Winnipeg at a Glance
The City of Winnipeg is the capital city of Manitoba and is located along the Red River and Assiniboine River. Winnipeg is home to over 705K residents and the population of Winnipeg increased by 6% from 2011 to 2016. Winnipeg real estate prices increased significantly from November 2019 to November 2020, with the price of single-family detached houses increasing by 33% to an average price of $358K and the price of condominiums increasing by 17% to an average price of $227K. Sales on the Winnipeg real estate market have also increased significantly by 32% from November 2019 to November 2020. Total listings on the Winnipeg real estate market decreased 37% due to sales outpacing new listings, which have seen a decrease of 12%, during the pandemic.
Winnipeg at a Glance | Province | Manitoba |
Settled Year | 1738 |
Established Year | 1822 |
Incorporated Year | 1873 |
Population | 705,244 |
City Area | 464.09 km 2 (179.19 sq mi) |
Official Website | https://www.winnipeg.ca/interhom/ |
Mortgage Prepayment Limit
Bank or Lender | Annual Prepayment Limit | Frequency (per year) |
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| 10% | Once |
| 15% | Once |
| Varies, up to 20% | Once |
| Varies, up to 20% | Once |
| 20% (10% for BMO Smart Fixed Mortgages) | Once |
| 20% | Once |
| 15% - 20% | Once |
| 20% | Once |
| 15% | Once |
| 20% | Once |
| 25% | Multiple |
| Varies, up to 20% | Multiple |
| Varies, up to 20% | Multiple |
| 15% | Once |
| 10% | Multiple |
| 15% | Multiple |
| 20% | Multiple |
| 20% | Once |
| 20% | Multiple |
| 20% (or 30% for “You’re the Boss” Mortgage) | Once (or multiple for “You’re the Boss” Mortgage) |
| 20% | Once |
Mortgage Prepayment Penalties
Fixed Rate Mortgage Penalty Interest Rate
For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.
Advertised Rate IRD | Posted Rate IRD |
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* Equitable Bank’s IRD depends on your mortgage product
Variable Rate Mortgage Penalty Interest Rate
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
Based On Your Mortgage Rate | Based On the Lender's Prime Rate |
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* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penaltyWhile we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.