Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Vaughan homebuyers.
Based on $$990,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $49,500 | $37,620 | $978,120 | $5,672/mo | $4,834/mo |
| 10% | $99,000 | $27,621 | $918,621 | $5,327/mo | $4,540/mo |
| 15% | $148,500 | $23,562 | $865,062 | $5,017/mo | $4,275/mo |
| 20%NO CMHC | $198,000 | $0 ✅ | $792,000 | $4,593/mo | $3,914/mo |
The average home price in Vaughan is approximately $990,000 as of 2026, representing a +1.5% change year-over-year.
Current 5-year fixed rates in Vaughan 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 $990,000 home in Vaughan with 10% down at 4.92%, you would need approximately $158,985/year gross income to meet the GDS ratio of 39%.
For a $990,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $37,620 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.