Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Selkirk homebuyers.
Based on $$295,000 average home price at current Manitoba rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $14,750 | $11,210 | $291,460 | $1,678/mo | $1,428/mo |
| 10% | $29,500 | $8,231 | $273,731 | $1,576/mo | $1,341/mo |
| 15% | $44,250 | $7,021 | $257,771 | $1,484/mo | $1,263/mo |
| 20%NO CMHC | $59,000 | $0 ✅ | $236,000 | $1,359/mo | $1,156/mo |
The average home price in Selkirk is approximately $295,000 as of 2026, representing a +4.2% change year-over-year.
Current 5-year fixed rates in Selkirk 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 $295,000 home in Selkirk with 10% down at 4.85%, you would need approximately $47,046/year gross income to meet the GDS ratio of 39%.
For a $295,000 home, the minimum down payment is 5% ($14,750). With 5% down, CMHC insurance of $11,210 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.