Manitoba Mortgage Rates

From the Polar Bear Capital of the World in Churchill to the plains of Portage la Prairie, Manitoba is located in the centre of Canada. Most of Manitoba’s population is located in Winnipeg, which is Manitoba’s capital and largest city. Winnipeg has 55% of Manitoba’s population and has the most hours of clear skies on average per year out of all Canadian cities.

Besides Winnipeg, there are 9 other cities in the province. This includes Brandon, Steinbach, Winkler, and Portage la Prairie. These cities all have populations under 100,000.

29% of Manitobans rent their homes, 69% own, and 2.6% live in band housing. Over the last 26 years, the number of rental units in Winnipeg increased by 4% while Winnipeg’s population increased by 20%.

The Big Six Banks (RBC, TD, Scotiabank, BMO, CIBC, and National Bank) operate in Manitoba. There are 18 credit unions in Manitoba, with Access Credit Union aggressively growing through multiple acquisitions over the past few years. Manitoba’s largest credit union, Access Credit Union, is the sixth largest credit union in Canada with 177,000 members and 54 locations. Hubert Financial, a division of Access Credit Union, is the only online-only credit union in Manitoba to offer mortgages.

This is followed by Steinbach Credit Union, which used to be the largest in the province in 2021, with just over 100,000 members at 3 locations. Other credit unions in Manitoba include Assiniboine Credit Union, Cambrian Credit Union, and Caisse Financial Group.

Mortgage brokers in Manitoba are regulated by the Manitoba Securities Commission. There are also restricted mortgage brokers who can engage in soliciting mortgage lenders and can arrange a mortgage, but they cannot buy or sell mortgages. Registered insurance companies, banks, and credit unions do not need to be registered as mortgage brokers in Manitoba.

Some Manitoba mortgage brokers include Dominion Lending Centres, Centum, Invis, Vertuity Mortgage, One Link Mortgage, Ideal Mortgage Solutions, and Divine Mortgage Group.

Access Credit Union

Access Credit Union has 54 branches concentrated in Winnipeg and scattered throughout central Manitoba. Created after a merger in 2021, Access Credit Union is now the largest credit union in Manitoba.

Access Credit Union mortgages are only available to residents of Manitoba. Access Credit Union paid $13.5 million to members in 2023 through Member Rewards. Access Credit Union's Member Rewards pays out a patronage rebate through the amount of interest that you paid on your borrowing products or earned through your savings products. For 2023, the member reward rate was 2.05%.

For example, if you paid $5,000 in interest from your Access Credit Union mortgage in 2022, a 2.05% patronage rebate would give you $102.50 back in patronage dividends. This indirectly reduces your Access Credit Union mortgage rate.

Assiniboine Credit Union

Assiniboine Credit Union is the second largest credit union in Manitoba, with 125,000 members and $5 billion in assets. Assiniboine Credit Union has 19 branches in Winnipeg, Thompson, and Gillam and has been in business for over 75 years.

Assiniboine Credit Union is a former member of the Global Alliance for Banking on Values. Current Canadian members include Vancity Savings in BC, Caisse d'économie solidaire Desjardins in Quebec, and Kindred Credit Union in Ontario. Affinity Credit Union, in neighbouring Saskatchewan, is also a former member.

Membership shares are $5, and you must be a resident of Manitoba in order to be eligible for an Assiniboine Credit Union mortgage. Assiniboine Credit Union members can choose to invest in additional Preference Shares. In 2022, the dividend for Assiniboine Preference Shares was 5%, while the dividend for Surplus Shares was 2.5%.

For example, if you paid $5,000 in interest from your Assiniboine Credit Union mortgage in 2022, a 2.5% Surplus Shares dividend would give you $125 back in profit-sharing. This indirectly reduces your Assiniboine Credit Union mortgage rate.

Assiniboine offers a variety of mortgage products, including speciality mortgages such as high-ratio mortgages, construction mortgages, investment property mortgages, vacation property mortgages, Islamic mortgages, and home renovation mortgages.

A variety of programs by Assiniboine helps to provide financial assistance to low-income members. Assiniboine's Savings Circle provides money management training and matches their savings $3 for every $1 that the member saves, up to $250. The Individual Development Account matches $2 for every $1 saved for up to $1,000, while the Inner City Homebuyer Plan matches $1 for every $1 saved for a down payment, up to $7,000.

Cambrian Credit Union

Cambrian Credit Union was founded over 60 years ago, and today has 11 branches in the Winnipeg area. Cambrian Credit Union mortgages are only open for Manitoba residents.

Cambrian's Green for Green program provides a $1 monthly bonus for having your account statements sent paperless. Cambrian membership shares cost $5, while shares cost $0.01 for those over the age of 59. In 2022, Cambrian refunded $6.7 million in service fees to members through their Unfee program.

Cambrian is active within the Winnipeg area, with Cambrian donating 1% of their annual pre-tax income to local organizations. In 2020, this amounted to $300,000 being donated to community members such as the Winnipeg Symphony Orchestra, the YMCA Winnipeg, the Royal Winnipeg Ballet, the Canadian Red Cross, and the Manitoba Museum.

Steinbach Credit Union

Steinbach Credit Union (SCU) has close to 100,000 members and over $7 billion in assets, making Steinbach the second largest credit union in Manitoba and the eighth largest in Canada. Steinbach is only open to residents of Manitoba. Steinbach has three branches: One branch in Steinbach and two branches in Winnipeg.

SCU's Member Bonus gave back $10 million to members as a cash bonus in 2023, which was paid as a 4.22% bonus on interest earned and as a 1.75% reduction in interest paid.

For example, if you paid SCU $5,000 in interest for a Steinbach mortgage in 2022, you will receive $87.50 back. If you earned $1,000 in a SCU savings account, you would earn an extra $42.20 in bonus interest.