KANETIX proudly welcomes you to the first and only all-in-one mortgage service in the country. Not only can you find the best mortgage rate in Manitoba, but also you can secure the rate and acquire your mortgage online through one of our partner mortgage brokers. We have a user-friendly, fast and secure mortgage comparison tool that features some of the lowest mortgage rates you'll find in Canada. We even provide you with a rate guarantee certificate with all the required information in accordance with the terms and conditions of the lender/broker. Take a quick look at our comparison tool and you'll soon realize how easy it is to get the best rates for a variety of mortgage products from different mortgage brokers and lenders. The best part is that you are in control, whether you are just browsing around or securing the most competitive rate online from the comfort of your own home.

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Mortgage rate shopping in Manitoba

The idea of shopping around for the best rate is especially important in today's mortgage market. There are dozens of competing products and choosing the right one can be overwhelming. The KANETIX mortgage rate comparison service puts your mind at ease when you realize how simple and effective it is to let us do the shopping for you. KANETIX compares Manitoba mortgage rates from a wide variety of brokers and lenders, helping you make your decision in a quick and effective manner. The rates that you will see while using our comparison service are discounted rates that have been provided to Manitobans through our exclusive broker partnerships.

The partnerships that we have created with the largest brokers in Manitoba have allowed us to feature the best mortgage rates for our customers. If at any point, while using our comparison service, you feel that you are ready to secure you rate, just complete our simple online application or give us a call. We have partnered with mortgage professionals that will help you get the mortgage you are looking for or answer any questions you may have.

Read more about Manitoba mortgages >>

Information about mortgages in Manitoba

Manitoba is a quick growing province in Canada, with high quality of life. Its beautiful landscapes and economic prosperity makes it an ideal home-buying location for many Canadians. Homes in Manitoba are, of course, assets that tend to appreciate in the long term. Purchasing a property in Manitoba can require a mortgage, which will cover the difference between the down payment and the property value. Some Manitobans also take out additional equity out of their existing homes in the form of a mortgage. This can also be done in order to finance things like a home renovation or to pay off a credit card debt.

The mortgage loans are made to Manitoba residents. Basically, you borrow money from the lender and pay it back over a certain period of time (with interest). You can finance your mortgage through a mortgage broker, trust company, credit union or chartered bank in Manitoba.

The interest charged on a mortgage is called the mortgage rate. When you make a mortgage payment, part of it is applied to paying the interest, with the rest going towards paying your mortgage principal. Only the portion that goes towards your principal will reduce the balance of the mortgage.

Compare the best mortgage rates in Manitoba:

It is our priority at KANETIX to make the mortgage shopping experience as painless as possible. That is why we have an extensive set of tools and calculators to help reduce some of the stress that mortgage shopping brings. Our wide variety of tools can help you with mortgage renewals, mortgage refinancing, first time mortgages and second mortgages. If you have ever wondered if you could save money on your mortgage by adjusting certain variables such as the amortization period and payment frequency, then our Manitoba mortgage calculator can help you! You can also calculate the amount of interest you could potentially be paying through your loan and the amount you can save by switching to a different payment frequencies (weekly, bi-weekly, etc.). Our Manitoba mortgage calculator offers extremely valuable information for all your budgeting needs.

Learning about mortgages is easy when you have access at your fingertips to our mortgage infocentre, mortgage term glossary. Learn about mortgage tips and trends while browsing through the informative articles at the infocentre, brush up on your financial terms with our extensive mortgage glossary.

Why use the KANETIX mortgage rate comparison service?

  • It's fast, free and secure
  • Compare the best mortgage rates in Manitoba
  • Friendly mortgage staff at our partner mortgage brokerages on call, at your service
  • Secure your ideal rate and purchase your mortgage online
  • Receive a mortgage rate guarantee certificate
  • Large variety of products to choose from

Find the best mortgage rate in Manitoba by using our comparison service! Our website features full descriptions and useful information on all of the mortgage products available through our site. Visit our infocentre to view information about Canada's new mortgage rules, tips for first time home buyers and advice for paying off your mortgage.

What influences the lowest mortgage rate in Manitoba?

While using our mortgage rate comparison service you will discover many different rates from a handful of different lenders and brokers. Here are some factors that mortgage lenders take into consideration when setting the rate:

  • Credit Score- Usually, higher credit scores increase your chance at getting a lower rate. Some lenders will group their rates by credit score tiers.
  • Mortgage timing- Under the terms of some lenders, you can qualify for a rate discount if you obtain your mortgage within a certain time period (within 90 days, etc.)

