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When you find the best quote, secure your Kamloops mortgage rate by talking to a licensed broker or agent.

Compare mortgage rates in Kamloops.

Situated in south-central British Columbia, near the junction of the Thompson River, Kamloops is a city replete with stunning landscapes, award-winning wineries, and more golf courses per capita than anywhere else in Canada. It’s known as the “Tournament Capital of Canada,” a moniker well deserved since it hosts over a hundred sports events each year. Kamloops is a prime destination for hiking, mountain biking, kayaking, skiing and snowboarding.

Kamloops’ housing market has experienced rapid growth in recent years. However, the average home is still more affordable compared to cities like Vancouver and Victoria. Does Kamloops sound like the ideal place for you to call home? Then comparing mortgage rates is a task that should be on your to-do list. By locking in a favourable rate, you can potentially save thousands of dollars in interest costs over the life of your mortgage.

Luckily, makes it easy to do a comparison of mortgage rates in Kamloops. In just three minutes, we’ll show you mortgage rates from 50+ banks and brokers across Canada. Just tell us whether you’re buying a home, renewing, or refinancing and click the “Get Started” button above.

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Conventional vs. high-ratio mortgages: which is cheaper?

There are two main types of mortgages available in Canada based on how much you put toward the down payment.

A conventional mortgage refers to a mortgage in which you make a down payment of at least 20% of your home’s purchase price. As a result, you’re exempt from purchasing mortgage insurance, which offers protection to the lender in the event you default on your loan.

A high-ratio mortgage refers to a mortgage in which you contribute a down payment of less than 20%. In this scenario, you’re obligated to buy mortgage insurance to mitigate the risk assumed by the lender when it gives you the loan. You can purchase mortgage insurance from the government-backed Canada Housing Mortgage Corporation (CMHC), or private insurance companies Sagen or Canada Guaranty.

High-ratio mortgages typically offer lower rates than conventional mortgages, owing to the default insurance purchased by borrowers on the former. However, this isn’t always the case. Mortgage rates in Kamloops depend on a variety of factors, not just the down payment.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in British Columbia

DateAverage Conventional RateAverage High Ratio Rate
02/22 2.65%2.47%
03/22 3.01%2.86%
04/22 3.69%3.47%
05/22 4.10%3.76%
06/22 4.48%4.12%
07/22 4.97%4.59%
08/22 4.84%4.37%
09/22 4.79%4.36%
10/22 5.13%4.66%
11/22 5.46%5.18%
12/22 5.23%4.78%
01/23 5.18%4.73%

Last Updated: February 1, 2023

Fixed rate vs. variable rate mortgages: which is cheaper?

A crucial factor to consider when shopping for a mortgage is choosing between a fixed mortgage rate or variable mortgage rate for your Kamloops home. One isn’t necessarily superior to the other — it depends entirely on your preferences, risk tolerance, and current circumstances. Whatever you decide, LowestRates makes it easy and convenient to compare today’s best mortgage rates in Kamloops.

Fixed-rate mortgage: With a fixed-rate mortgage , the interest rate your lender assigns to you will remain the same for the duration of your mortgage term. As a result, you can expect to pay the same amount of interest with each payment you contribute. With a fixed-rate mortgage, you’re shielded from rising interest rates and benefit from a predictable payment schedule. Bear in mind that fixed rates tend to be higher than variable rates.

Variable rate mortgage: The interest rate on a variable rate mortgage fluctuates based on market conditions. More precisely, it shifts according to changes in your lender’s prime rate, which itself is affected by the interest rate set by the Bank of Canada. While the size of your mortgage payment will remain constant throughout your mortgage term, the amount of interest you’ll pay will increase or decrease based on which way rates move.

Home prices in Kamloops might be slightly more affordable compared to cities like Vancouver or Victoria, but the average mortgage rate in Kamloops is in line with rates offered in the rest of the province. By using to compare current mortgage rates in Kamloops, you can easily find a lender with a competitive offering.

5-year fixed vs. 5-year variable mortgage rates in British Columbia

02/22 2.66%1.30%
03/22 2.97%1.55%
04/22 3.57%1.94%
05/22 3.96%2.29%
06/22 4.36%2.72%
07/22 4.82%3.24%
08/22 4.63%3.80%
09/22 4.62%4.26%
10/22 5.04%4.60%
11/22 5.28%5.08%
12/22 4.99%5.38%
01/23 4.90%5.67%

Last Updated: February 1, 2023

Factors that affect your Kamloops mortgage rate

Lenders assess a wide variety of factors when determining the mortgage rate to assign to you. Below are some critical areas banks and mortgage companies in Kamloops focus on when they evaluate your application. Being aware of the eligibility criteria they employ will help you position yourself to qualify for the lowest mortgage rates in Kamloops.

