Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Sherwood Park homebuyers.
Based on $$520,000 average home price at current Alberta rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $26,000 | $19,760 | $513,760 | $2,971/mo | $2,531/mo |
| 10% | $52,000 | $14,508 | $482,508 | $2,790/mo | $2,377/mo |
| 15% | $78,000 | $12,376 | $454,376 | $2,627/mo | $2,238/mo |
| 20%NO CMHC | $104,000 | $0 ✅ | $416,000 | $2,405/mo | $2,049/mo |
The average home price in Sherwood Park is approximately $520,000 as of 2026, representing a +5.6% change year-over-year.
Current 5-year fixed rates in Sherwood Park 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 $520,000 home in Sherwood Park with 10% down at 4.89%, you would need approximately $83,262/year gross income to meet the GDS ratio of 39%.
For a $520,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $19,760 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.