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Jamie David, Director of Marketing & 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 homebuyers 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 +
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|
|On $200,001 to $2,000,000||2.0%|
|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 center page.
Kelowna first-time homebuyer rebates
Most of the first-time homebuyer 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 homebuyers, as BC land transfer tax rates are some of the highest in the country!
Under the BC first-time homebuyer 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 homebuyer rebate, new homebuyers in Kelowna are also eligible for first-time homebuyer programs at the federal level, including:
- RRSP Home Buyer’s Plan: This allows you to borrow up to $35,000 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 is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.read linkedin bio
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