Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for New Westminster homebuyers.
Based on $$780,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $39,000 | $29,640 | $770,640 | $4,478/mo | $3,817/mo |
| 10% | $78,000 | $21,762 | $723,762 | $4,206/mo | $3,585/mo |
| 15% | $117,000 | $18,564 | $681,564 | $3,961/mo | $3,376/mo |
| 20%NO CMHC | $156,000 | $0 ✅ | $624,000 | $3,626/mo | $3,091/mo |
The average home price in New Westminster is approximately $780,000 as of 2026, representing a +2.3% change year-over-year.
Current 5-year fixed rates in New Westminster 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 $780,000 home in New Westminster with 10% down at 4.94%, you would need approximately $125,508/year gross income to meet the GDS ratio of 39%.
For a $780,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $29,640 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.