Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for St. John's homebuyers.
Based on $$320,000 average home price at current Newfoundland rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $16,000 | $12,160 | $316,160 | $1,824/mo | $1,552/mo |
| 10% | $32,000 | $8,928 | $296,928 | $1,713/mo | $1,458/mo |
| 15% | $48,000 | $7,616 | $279,616 | $1,613/mo | $1,373/mo |
| 20%NO CMHC | $64,000 | $0 ✅ | $256,000 | $1,477/mo | $1,257/mo |
The average home price in St. John's is approximately $320,000 as of 2026, representing a +3.5% change year-over-year.
Current 5-year fixed rates in St. John's start around 4.87%, while variable rates start around 3.32%. Credit unions in Newfoundland often offer rates 0.25–0.50% below major banks.
To afford a $320,000 home in St. John's with 10% down at 4.87%, you would need approximately $51,138/year gross income to meet the GDS ratio of 39%.
For a $320,000 home, the minimum down payment is 5% ($16,000). With 5% down, CMHC insurance of $12,160 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.32%) are currently lower than 5-year fixed (4.87%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.