Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Dauphin homebuyers.
Based on $$195,000 average home price at current Manitoba rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $9,750 | $7,410 | $192,660 | $1,109/mo | $944/mo |
| 10% | $19,500 | $5,441 | $180,941 | $1,042/mo | $887/mo |
| 15% | $29,250 | $4,641 | $170,391 | $981/mo | $835/mo |
| 20%NO CMHC | $39,000 | $0 ✅ | $156,000 | $898/mo | $764/mo |
The average home price in Dauphin is approximately $195,000 as of 2026, representing a +2.8% change year-over-year.
Current 5-year fixed rates in Dauphin start around 4.85%, while variable rates start around 3.30%. Credit unions in Manitoba often offer rates 0.25–0.50% below major banks.
To afford a $195,000 home in Dauphin with 10% down at 4.85%, you would need approximately $31,108/year gross income to meet the GDS ratio of 39%.
For a $195,000 home, the minimum down payment is 5% ($9,750). With 5% down, CMHC insurance of $7,410 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.30%) are currently lower than 5-year fixed (4.85%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.