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Best Kelowna mortgage rates
The rate table shows 5-year fixed mortgage rates in Kelowna. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Kelowna mortgage rates: FAQ
What are the current mortgage rates in Kelowna?
As of December 13, 2024, the best 5-year fixed mortgage rate in Kelowna is 4.14%, while the best 5-year variable mortgage rate is 4.35%.
Using our rate table above, you can compare a whole range of mortgage products available in Kelowna from the Big Banks, credit unions and smaller, regional banks. All of our rate tables are updated automatically over the day to reflect any changes in rates, so you can rest assured that you’re always seeing the most current, best mortgage rates in Kelowna.
What lender has the lowest mortgage rates right now?
The Big Banks with the lowest rates in Kelowna as of December 11, 2024, are RBC and CIBC, with a 5-year variable rate of 4.65% and BMO with a 5-year fixed rate of 4.45%.
While these are the lowest mortgage rates in Kelowna on offer from the Big Banks right now, they are not the lowest rates on the market. Use our rate table above to shop around among numerous providers and make sure that you’re getting the best mortgage product for your needs. It’s updated throughout the day, so you’ll always be seeing the lowest mortgage rates currently on offer in Kelowna.
Will mortgage rates continue to go down in 2025?
It’s hardly news that 2022 and 2023 were difficult years for Canadian mortgage holders and home buyers. In a bid to tame runaway inflation, the Bank of Canada carried out a historically rapid rate hiking cycle from March 2022 to July 2023 that brought the overnight lending rate up from 0.25% to 5%. Fixed mortgage rates, for their part, doubled over roughly the same time period. It’s no wonder, then, that people in Kelowna and all across Canada are wondering whether 2024 will bring more much-needed relief.
It looks like we can finally be optimistic in this department. In its eighth announcement of the year on December 11, 2024, the Bank of Canada lowered the overnight lending rate for the fifth month in a row, taking it to 3.25%. This marks the fifth rate cut since June 2024, with the Bank citing stable inflation and softer economic growth as the main reasons behind the decision. However, the Bank of Canada has signaled that future rate cuts may be slower and smaller than those seen in 2024. The Bank emphasized that it will take a more cautious, data-dependent approach moving forward, making decisions one announcement at a time. If this proves true, Canada’s prime rate will decrease further from its current level of 5.45%, causing variable mortgage rates to fall in tandem.
Fixed mortgage rates, however, are influenced by the bond market rather than the Bank of Canada’s rate decisions. Bond yields have fluctuated throughout 2024, with investors reacting to economic reports from Canada, the U.S., and globally. Most recently, as the Bank’s December 11 announcement approached, bond yields dropped to 2.8%. This might prompt some lenders to reduce their fixed mortgage rates. In the longer term, provided inflation remains under control and continues to trend downward, bond yields are expected to fall further, bringing fixed mortgage rates down as well.
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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Getting the best mortgage rates in Kelowna
Jamie David, Sr. Director of Marketing and Mortgages
As British Columbia's third-largest city (after Vancouver and Victoria) Kelowna has a strong real estate and mortgage market. This is good news for Kelowna home buyers because it gives you access to a wide range of mortgage products and mortgage rates, while still reaping the benefit of lower home prices than Downtown Vancouver.
Below we've laid out some of the things you should consider before looking for a mortgage in Kelowna. When you're ready, you can compare personalized quotes for mortgage rates in Kelowna with the tools at the top of this page.
Best mortgage rates in Kelowna +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
4.09% | 3 years | Fixed | Big 6 Bank |
4.14% | 5 years | Fixed | Canadian Lender |
4.44% | 4 years | Fixed | Big 6 Bank |
5.29% | 2 years | Fixed | Big 6 Bank |
5.29% | 7 years | Fixed | Big 6 Bank |
Comparing the best mortgage rates in Kelowna
The comparison tables at the top of this page list the best mortgage rates available in Kelowna, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.
Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.
Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from Kelowna lenders in under two minutes.
Kelowna closing costs
When applying for a new mortgage in Kelowna, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).
British Columbia Land Transfer Tax: When buying a home in Kelowna, you'll be subject to the British Columbia Land Transfer Tax. This is a marginal tax, based on the purchase price of the property. This tax will need to be paid in cash, and cannot be added to your mortgage. The British Columbia land transfer tax rates are as follows:
Purchase Price of Home | Marginal Tax Rate | ||||
---|---|---|---|---|---|
First $200,000 | 1.0% | ||||
On $200,001 to $2,000,000 | 2.0% | ||||
Over $2,000,000 | 3.0% | ||||
Over $3,000,000 | A further 2% for residential properties (5% total) |
CMHC Insurance: If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.
These are just some of the closing costs you’ll have to pay in Kelowna. Learn more on our closing costs education centre page.
Kelowna first-time home buyer rebates
Most of the first-time home buyer programs in Canada are administered at the provincial level, and typically involve a full or partial rebate of the province's land transfer tax. A rebate of this kind does exist in British Columbia. This should come as a relief to Kelowna's first-time home buyers, as BC land transfer tax rates are some of the highest in the country!
Under the BC first-time home buyer rebate program, homes purchased for $500,000 or less will receive a full refund of the land transfer tax. For homes with a purchase price of between $500,000 and $525,000, a partial refund is given. You can learn more about this rebate here.
In addition to the BC first-time home buyer rebate, new home buyers in Kelowna are also eligible for first-time home buyer programs at the federal level, including:
- RRSP Home Buyer’s Plan: This allows you to borrow up to $60,000 from your RRSP for your down payment. The money must be paid back within 15 years.
- First-Time Home Buyer’s Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
- GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.
Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
Want to learn more? Check out our comprehensive education centre
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