Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for St. Catharines homebuyers.
Based on $$610,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $30,500 | $23,180 | $602,680 | $3,495/mo | $2,979/mo |
| 10% | $61,000 | $17,019 | $566,019 | $3,283/mo | $2,797/mo |
| 15% | $91,500 | $14,518 | $533,018 | $3,091/mo | $2,634/mo |
| 20%NO CMHC | $122,000 | $0 ✅ | $488,000 | $2,830/mo | $2,412/mo |
The average home price in St. Catharines is approximately $610,000 as of 2026, representing a +2.8% change year-over-year.
Current 5-year fixed rates in St. Catharines 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 $610,000 home in St. Catharines with 10% down at 4.92%, you would need approximately $97,969/year gross income to meet the GDS ratio of 39%.
For a $610,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $23,180 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.