Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Whitby homebuyers.
Based on $$780,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $39,000 | $29,640 | $770,640 | $4,469/mo | $3,809/mo |
| 10% | $78,000 | $21,762 | $723,762 | $4,197/mo | $3,577/mo |
| 15% | $117,000 | $18,564 | $681,564 | $3,953/mo | $3,368/mo |
| 20%NO CMHC | $156,000 | $0 ✅ | $624,000 | $3,619/mo | $3,084/mo |
The average home price in Whitby is approximately $780,000 as of 2026, representing a +2.0% change year-over-year.
Current 5-year fixed rates in Whitby 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 $780,000 home in Whitby with 10% down at 4.92%, you would need approximately $125,262/year gross income to meet the GDS ratio of 39%.
For a $780,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $29,640 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.