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Rental property mortgages

Each new property you purchase is building your business, and your financial future. We’ll help you step by step, one house at a time.

Investing in rental properties can be a great option that can provide you with extra income. You can finance up to six rental units (doors) or $1.25 million as a consumer member.*

Questions to consider before purchasing a new property
  • Is it a good time for you to buy a property? Does it make financial sense for you?
  • What kind of property is the best investment?
  • What is the ideal location?
  • What is the current state of both the rental and job market?
  • Do you have knowledge of the industry, or can you tap into advice from experts to support your growing business?
  • Will you be a landlord, or will you hire a property manager to take care of your rental properties?

Benefits of our rental property mortgage

Your mortgage, your terms

Make a minimum 20% down payment, with the choice of up to 30 years to repay your mortgage.

Build your own network

As your real estate investment portfolio grows, you’ll require the help of experts more and more. We can introduce you to a variety of professionals to assist in this process.

Receive financing tailored to your situation

Preapproval can be based on projected rental income, and you can leverage existing properties to help finance your next purchase.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

Choose the mortgage solution that’s best for you

Fixed Rate

Offers a guaranteed rate of interest and set payment amounts for a specified period of time.

  • Take comfort in knowing exactly how much equity you’ll build by the end of your term
  • Available in 1- to 5-year terms for up to 30 years’ amortization
  • Guaranteed rate of interest and set payment amounts throughout the term length

Variable Rate Open

Offers the most flexible repayment options. The amount paid toward principal and interest fluctuates as rates change.

  • Make lump sum payments greater than the 20% prepayment allowance at any time without penalty
  • Interest floats as per our currently posted rates

Variable Rate Closed

Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.

  • Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty

Variable Rate Capped

Offers the flexibility of a variable mortgage, but capped at 1% above the current posted rate for a 5-year term.

  • An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty
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Get preapproved

Your preapproval meeting is a great opportunity to ask us questions and explore your options. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.

Learn more about the preapproval process

Mortgage rates

Rates displayed below are for conventional mortgages. For New to Canada Mortgages and Rental Property Mortgages add 0.50%

Interest Rate
Fixed 1-year Mortgage 5.90%
Fixed 2-year Mortgage 5.70%
Fixed 3-year Mortgage 5.30%
Fixed 4-year Mortgage 5.15%
Fixed 5-year Mortgage special Special Rate 4.80%
Closed Variable Mortgage 6.05%
Open Variable Mortgage 6.95%
Variable Capped Mortgage Rates Vary
Rates last updated July 3, 2024. Rates subject to change without notice. Applicable to fixed and variable mortgages, the annual percentage rate (APR) is equivalent to the annual interest rate (AIR), and assumes that no fee(s) apply. If fee(s) are required as part of the application processing, any fee(s) would increase your APR.

*When total financing at SCU exceeds $1.25 million or six doors, or when rental income comprises a majority of your total income, you’ll be assigned a business account manager. He or she will be a local decision maker who lives in your community and understands the Manitoba real estate market. 

Get started today

Tips & tools

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Connect with a business lending specialist

If you have more in-depth financial needs, you may qualify for a commercial mortgage. In this case, you’ll transition to one of our designated account managers.
Learn more about our commercial mortgages
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Crunch the numbers

Use our mortgage calculators to help you plan how much you can afford to spend on a home, your monthly payment schedule, and how much you’ll need for your down payment.
Explore our mortgage calculators
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Switching your mortgage to SCU?

Discover the benefits of an SCU mortgage, considerations for moving your mortgage, and documentation we’ll need from you.
Learn more about moving your mortgage

Insights & Advice

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Start the conversation

Please fill out this form to submit your questions/comment or you could contact our Member Contact Centre at our toll-free number

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