Stew's News - November 2025

As expected, another reduction in the Bank of Canada's overnight interest rate and as promised, a new residential offer to purchase form for Manitobans.

The Bank of Canada lowered its overnight rate to 2.25% as of yesterday; this reduction means an immediate drop in variable rates and an eventual drop in fixed rates. Whereas it takes time for banks to catch up with their fixed rates, conventional fixed mortgage rates haven't changed much since last month.

Below are the special offer mortgage rates presently posted on each financial institution's website, most of which updated on October 30, 2025.

Institution	1 Year	3 Year	5 Year
Access Credit Union	4.89	4.19	4.29
Cambrian Credit Union	5.00	4.10	3.99
Steinbach Credit Union	4.99	4.19	4.09
Royal Bank of Canada	5.24	4.39	4.59
Toronto-Dominion Bank	6.09	4.44	4.69
Bank of Nova Scotia	6.09	6.05	6.09
Bank of Montreal	6.09	4.54	4.64
Canadian Imperial Bank of Commerce	4.99	4.39	4.54

The Province of Manitoba has released the new Residential Offer to Purchase and there are some significant differences, such as:

1. Vendors are now required to complete a Sellers' Residency Statement to determine their place of residence as at the date of possession. If the vendor leaves Canada before the possession date, a 25% holdback will be made from the sale proceeds until a clearance certificate has been received from Revenue Canada. Best for any vendors planning on moving out of country after the sale to wait until after the date of possession.

   
   

2. Interest will begin to accrue on any funds owing by the purchaser to the vendor as at 6:00pm on the date of possession. It can take time for lawyers and banks to process mortgages so purchasers are well advised to get their paperwork in order at least two weeks prior to possession and to ensure their bank advances funds to the lawyer's office at least 2 business days before the possession date. The interest rate on the unadvanced monies is the Bank of Canada policy interest rate plus 7%.

   
   

3. In addition to paying interest, purchasers who have not paid the purchase monies in full and on time are at risk for paying "reasonable expenses" incurred by the vendor because funds had not been received on possession.

That's all for now folks!

I work with my clients to ensure they understand the documents they are signing. If you would like to talk about these and other changes to the offer to purchase, then give me a call!

Don't forget to read my recent post on the Lord Roberts neighbourhood and learn all about the next Winnipeg neighbourhood you'll come to love if you don't love it already!