Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Kelowna homebuyers.
Based on $$750,000 average home price at current British Columbia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $37,500 | $28,500 | $741,000 | $4,306/mo | $3,670/mo |
| 10% | $75,000 | $20,925 | $695,925 | $4,044/mo | $3,447/mo |
| 15% | $112,500 | $17,850 | $655,350 | $3,808/mo | $3,246/mo |
| 20%NO CMHC | $150,000 | $0 ✅ | $600,000 | $3,487/mo | $2,972/mo |
The average home price in Kelowna is approximately $750,000 as of 2026, representing a +3.2% change year-over-year.
Current 5-year fixed rates in Kelowna 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 $750,000 home in Kelowna with 10% down at 4.94%, you would need approximately $120,677/year gross income to meet the GDS ratio of 39%.
For a $750,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $28,500 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.