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Compare mortgage rates in Kelowna.

Kelowna is known for its sandy beaches, sprawling parkland, and beautiful waterfront. If you’re looking for a location that offers outdoors activities like boating, swimming, proximity to hiking and nature, this gem in British Columbia’s Okanagan Valley might be the perfect place for you to live.

And if you’re interested in purchasing a home there, you’re likely curious about average mortgage rates in Kelowna. Luckily, makes it easy to compare 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. In just three minutes, we’ll show you available broker mortgage rates for Kelowna, as well as bank mortgage rates. We shop the market for you, and there’s no obligation to take the rates we offer.

Read on to learn everything you need to know about home mortgage rates in Kelowna, including how to get a mortgage loan in Kelowna and how to qualify for the best mortgage rates.

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Conventional vs. high-ratio mortgages: which is cheaper? can help you find the best mortgage rates for a home in Kelowna, whether you’re getting a conventional or a high-ratio mortgage. Ultimately, the type of mortgage you get will depend on the amount of money you have saved up for a down payment in relation to the home’s price.

A conventional mortgage is one where a buyer puts down 20% or more of the home’s purchase price upfront. A high-ratio mortgage is a loan for a mortgage with less than 20% down. This type of mortgage is also called an insured mortgage because the buyer is required to buy mortgage default insurance.

The more money you put down up front when buying a home, the lower your monthly, bi-weekly, or weekly mortgage payments will be. There are advantages and disadvantages to both mortgage types: Purchasing a home with a conventional mortgage lowers your overall lending cost, but purchasing a home with a high-ratio mortgage may allow you to buy your home sooner.

Whether your mortgage is considered conventional or high-ratio, allows you to compare rates from the best mortgage lenders in Kelowna and across Canada to help you find the best loan for your situation.

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?

You’ll also want to consider whether a fixed interest rate or variable interest rate is right for you.

A fixed rate means the interest rate stays the same over the term of your mortgage. Let’s say you choose a five-year fixed rate mortgage when purchasing your home. Your mortgage payment will stay the same over the course of the entire five-year term.

The interest rate on a variable rate mortgage, meanwhile, may fluctuate over your mortgage term. Variable rates are based on the prime rate that your lender sets. Each lender’s prime rate fluctuates based on several economic factors, such as the Bank of Canada’s overnight lending rate. If the Bank of Canada increases its overnight rate, lenders typically follow suit by increasing their prime rate. The inverse is true as well: If the Bank of Canada prime rate is lowered, lenders will also lower their prime rate, which would result in a lower mortgage payment.

If you’re wondering how fixed mortgage rates in Kelowna compare to variable mortgage rates in Kelowna, you can use to compare both options.

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 Kelowna 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.

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Typical mortgage amounts in Kelowna

To calculate the cost of a mortgage in Kelowna, buyers will have to consider a number of different factors. Mortgage costs depend on where a home buyer plans to live and the type of home they want to purchase. The higher the cost of the home, the higher the mortgage. That means, more sought-after and competitive neighbourhoods will typically cost more; additionally, single-family homes typically cost more than condos or townhouses.

The down payment will also impact a buyer’s mortgage amount. The more money a buyer puts down toward the purchase of a home, the lower their mortgage amounts will be. For example, using’s mortgage payment calculator, a home that costs $500,000 with a 5% down payment ($25,000) and a five-year fixed rate of 1.9% will cost $2,072 per month. That same home with a 20% down payment ($100,000) will cost $1,675 per month.

Your mortgage interest rate will also determine your mortgage costs. Assuming the same home cost as above with 5% down but a mortgage interest rate of 3.5% will result in a cost of $2,471 per month.

Remember, a buyer who puts down less than 20% toward a home will have to have mortgage default insurance. That cost is rolled into the mortgage payments. All of these factors need to be taken into consideration when you calculate the costs of a Kelowna mortgage.

Kelowna’s housing market and home prices

Kelowna’s housing market, like many markets across Canada, has been on the rise. The benchmark cost of a home in Okanagan-Mainline was $671,700 in June 2021, according to the Canada Real Estate Association’s (CREA) National Price Map. That’s up from $520,100 a year prior — an increase of 29%.

That follows the trend seen in British Columbia, where the average price increased 22% year-over-year in June, from $745,194 to $909,810.

Of course, home prices differ based on home type.

The benchmark price for a single family home in the Okanagan Valley, where Kelowna is located, was $804,800 in June (up from $604,500 a year prior); condo prices, meanwhile, increased to $431,800 from $350,600.

Going back even further, it’s clear that Kelowna’s housing market has been on the rise. Benchmark prices for single-family homes in the Okanagan Valley have increased 69% over the last five years.

