Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Ottawa homebuyers.
Based on $$650,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $32,500 | $24,700 | $642,200 | $3,724/mo | $3,174/mo |
| 10% | $65,000 | $18,135 | $603,135 | $3,498/mo | $2,981/mo |
| 15% | $97,500 | $15,470 | $567,970 | $3,294/mo | $2,807/mo |
| 20%NO CMHC | $130,000 | $0 ✅ | $520,000 | $3,016/mo | $2,570/mo |
The average home price in Ottawa is approximately $650,000 as of 2026, representing a +2.5% change year-over-year.
Current 5-year fixed rates in Ottawa 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 $650,000 home in Ottawa with 10% down at 4.92%, you would need approximately $104,400/year gross income to meet the GDS ratio of 39%.
For a $650,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $24,700 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.