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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:

RateProviderPayment

Big 6 Bank

$2,251

Canadian Lender

$2,251

RBC Royal Bank

$2,263

CMLS Financial

$2,296

CIBC

$2,308

Canwise

A Ratehub Company

$2,308

Kelowna mortgage rates: FAQ

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Getting the best mortgage rates in Kelowna

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 +


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

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada. 

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Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

How are CanWise Financial and Ratehub.ca connected?

We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.

We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.

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