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Typical mortgage amounts in Kamloops

The size of your mortgage will depend on your home’s price, your down payment, and your mortgage interest rate.

According to the Canadian Real Estate Association (CREA), the benchmark price for a home in Kamloops is $530,400 as of June 2021. If you were to contribute a 20% down payment ($106,080) for a home appraised at this value, your mortgage would be $424,320. This amount excludes the total interest you would pay, which will depend on the length of your amortization period and the interest rate in effect during each mortgage term.

Another item to be aware of is mortgage insurance. If you opt for a high-ratio mortgage (your down payment is less than 20%), you’re required to purchase mortgage insurance. This additional outlay will cost you anywhere from 2.8% to 4%, depending on the size of your down payment.

You can calculate the cost of a mortgage in Kamloops by using’s mortgage payment calculator. It will provide you with a reasonable estimate of what you can expect to pay, as well as what you can reasonably afford.

Kamloops’s housing market and home prices

Home prices in Kamloops have risen immensely since 2016, maintaining a steady pace even throughout the COVID-19 pandemic. Though there are indications the market is cooling down, a robust level of housing units remains available for sale coupled with strong demand from buyers. Between January 2020 and June 2021, the benchmark price of a Kamloops home increased from $415,500 to $530,400, a gain of 27.66%.

More precisely, the benchmark price of a single-family home climbed 25% from $479,300 to $598,200 between June 2020 and June 2021. Townhouse prices increased from $375,700 to $441,600 during the same period, a gain of 18%. Condos prices appreciated as well, rising 14% from $271,300 to 308,000.

Going back further, benchmark prices for single-family homes, townhouses, and condos have risen 26.44%, 38.87%, and 44.67%, respectively, since June 2018.

Kamloops closing costs and land transfer tax

Closing costs are one-time expenses you must pay for before you take legal possession of your home. A good rule of thumb is to budget at least 2-4% of your home’s sale price to cover them. Below are some of the different types of closing costs you may encounter:

When you purchase a home in Kamloops, you must also pay a property transfer tax (PTT). The PTT is based on the fair market value of your home and consists of four tiers:

Foreign nationals looking to purchase a home in certain parts of B.C. may be required to pay an additional 20% property transfer tax, known as the “foreign buyers tax.” Luckily, Kamloops is in a region of the province that’s exempt from the tax, so there’s no need to budget for this expense.


Information for first-time home buyers in Kamloops

Whether you’re searching for a single-family detached home, condo or townhouse, obtaining mortgage rate quotes in Kamloops shouldn’t occupy your whole day. You should also familiarize yourself with all the tax credits, rebates and grants available, all of which will reduce your housing costs.

Down payment: In Canada, there are federal laws in place that mandate a minimum down payment for home purchases. For properties valued up to $500,000, you must put down at least 5%. For every dollar of property value above $500,000 and up to $999,999, you must put down 10%. For properties valued at $1 million or more, you must put down at least 20%. Contributing a down payment more than the minimum requirement may be prudent, as it will translate into a smaller mortgage, netting you substantial savings in interest costs.

First-Time Home Buyers Tax Credit: This is a $5,000 federal non-refundable tax credit designed for first-time homebuyers to help offset some of the expenses involved in a property purchase. Eligible individuals can claim the credit (worth $750 in actual tax savings) on their tax return.

GST/HST New Housing Rebate: This rebate enables homebuyers to recoup a portion of the GST/HST paid on a new home or one that has undergone a significant renovation. The rebate is calculated as 36% of the GST/HST paid, up to a maximum of $6,300. Only homes valued at less than $450,000 qualify.

Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: The HATC is a $10,000 federal non-refundable tax credit intended to provide financial relief for seniors and persons with disabilities who undertake renovations to make their homes more functional for their needs. The credit translates to $1,500 in actual tax savings per year ($10,000 x 15%) and is available to individuals aged 65+ or who qualify for the disability tax credit.

B.C. First-Time Home Buyers Program: This program enables eligible first-time B.C. homebuyers to reduce or eliminate their property transfer tax obligations. The rebate absolves first-time homebuyers of the total cost of the transfer tax for properties valued up to $500,000. Homes valued more than this amount qualify too, but at a reduced rate. The rebate disappears entirely for valuations that reach $525,000.

