

Avg Annual Insurance C$1150

Stress Test Rate ~7.24%

Buying in Manitoba

Winnipeg consistently ranks among Canada's most affordable major cities. A household income of C$90,000–C$110,000 can comfortably qualify for a median-priced Winnipeg home with 10% down. Rural Manitoba offers even greater affordability.

Land Transfer Tax

Manitoba charges a Land Transfer Tax on a sliding scale: 0.5% on the first C$30,000, 1% on C$30,001–C$90,000, 1.5% on C$90,001–C$150,000, 2% above C$150,000, and 2.5% above C$200,000. First-time buyer rebates up to C$4,500.

CMHC Default Insurance

CMHC insurance applies to down payments of 5–19.99%. Manitoba's moderate home prices keep insurance premiums reasonable in absolute terms.

Key Markets

Winnipeg Brandon Steinbach Thompson Portage la Prairie

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