Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Surrey homebuyers.
Based on $$920,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $46,000 | $34,960 | $908,960 | $5,282/mo | $4,502/mo |
| 10% | $92,000 | $25,668 | $853,668 | $4,961/mo | $4,228/mo |
| 15% | $138,000 | $21,896 | $803,896 | $4,671/mo | $3,982/mo |
| 20%NO CMHC | $184,000 | $0 ✅ | $736,000 | $4,277/mo | $3,645/mo |
The average home price in Surrey is approximately $920,000 as of 2026, representing a +2.1% change year-over-year.
Current 5-year fixed rates in Surrey 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 $920,000 home in Surrey with 10% down at 4.94%, you would need approximately $148,062/year gross income to meet the GDS ratio of 39%.
For a $920,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $34,960 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.