Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Newmarket homebuyers.
Based on $$870,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $43,500 | $33,060 | $859,560 | $4,985/mo | $4,248/mo |
| 10% | $87,000 | $24,273 | $807,273 | $4,682/mo | $3,990/mo |
| 15% | $130,500 | $20,706 | $760,206 | $4,409/mo | $3,757/mo |
| 20%NO CMHC | $174,000 | $0 ✅ | $696,000 | $4,036/mo | $3,440/mo |
The average home price in Newmarket is approximately $870,000 as of 2026, representing a +1.8% change year-over-year.
Current 5-year fixed rates in Newmarket 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 $870,000 home in Newmarket with 10% down at 4.92%, you would need approximately $139,723/year gross income to meet the GDS ratio of 39%.
For a $870,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $33,060 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.