Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Langley homebuyers.
Based on $$950,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $47,500 | $36,100 | $938,600 | $5,454/mo | $4,649/mo |
| 10% | $95,000 | $26,505 | $881,505 | $5,122/mo | $4,366/mo |
| 15% | $142,500 | $22,610 | $830,110 | $4,824/mo | $4,111/mo |
| 20%NO CMHC | $190,000 | $0 ✅ | $760,000 | $4,416/mo | $3,764/mo |
The average home price in Langley is approximately $950,000 as of 2026, representing a +2.2% change year-over-year.
Current 5-year fixed rates in Langley 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 $950,000 home in Langley with 10% down at 4.94%, you would need approximately $152,862/year gross income to meet the GDS ratio of 39%.
For a $950,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $36,100 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.