Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Richmond Hill homebuyers.
Based on $$1,080,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $54,000 | $41,040 | $1,067,040 | $6,188/mo | $5,273/mo |
| 10% | $108,000 | $30,132 | $1,002,132 | $5,812/mo | $4,953/mo |
| 15% | $162,000 | $25,704 | $943,704 | $5,473/mo | $4,664/mo |
| 20%NO CMHC | $216,000 | $0 ✅ | $864,000 | $5,011/mo | $4,270/mo |
The average home price in Richmond Hill is approximately $1,080,000 as of 2026, representing a +1.3% change year-over-year.
Current 5-year fixed rates in Richmond Hill 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 $1,080,000 home in Richmond Hill with 10% down at 4.92%, you would need approximately $173,446/year gross income to meet the GDS ratio of 39%.
For a $1,080,000 home, the minimum down payment is 20%. With 5% down, CMHC insurance of $41,040 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.