Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Burlington homebuyers.
Based on $$950,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $47,500 | $36,100 | $938,600 | $5,443/mo | $4,639/mo |
| 10% | $95,000 | $26,505 | $881,505 | $5,112/mo | $4,356/mo |
| 15% | $142,500 | $22,610 | $830,110 | $4,814/mo | $4,102/mo |
| 20%NO CMHC | $190,000 | $0 ✅ | $760,000 | $4,408/mo | $3,756/mo |
The average home price in Burlington is approximately $950,000 as of 2026, representing a +1.5% change year-over-year.
Current 5-year fixed rates in Burlington 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 $950,000 home in Burlington with 10% down at 4.92%, you would need approximately $152,554/year gross income to meet the GDS ratio of 39%.
For a $950,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $36,100 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.