Kelowna closing costs and land transfer tax

If you’re interested in buying a home, you should also know about closing costs. These are the costs you’ll incur in addition to the down payment.

Closing costs vary by property, home type, and region, but all home purchases require the buyer to have a certain amount set aside for closing costs. Closing costs typically range from 1.5% to 4% of the purchase price of the home. Here are a few examples:

Some other closing costs include:

Buyers are also responsible for taxes. These include transfer taxes. Land transfer tax in B.C. is based on the fair market value of the land when it was registered. In addition to land transfer taxes, buyers are responsible for paying general property taxes. General property taxes are based on a sliding scale:

Finally, B.C. has a foreign buyer’s tax. This is a 20% tax on the price of the property for all foreign nationals who purchase homes in certain B.C. markets, including the districts of Central Okanagan (which includes Kelowna), Metro Vancouver, Fraser Valley, Capital and Nanaimo.


Information for first-time home buyers in Kelowna

Here are some things you need to know if you’re a first-time home buyer.

Home purchases require a deposit. This is a good faith deposit, held in trust by your lawyer, which is typically given within 24 hours of an offer on a home being accepted by the seller. The standard deposit is typically 5% (the deposit can be held in trust and then be used as your down payment).

First-time home buyers qualify for the The First-Time Home Buyer's Tax Credit. This federal tax credit can be claimed for up to $750.

The GST/HST New Housing rebate is another way for certain buyers to recoup a small amount of costs. Buyers of a new or substantially renovated house may qualify for homes purchased as a primary residence.

The Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities. This is a tax that’s available to certain buyers who qualify as seniors or persons with disabilities.

Finally, there’s the BC Property Transfer Tax (PPT) First-Time Home Buyers’ Program. Qualifying buyers may be exempt from paying property transfer tax (1% exemption on the first $200,000 of a home purchase and 2$ on the remainder of a purchase price up to $500,000).

Your questions about Kelowna mortgages, answered.

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

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.

Mortgage term: The amount of time a home buyer is contracted or locked in at their current mortgage rate. Mortgage terms typically range from one to five years, but are also available in shorter and longer terms (as short as a few months and as long as 10 years). Five years is the most popular mortgage term in Canada.

Amortization period: This is the amount of time it will take to pay off the entirety of a mortgage. The amortization period of a mortgage depends on a few factors. If a home buyer chooses a high ratio mortgage and puts less than 20% down, the maximum amortization period is 25 years. However, conventional mortgages can be amortized up to 35 years in Canada.

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

Some lenders offer both open and closed mortgages. A mortgage’s payment flexibility is determined by whether it’s open or closed.

Open mortgage: An open mortgage means the buyer can make as many additional payments on the mortgage as they’d like, without penalty. These payments are called prepayments. Prepayments are a good way to pay a mortgage down faster.

Closed mortgage: A closed mortgage is one that typically limits how much a buyer can pay toward their mortgage each year. While closed mortgages sometimes offer lump payment options, their payment rules are stricter than open mortgages. The tradeoff, though, is that lenders typically offer lower interest rates for closed mortgages.

How much does it cost to live in Kelowna?

There are several costs, in addition to housing costs, that should be considered when living in Kelowna. Costs fluctuate based on whether you own your home or rent, whether you own a car, and the type of home you live in.

Both rent and home prices have been on the rise in Kelowna over the past few years. Still, it offers more affordable real estate than major urban centres like Vancouver.

Car insurance will be a major expense, regardless of where you live in B.C. due to the fact that the province has some of the highest car insurance rates in Canada. The base premium for insurance in British Columbia is $1,063 but will fluctuate based on factors such as age and driving history. The average cost for car insurance in B.C. is $1,832, according to the Insurance Bureau of Canada.

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

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.

Prepayment privileges: If you’re someone who is a diligent saver and likes to pay debt down as quickly as possible, the flexibility of an open mortgage will allow you to put as much money toward paying off your mortgage as you’d like. Those prepayment privileges might mean a lower overall cost of owning, despite typically having higher interest rates, if the buyer is diligent about making additional payments.

Penalties: It’s also important to look at the penalties when considering a mortgage. Some mortgages charge a penalty for breaking a mortgage. So, if a buyer is unsure about whether or not they plan to own the home over the course of the mortgage term, a mortgage that offers portability might be attractive.

Portability: A portable mortgage is one that allows the homeowner to move the existing mortgage — with its current term and amortization period — from one property to another. This is an attractive feature for people who plan on moving within their mortgage term or those who might have to relocate for work or other circumstances.

Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive mortgage rates from lenders 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. 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. 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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