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Rates Updated May 25, 2013 09:30:51
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.95%
|
||||
| 1 Year |
|
2.39%
|
|
2.80%
|
||
| 2 Years |
|
2.49%
|
||||
| 3 Years |
|
2.49%
|
|
3.20%
|
||
| 4 Years |
|
2.74%
|
||||
| 5 Years |
|
2.74%
|
|
2.60%
|
||
| 6 Years |
|
5.79%
|
||||
| 7 Years |
|
3.40%
|
||||
| 8 Years |
|
6.55%
|
||||
| 9 Years |
|
6.55%
|
||||
| 10 Years |
|
3.64%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.65%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
4.00%
|
||||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.50%
|
||||
More About Manitoba
Manitoba Housing and Mortgage Overview
Manitoba is a province experiencing growth, as GDP levels are predicted to rise by 2.4 per cent in 2012 and 2013. This is the second best average annual growth seen over the last five years (2006 - 2011) at 1.9 per cent, ahead of Canada's growth at 1.2 per cent. Employment also saw the second largest annual increase in 40 years, growing by 0.4 per cent within the first 5 months of 2012. Manitoba's economy is supported by leading wood, aerospace parts and chemical industries, as well as through farming canola, wheat, cattle and pork.
Manitoba continues to see gains in population as well as growth in wages and employment, making it a draw for migrant activity. As a result, demand for resale homes are predicted to grow in 2012 to 14,100 units. This is due to migrants in province settling into homeownership, with existing owners moving up in the market due to recent gain in equity. Manitoba housing prices are expected to rise, with a seller's market forming in Winnipeg due to limited housing supply - a 4 per cent increase to $243,900 is expected in 2012 and over 3 per cent in 2013 to $252,000.
The number housing starts is expected to increase as well, with 6,300 units in 2012 and 6,400 in 2013.
Source: CMHC and Government of Manitoba
Manitoba Key Stats
Source: Stats Canada
|
Metric |
Manitoba |
Canada |
|
| Population (2011) | 1,250,6000 | 34,482,800 | |
| Consumer Price Index (2011) (2002=100) |
118.4 | 119.9 | |
| Average Earnings (2011) (Per Week, $) |
$808.11 | $874.76 | |
| Unemployment Rate (2012) (SA, %) |
5.2% | 7.2% | |
| Housing Starts (2011) | 6,083 | 193,950 | |
| Average Residential Resale Price (annual % change) |
2011 (A*) | $234,604 5.6% |
$339,042% 5.8% |
| 2012 (F) | $243,900 4.0% |
$348,900* 2.9% |
|
| 2013(F) | $252,000 3.3% |
$358,200* 2.7% |
|
| Mortgages Approved by Lenders, Residential 2010 (thousands of dollars) |
Chartered banks | $26,733 | $932,617 |
| Other | $10,914 | $291,486 | |
| Total | $37,647 | $1,224,103 | |
| 2011 A = stated by the CMHC Data based on application received date Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas |
|||
Local Market Indicators
|
Census Metropolitan Area |
Total Housing Starts |
MLS Sales |
MLS Average Price |
|
| Winnipeg | 2011 | 3,331 | 12,297 | $241,408 |
| 2012(F) | 3,500 | 12,400 | $252,500 | |
| 2013(F) | 3,600 | 12,600 | $262,000 | |
| Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service * Last updated July 2012 |
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Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.