B.C. Newly Built Home Exemption: This program provides a full or partial property tax refund for homebuyers who purchase newly built homes in the province. Properties worth $750,000 or less are eligible for a total property tax exemption. Those valued over $750,000 but less than $800,000 qualify for a partial exemption.

B.C. Home Owner Grant: Homes located in Kamloops qualify for an annual grant of $770. Properties assessed at $1,625,000 or less are eligible for the entire amount, while those with valuations above $1,625,000 receive a partial amount. If you’re a senior or a person with a disability, the grant increases to $1,045.

B.C Home Renovation Tax Credit for Seniors and Persons with Disabilities: This tax credit is essentially B.C.’s version of the HATC. Qualified individuals can claim 10% of eligible expenses up to a maximum of $1,000 on their tax return.

Your questions about Kamloops mortgages, answered.

What’s the difference between a mortgage term and an amortization period?

The mortgage term is the time frame in which your mortgage contract remains in effect. During this period, the interest rate set by your lender will never change, nor will the terms and conditions of your agreement. Once your mortgage term ends, you’ll have the option to renew the mortgage contract’s terms and conditions, or transfer your mortgage to a different lender if you wish. In Canada, mortgage terms range from six months to 10 years, but the most popular option is a five-year term.

The amortization period refers to the length of time required to pay off your mortgage in its entirety. Most homebuyers opt for an amortization period that spans 25 years, but those who make a down payment greater than 20% can extend it to 35 years (the maximum permitted in Canada). Short amortization periods typically result in larger monthly payments with lower interest costs, while more extended amortization periods usually involve smaller payments and higher interest costs.

What’s the difference between an open mortgage vs. a closed mortgage?

WAn open mortgage allows you to contribute additional payments toward your outstanding mortgage balance. You have the option to pay off your entire balance without triggering any penalties. In exchange for this flexibility, lenders generally assign higher rates for open mortgages, as they face the prospect of losing significant interest revenue should borrowers settle their mortgages earlier than anticipated. For this reason, the best open mortgage rates in Kamloops (and across Canada) may still be higher than some closed mortgage rates.

A closed mortgage prohibits you from contributing additional mortgage payments on top of your regular payment schedule. If you opt to pay off your balance before your term ends, you’ll be subject to a prepayment penalty charge, which may be a significant sum of money. However, many lenders permit closed mortgage holders to make extra payments against their outstanding balance, up to a stated maximum. In general, the rates on closed mortgages tend to be lower than those on open mortgages.

How much does it cost to live in Kamloops?

While scouting for the lowest mortgage interest rate possible in Kamloops is essential, you should also focus on the overall cost of living in the city so that you can tailor your budget accordingly.

Kamloops routinely ranks near the top of the list when it comes to home affordability, beating out many other cities and regions in the province, including Vancouver, Victoria, Chilliwack, Fraser Valley and Okanagan Valley.

If you’re planning to get around using a vehicle, be prepared to pay some hefty car insurance premiums. According to the Insurance Bureau of Canada, B.C. drivers pay on average $1,832 per year for car insurance — the highest in the country. However, that figure is predicted to drop substantially following the province’s adoption of a no-fault insurance system on May 1, 2020.

If a car isn’t your ideal mode of transportation, Kamloops operates a bus system that consists of 18 routes that serve the city core, immediate surroundings, and nearby towns. Alternatively, you can rely on taxi services or even your bike by using the city's growing network of bicycle routes.

How much does getting a lower interest rate matter in Kamloops?

Getting the lowest mortgage rate is just one factor. It’s also wise to examine others that routinely appear in mortgage contracts, such as prepayment privileges, penalties, and portability.

Prepayment privileges: This entitlement allows you to contribute extra payments on your mortgage to pay it off faster. Prepayment options vary from lender to lender, with some placing severe restrictions and others offering ample flexibility. If having this option matters to you, tackle this topic with your lender before signing on the dotted line.

Penalties: Suppose you decide to break your mortgage early to take advantage of a refinancing opportunity. In that case, you may incur sizable penalties. Lenders attach penalty provisions to dissuade borrowers from cancelling their mortgage before it matures, as they stand to lose thousands of dollars in interest revenue. If penalties concern you, be sure to discuss with your lender how much you can expect to pay should you break your mortgage.

Portability: This option enables you to transfer your existing mortgage to a new property. The process entails merging your current mortgage with an additional mortgage on your new home. Depending on your revised mortgage balance size, your lender may allow you to retain your current rate or assign you a new one.

Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive mortgage rates from the best mortgage lenders in Kamloops and across Canada. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for homes in Kamloops. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).

The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.

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