terminal velocity occurs when your upward forces (due to air
friction and dependant on your speed and surface area) equal your downward accelerative forces (due to gravity)
as your speed or surface area increase, so do your upward (decelerative) forces
opening a 'chute increases air resistance and thus upward force, and thus equalising the upward and downward forces sooner than if you were falling without a 'chute
in a nutshell, terminal velocity for a parachute+man is much lower than terminal velocity for a man without parachute, hence you reach that speed sooner (you could even already be at the 'chute+man terminal velocity when your 'chute opens)