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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Kelowna and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Kelowna and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local British Columbia credit unions like Coast Capital Savings — can often result in a better mortgage rate.
When searching for the best mortgage rates in Kelowna, Canada, it’s important to understand what factors affect your mortgage rate. These factors will help lenders calculate mortgage interest rates for your Kelowna home.
1. Down payment
To qualify for a mortgage in Canada, a homebuyer must be able to put at least 5% of the purchase price down as a down payment. That means if you purchase a home that costs $500,000, you’re required to put down at least $25,000 as a down payment.
You can put as much as you’d like down as a down payment, but the Canadian government sets minimum down payment requirements based on the price of the property:
It’s also worth noting that you will be required to get mortgage default insurance if you plan on putting down less than 20%. There are three companies that offer mortgage default insurance in Canada: Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty, and Sagen (formerly known as Genworth Canada). Working with mortgage companies in Kelowna (or any broker across Canada) will not only help you get best mortgage rates, they will also help arrange mortgage default insurance if you require it.
2. Credit score
A credit score signals to a lender how reliable a homebuyer is when it comes to managing and paying down debt. To qualify for the cheapest mortgage rates in Kelowna, a buyer must have a good credit score. Credit scores are calculated using information in a person’s credit report, which most Canadians have (anyone who has ever been given credit, such a credit card, line of credit, or car loan will have a credit report).
So, what qualifies as a good credit score? Credit scores in Canada range from 300-900. According to Equifax, one of North America’s major credit bureaus, a score between 660 and 900 will be in the range of good, very good, and excellent. Homebuyers with scores within that range will have a better chance of qualifying for the lowest mortgage interest rate in Kelowna.
3. Income and employment
Finally, a homebuyer’s income is a major determining factor when it comes to qualifying for house mortgage rates in Kelowna.
The type of income also matters. Lenders like to see that a homebuyer has a history of making enough income to afford the mortgage on their home. They will want to determine whether a buyer is a salaried employee, self-employed, and has additional investment income or income from a rental property.
Buyers who have a salaried job with at least two years of employment history typically have the easiest time qualifying for a mortgage. That doesn’t mean a self-employed buyer won’t qualify for the best of today’s mortgage rates in Kelowna; you might just be required to provide additional supporting documentation to prove your income.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.17%. That’s 17 bps above the average high-ratio 5-year fixed rate, which stands at 4.00%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.53% | 4.49% |
| 10/25 | 4.50% | 4.42% |
| 11/25 | 4.45% | 4.44% |
| 12/25 | 4.58% | 4.45% |
| 01/26 | 4.58% | 4.46% |
| 02/26 | 4.57% | 4.63% |
| 03/26 | 4.38% | 4.30% |
| 04/26 | 4.31% | 4.10% |
| 05/26 | 4.26% | 4.13% |
| 06/26 | 4.15% | 3.95% |
| 07/26 | 4.17% | 4.00% |
| 08/26 | 4.18% | 4.02% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 4.13%. That’s 46 bps above the 5-year variable rate, which stands at 3.67%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.68% | 4.89% |
| 10/25 | 4.76% | 4.78% |
| 11/25 | 4.73% | 4.58% |
| 12/25 | 4.79% | 4.60% |
| 01/26 | 4.70% | 4.54% |
| 02/26 | 4.62% | 4.56% |
| 03/26 | 4.44% | 4.36% |
| 04/26 | 4.26% | 4.18% |
| 05/26 | 4.19% | 3.67% |
| 06/26 | 4.11% | 3.61% |
| 07/26 | 4.13% | 3.67% |
| 08/26 | 4.13% | 3.69% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $429,740 in Kelowna and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Kelowna from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Kelowna | $437,217 | $451,431 | $448,314 | $413,340 | $383,875 | $399,255 | $435,481 | $427,136 | $424,856 | $415,403 | $447,023 | $421,502 | $429,740 | $440,644 | $457,827 | $453,600 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,625 in Kelowna by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,884 | $2,077 | $2,248 | $2,333 | $2,320 | $2,334 | $2,544 | $2,676 | $2,655 | $2,535 | $2,653 | $2,459 | $2,821 | $2,436 | $2,492 | $2,443 |
Closing costs are one-time fees that property buyers must pay upon purchase. These costs may include:
British Columbia, and by extension, Kelowna, imposes its land transfer tax by applying a tax-bracket system to the property’s purchase price.
It’s important to understand the difference between a mortgage term and an amortization period. Keep both in mind when doing a mortgage rates comparison for Kelowna. One is the time your current rate is locked in and the other is the entire lifetime of your mortgage.
Some lenders offer both open and closed mortgages. A mortgage’s payment flexibility is determined by whether it’s open or closed.
A buyer will pay close attention to interest rates when looking at today’s mortgage rates in Kelowna. After all, interest rates are a major factor in determining the affordability of a mortgage in Canada. However, it is just one important element of a mortgage. Before you sign a mortgage contract, there are a few things you should consider.
LowestRates.ca works with top banks and brokers to bring you competitive mortgage rates from lenders across Canada. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. 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.
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. LowestRates.ca 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.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers. 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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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