Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for North Bay homebuyers.
Based on $$350,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $17,500 | $13,300 | $345,800 | $2,005/mo | $1,709/mo |
| 10% | $35,000 | $9,765 | $324,765 | $1,883/mo | $1,605/mo |
| 15% | $52,500 | $8,330 | $305,830 | $1,774/mo | $1,511/mo |
| 20%NO CMHC | $70,000 | $0 ✅ | $280,000 | $1,624/mo | $1,384/mo |
The average home price in North Bay is approximately $350,000 as of 2026, representing a +4.0% change year-over-year.
Current 5-year fixed rates in North Bay 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 $350,000 home in North Bay with 10% down at 4.92%, you would need approximately $56,215/year gross income to meet the GDS ratio of 39%.
For a $350,000 home, the minimum down payment is 5% ($17,500). With 5% down, CMHC insurance of $13,300 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.