Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Markham homebuyers.
Based on $$1,020,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $51,000 | $38,760 | $1,007,760 | $5,844/mo | $4,980/mo |
| 10% | $102,000 | $28,458 | $946,458 | $5,489/mo | $4,677/mo |
| 15% | $153,000 | $24,276 | $891,276 | $5,169/mo | $4,405/mo |
| 20%NO CMHC | $204,000 | $0 ✅ | $816,000 | $4,732/mo | $4,033/mo |
The average home price in Markham is approximately $1,020,000 as of 2026, representing a +1.4% change year-over-year.
Current 5-year fixed rates in Markham 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 $1,020,000 home in Markham with 10% down at 4.92%, you would need approximately $163,815/year gross income to meet the GDS ratio of 39%.
For a $1,020,000 home, the minimum down payment is 20%. With 5% down, CMHC insurance of $38,760 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.