Receiving your ideal rate will depend on a number of different factors. It is essential to be transparent and honest with the information you provide to the lender or mortgage broker in order to ensure a successful approval.

Different types of Manitoba mortgages: Open, Closed, Fixed, Variable

It is important to note that a low mortgage interest rate should not be the only factor in determining the mortgage that best suits your needs. Your choice between a fixed or variable mortgage rate will depend on your tolerance for risk, as well as the current level of interest rates and the mortgage rates expected for the future. A fixed rate mortgage has a rate that does not change, whereas a variable mortgage rate can fluctuate throughout the term of the mortgage.

Another factor in determining your best mortgage rate consists of choosing between open and closed mortgages. With an open mortgage, you can pay off your loan at any time. The opposite is true for a closed mortgage in which there are restrictions on how much you could pay in any given period. However, a closed mortgage still provides you with the flexibility to increase your monthly payment by a percentage value or to make lump sum payments up to a maximum percentage of your mortgage amount. Deciding between an open or closed mortgage usually depends on your estimated cash flows and anticipation of future repayment schedule.

Conventional and High Ratio mortgage differences

Qualifying for a conventional or high ratio mortgage in Manitoba depends on the amount of your down payment. If the down payment or home equity is greater than 20% of the property value, you would have to get a conventional mortgage. If the amount of down payment is 20% or more of the property value, you would have to purchase a high ratio mortgage. With a high ratio mortgage you are required by law to purchase mortgage insurance, with a rate of 1.75-2.75 percent of your mortgage amount. Websites like Canada Mortgage and Housing Corporation, Canada Guaranty Mortgage Insurance and Genworth Capital can provide you with an in depth look at conventional and high ratio mortgages.

Key factors of home loans in Manitoba

When comparing mortgages, there are a number of different factors that should be taken into consideration other than low rates:

  • Pre-payment limitations (closed mortgages)- With a closed mortgage, you have the flexibility of making lump sum payments that are equal to a maximum percentage of the total mortgage amount or increasing your monthly payment by a predetermined percentage. If your pre-payment percent limits are high, you will have more flexibility with your closed mortgage.
  • Rate hold period- In the case of a rate hold period, the longer it is, the better. This is the period of time in which the lender will guarantee the rate without any changes.
  • Amortization period- The mortgage will be paid off over the duration of the amortization period. Some lenders provide longer amortization periods than others. Choosing between different amortization periods will depend on your personal situation.

Residents of Manitoba use our services to secure rates, check out different mortgages and get approved online through our fast and secure application process.

Manitoba mortgage brokers

Dealing with mortgage brokers over the phone can provide some customers with a peace of mind and help them find the answers to any mortgage questions they may have. KANETIX has developed partnerships with some of the best Manitoba mortgage brokers who can assist you with all of your mortgage needs. Shop around for competitive rates with our comparison tool and when you are ready to secure a rate, a mortgage agent from one of our partner mortgage brokerages will be available to help guide you along the way.

KANETIX mortgage comparison shopping is now available for Ontario, Prince Edward Island, Saskatchewan, Alberta, New Brunswick, Nova Scotia and Newfoundland.

Looking for Winnipeg mortgage rates or Brandon mortgage rates? Compare today's best Manitoba mortgage rates from top brokers and lenders in the province.

Province of Manitoba General Information

  • Population (2011): 1.15 million (3.4 per cent of Canada)
  • Population Makeup (2006): 85.7 per cent Canadian born; 14.3 per cent foreign born
  • Average annual population growth (2001 - 2011): 1.2 per cent
  • Projected population growth: 25.7 per cent, or almost 310,000 over the next 20 years
  • Median family income (2010): $66,530
  • GDP (August 2012): $55.894 billion (3.17 per cent of Canada)
  • Unemployment rate (August 2012): 5.4 per cent
  • CPI Inflation (August 2012): 3.0 per cent

Sources: Stats Canada

Province of Manitoba Real Estate Market

  • Housing starts (2011): 6,083
    • Year-over-year change: 3.3 per cent
  • Average Residential resale price (Q4 2012 YTD): $246,318
    • Year-over-year change: 5 per cent

Sources: CMHC

This summary is for informational purposes only and should not be relied upon without verification by contacting a mortgage professional.

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