Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Pickering homebuyers.
Based on $$800,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $40,000 | $30,400 | $790,400 | $4,584/mo | $3,906/mo |
| 10% | $80,000 | $22,320 | $742,320 | $4,305/mo | $3,669/mo |
| 15% | $120,000 | $19,040 | $699,040 | $4,054/mo | $3,455/mo |
| 20%NO CMHC | $160,000 | $0 ✅ | $640,000 | $3,712/mo | $3,163/mo |
The average home price in Pickering is approximately $800,000 as of 2026, representing a +1.9% change year-over-year.
Current 5-year fixed rates in Pickering 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 $800,000 home in Pickering with 10% down at 4.92%, you would need approximately $128,492/year gross income to meet the GDS ratio of 39%.
For a $800,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $30,400 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.