Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Ajax homebuyers.
Based on $$760,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $38,000 | $28,880 | $750,880 | $4,355/mo | $3,711/mo |
| 10% | $76,000 | $21,204 | $705,204 | $4,090/mo | $3,485/mo |
| 15% | $114,000 | $18,088 | $664,088 | $3,851/mo | $3,282/mo |
| 20%NO CMHC | $152,000 | $0 ✅ | $608,000 | $3,526/mo | $3,005/mo |
The average home price in Ajax is approximately $760,000 as of 2026, representing a +2.1% change year-over-year.
Current 5-year fixed rates in Ajax start around 4.92%, while variable rates start around 3.38%. Credit unions in Ontario often offer rates 0.25–0.50% below major banks.
To afford a $760,000 home in Ajax with 10% down at 4.92%, you would need approximately $122,062/year gross income to meet the GDS ratio of 39%.
For a $760,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $28,880 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.38%) are currently lower than 5-year fixed (4.92%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.