Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Medicine Hat homebuyers.
Based on $$335,000 average home price at current Alberta rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $16,750 | $12,730 | $330,980 | $1,914/mo | $1,630/mo |
| 10% | $33,500 | $9,347 | $310,847 | $1,797/mo | $1,531/mo |
| 15% | $50,250 | $7,973 | $292,723 | $1,693/mo | $1,442/mo |
| 20%NO CMHC | $67,000 | $0 ✅ | $268,000 | $1,550/mo | $1,320/mo |
The average home price in Medicine Hat is approximately $335,000 as of 2026, representing a +3.9% change year-over-year.
Current 5-year fixed rates in Medicine Hat start around 4.89%, while variable rates start around 3.35%. Credit unions in Alberta often offer rates 0.25–0.50% below major banks.
To afford a $335,000 home in Medicine Hat with 10% down at 4.89%, you would need approximately $53,631/year gross income to meet the GDS ratio of 39%.
For a $335,000 home, the minimum down payment is 5% ($16,750). With 5% down, CMHC insurance of $12,730 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.35%) are currently lower than 5-year fixed (4.89%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.