Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Spruce Grove homebuyers.
Based on $$495,000 average home price at current Alberta rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $24,750 | $18,810 | $489,060 | $2,828/mo | $2,409/mo |
| 10% | $49,500 | $13,811 | $459,311 | $2,656/mo | $2,263/mo |
| 15% | $74,250 | $11,781 | $432,531 | $2,501/mo | $2,131/mo |
| 20%NO CMHC | $99,000 | $0 ✅ | $396,000 | $2,290/mo | $1,951/mo |
The average home price in Spruce Grove is approximately $495,000 as of 2026, representing a +5.8% change year-over-year.
Current 5-year fixed rates in Spruce Grove 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 $495,000 home in Spruce Grove with 10% down at 4.89%, you would need approximately $79,262/year gross income to meet the GDS ratio of 39%.
For a $495,000 home, the minimum down payment is 5% ($24,750). With 5% down, CMHC insurance of $18,810 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.