Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Portage la Prairie homebuyers.
Based on $$235,000 average home price at current Manitoba rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $11,750 | $8,930 | $232,180 | $1,337/mo | $1,138/mo |
| 10% | $23,500 | $6,557 | $218,057 | $1,256/mo | $1,068/mo |
| 15% | $35,250 | $5,593 | $205,343 | $1,183/mo | $1,006/mo |
| 20%NO CMHC | $47,000 | $0 ✅ | $188,000 | $1,083/mo | $921/mo |
The average home price in Portage la Prairie is approximately $235,000 as of 2026, representing a +2.9% change year-over-year.
Current 5-year fixed rates in Portage la Prairie 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 $235,000 home in Portage la Prairie with 10% down at 4.85%, you would need approximately $37,477/year gross income to meet the GDS ratio of 39%.
For a $235,000 home, the minimum down payment is 5% ($11,750). With 5% down, CMHC insurance of $8,930 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.