Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Coquitlam homebuyers.
Based on $$980,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $49,000 | $37,240 | $968,240 | $5,626/mo | $4,795/mo |
| 10% | $98,000 | $27,342 | $909,342 | $5,284/mo | $4,504/mo |
| 15% | $147,000 | $23,324 | $856,324 | $4,976/mo | $4,241/mo |
| 20%NO CMHC | $196,000 | $0 ✅ | $784,000 | $4,556/mo | $3,883/mo |
The average home price in Coquitlam is approximately $980,000 as of 2026, representing a +1.8% change year-over-year.
Current 5-year fixed rates in Coquitlam start around 4.94%, while variable rates start around 3.40%. Credit unions in British Columbia often offer rates 0.25–0.50% below major banks.
To afford a $980,000 home in Coquitlam with 10% down at 4.94%, you would need approximately $157,692/year gross income to meet the GDS ratio of 39%.
For a $980,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $37,240 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.40%) are currently lower than 5-year fixed (4.94%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.