Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Victoria homebuyers.
Based on $$890,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $44,500 | $33,820 | $879,320 | $5,110/mo | $4,355/mo |
| 10% | $89,000 | $24,831 | $825,831 | $4,799/mo | $4,090/mo |
| 15% | $133,500 | $21,182 | $777,682 | $4,519/mo | $3,852/mo |
| 20%NO CMHC | $178,000 | $0 ✅ | $712,000 | $4,137/mo | $3,526/mo |
The average home price in Victoria is approximately $890,000 as of 2026, representing a +2.4% change year-over-year.
Current 5-year fixed rates in Victoria 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 $890,000 home in Victoria with 10% down at 4.94%, you would need approximately $143,231/year gross income to meet the GDS ratio of 39%.
For a $890,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $33,820 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.