Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Thunder Bay homebuyers.
Based on $$340,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $17,000 | $12,920 | $335,920 | $1,948/mo | $1,660/mo |
| 10% | $34,000 | $9,486 | $315,486 | $1,830/mo | $1,559/mo |
| 15% | $51,000 | $8,092 | $297,092 | $1,723/mo | $1,468/mo |
| 20%NO CMHC | $68,000 | $0 ✅ | $272,000 | $1,577/mo | $1,344/mo |
The average home price in Thunder Bay is approximately $340,000 as of 2026, representing a +4.1% change year-over-year.
Current 5-year fixed rates in Thunder 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 $340,000 home in Thunder Bay with 10% down at 4.92%, you would need approximately $54,615/year gross income to meet the GDS ratio of 39%.
For a $340,000 home, the minimum down payment is 5% ($17,000). With 5% down, CMHC insurance of $12,920 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.