Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Winnipeg homebuyers.
Based on $$380,000 average home price at current Manitoba rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $19,000 | $14,440 | $375,440 | $2,162/mo | $1,840/mo |
| 10% | $38,000 | $10,602 | $352,602 | $2,031/mo | $1,728/mo |
| 15% | $57,000 | $9,044 | $332,044 | $1,912/mo | $1,627/mo |
| 20%NO CMHC | $76,000 | $0 ✅ | $304,000 | $1,751/mo | $1,489/mo |
The average home price in Winnipeg is approximately $380,000 as of 2026, representing a +4.2% change year-over-year.
Current 5-year fixed rates in Winnipeg 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 $380,000 home in Winnipeg with 10% down at 4.85%, you would need approximately $60,615/year gross income to meet the GDS ratio of 39%.
For a $380,000 home, the minimum down payment is 5% ($19,000). With 5% down, CMHC insurance of $14,440 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.