Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Kamloops homebuyers.
Based on $$560,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $28,000 | $21,280 | $553,280 | $3,215/mo | $2,740/mo |
| 10% | $56,000 | $15,624 | $519,624 | $3,020/mo | $2,574/mo |
| 15% | $84,000 | $13,328 | $489,328 | $2,843/mo | $2,424/mo |
| 20%NO CMHC | $112,000 | $0 ✅ | $448,000 | $2,603/mo | $2,219/mo |
The average home price in Kamloops is approximately $560,000 as of 2026, representing a +3.5% change year-over-year.
Current 5-year fixed rates in Kamloops start around 4.94%, while variable rates start around 3.40%. Credit unions in British Columbia often offer rates 0.25–0.50% below major banks.
To afford a $560,000 home in Kamloops with 10% down at 4.94%, you would need approximately $90,123/year gross income to meet the GDS ratio of 39%.
For a $560,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $21,280 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.40%) are currently lower than 5-year fixed (4.94%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.