Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Vancouver homebuyers.
Based on $$1,250,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $62,500 | $47,500 | $1,235,000 | $7,177/mo | $6,117/mo |
| 10% | $125,000 | $34,875 | $1,159,875 | $6,740/mo | $5,745/mo |
| 15% | $187,500 | $29,750 | $1,092,250 | $6,347/mo | $5,410/mo |
| 20%NO CMHC | $250,000 | $0 ✅ | $1,000,000 | $5,811/mo | $4,953/mo |
The average home price in Vancouver is approximately $1,250,000 as of 2026, representing a +1.8% change year-over-year.
Current 5-year fixed rates in Vancouver 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 $1,250,000 home in Vancouver with 10% down at 4.94%, you would need approximately $201,138/year gross income to meet the GDS ratio of 39%.
For a $1,250,000 home, the minimum down payment is 20%. With 5% down, CMHC insurance of $47,500 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.