To the south and west are the grasslands while the north is primarily Arctic tundra. With a population of 1,382,000 as reported by StatsCan 2019, the culture is predominantly a combination of Métis, Inuit, and First Nations; though, the region also has a sizeable section of the population that has migrated from other places.
History of Morgage Rates in Manitoba
The capital and largest city of Manitoba is Winnipeg and the Office of the Superintendent of Financial Institutions and Financial Consumer Agency of Canada act as bank mortgage regulators. The Manitoba Securities Commission is the apex body for Manitoba mortgage broker regulations while The Financial Institutions Regulation Branch of Manitoba Family Services and Consumer Affairs work to oversee the province’s credit union mortgage regulation.
If you’re considering getting a mortgage in Manitoba, understand that because of the lack of competition and lower lender selection, interest rates are likely to be higher. This factor is typically true for all provinces that have smaller population levels similar to Saskatchewan as against Ontario and B.C. which have larger populations. Even so, with some scouting, you should be able to find the most favourable rates as outlined by the B 6 Banks and leading mortgage providers in Manitoba.
Use our comparison tools on offerhub.ca that are regularly updated and find the best rates of interest that can help you make significant savings on your mortgage.
Mortgage Stats in Manitoba
The average age of the borrower in Manitoba is 37 years old, which is somewhat younger than that of other regions such as Ontario or British Columbia. The youngest applicant can be 19 years old. Mortgage applications, meanwhile, are higher among those that want to refinance or consolidate their debt, as well as for people who are categorized as first-time home buyers.
They are followed by individuals who are interested in buying a new home. There’s a very small interest in mortgage renewal. Winnipeg ranks first in terms of mortgage applications and inquiries. The average home loan in the city is more than $158,000, which is interestingly cheaper than other neighbourhoods like Brandon and Thompson.