Find the best mortgage rate in Kelowna
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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 8, 2023, the best 5-year fixed mortgage rate in Kelowna is 5.04%, while the best 5-year variable mortgage rate is 5.95%.
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 Bank with the lowest 5-year fixed mortgage rates in Kelowna as of October 27, 2023, is TD, with 5.53%. The Big Bank with the lowest 5-year variable mortgage rate in Kelowna is CIBC, at 6.7%.
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 go down in 2023?
Between March 2, 2022 and July 12, 2023, in response to excessively high inflation, the Bank of Canada implemented 10 rate raises, taking the target for the overnight rate from 0.25% to 5%, where it stands today. As a result, the cost to borrow money has increased significantly, sending variable mortgage rates soaring upwards.
Meanwhile, fixed mortgage rates also climbed steeply over the year, as they are tied to the bond market. The same white-hot inflation that led the Bank of Canada to raise its benchmark lending rate also caused bond yields to rise for most of 2022 and into 2023.
After an initial series of eight consecutive rate hikes between March 2022 and January 2023, the Bank of Canada adopted a conditional rate hold stance to assess the results of its rate hike cycle. However, in June and July, the Bank hiked its target for the overnight rate by 0.25% twice in a row in response to intransigently high core inflation data combined with surprisingly robust GDP growth in the first quarter of the year and strong job numbers. Most recently, at its final announcement for the year on December 6, the Bank chose to hold the target for the overnight rate at 5% for a third consecutive time, citing weak Q3 GDP numbers, reduced consumer spending and October’s lower-than-anticipated CPI reading of 3.1% as the principal factors that drove its decision. However, the Bank noted that inflation remained above its target rate of 2%, and reaffirmed its commitment to achieving that target, even if it meant effecting further rate hikes. That said, most experts believe that the Bank’s rate hiking cycle is over, and are predicting rate cuts in the second half of 2024 or in 2025. In light of that, we can expect that variable mortgage rates will hold steady for the rest of the year and into 2024, before coming down whenever the Bank begins cutting the policy rate.
The bond market has been very volatile in 2023, rising and falling at a head-spinning pace in response to a variety of domestic and international factors. In May, June and July, bond yields were climbing in response to persistently high inflation reading and concerns about the US debt ceiling negotiations (among other factors), compelling lenders to raise their fixed mortgage rates. Then, the Bank of Canada’s June and July rate hikes introduced even more instability into the already agitated bond market. While the Bank’s September 6 rate hold did have a slightly calming effect on the bond market, bond yields resumed climbing shortly thereafter, fuelled by fears connected to global instability and “higher for longer” interest rates. They passed the 4.4% mark, forcing lenders to raise their fixed mortgage rates in the latter half of October. This trend finally reversed in the wake of the Bank of Canada’s October 25 rate hold decision, coupled with that of the US Fed on November 1, which sent bond yields falling to levels where lenders could finally begin reducing their fixed mortgage rates. Cooling inflation and a final rate hold decision in 2023 by the Bank of Canada on December 6 has sent bond yields falling yet further, taking fixed mortgage rates down with them. Should bond yields continue to dip, we can expect that fixed mortgage rates will decrease with them.
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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 |
---|---|---|---|
5.04% | 5 years | Fixed | Canadian Lender |
5.39% | 4 years | Fixed | Canadian Lender |
5.59% | 3 years | Fixed | Canwise |
5.84% | 7 years | Fixed | Big 6 Bank |
6.14% | 2 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 $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, 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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