38
$799,000
#144 – 1102 Cameron Avenue
Kelowna · Residential
3 bd
3 ba
1,719 sqft
$465/sqft
Built 2017
MLS® 10398361
Macdonald Realty
Pre-approval · Kelowna
What does a mortgage pre-approval in Kelowna actually ask for?
The median asking price in Kelowna is $799,000. At that price the minimum down payment is $54,900, and a lender would test the balance at the federal qualifying rate rather than the rate you would pay. Here is what that works out to, and what a lender checks before any of it applies.
Median asking price
$799,000
Minimum down payment
$54,900
Qualifying payment
$4,980/mo
Estimated range · question 1 of 3
What is your gross household income?
Choose a range to start. Two more answers shape the estimate before any lender or credit check.
No credit check · About 1 minute See what you could qualify for
What the numbers ask of a Kelowna buyer
A $799,000 asking price puts the minimum down payment at $54,900 under the federal rules, and twenty percent at $159,800. Financing the remaining $744,100 and testing it at the qualifying rate of 6.49%, which is higher than the illustrative contract rate of 4.49%, produces a payment of $4,980 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $153,231. The census median household income in Kelowna is $82,000, which is about $71,231 short of the figure the payment implies.
A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $54,900 minimum possible. The premium is added to the mortgage.
Whether your own numbers clear that bar is a lender’s call, and it is a short conversation when your file is ready. See your estimated mortgage range and walk in with it assembled.
Minimum down payment on a Kelowna home
| Median asking price | $799,000 |
| Minimum down payment | $54,900 |
| Twenty percent down | $159,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,980 per month |
The minimum is five percent of the first $500,000, ten percent of any portion between $500,000 and $1,500,000, and twenty percent on anything above $1,500,000. The qualifying payment is arithmetic at an illustrative rate, not a quote.
What a lender is testing before any of this applies
- Income you can document. Pay stubs, a letter of employment, and two years of Notices of Assessment. Self-employed files need two years of T1 Generals.
- Debt you already carry. Balances, minimum payments, and limits, including the limit on a card you never use.
- A down payment with ninety days of history. Any large deposit inside that window needs a paper trail, and a gift needs a signed letter.
- Credit. A hard check, read alongside how long your history runs.
The full document list is on how to get pre-approved for a mortgage in BC.
Homes on the market in Kelowna
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Kelowna
61
$769,000
#4 – 662 Birch Avenue
Kelowna · Residential
3 bd
3 ba
1,800 sqft
$427/sqft
Built 2026
MLS® 10398589
REMAX Kelowna
61
$769,000
#1 – 662 Birch Avenue
Kelowna · Residential
3 bd
3 ba
1,799 sqft
$427/sqft
Built 2026
MLS® 10398587
REMAX Kelowna
59
$680,000
#83 – 2200 GORDON Drive
Kelowna · Residential
3 bd
3 ba
2,772 sqft
$245/sqft
Built 1987
MLS® 10396689
Oakwyn Realty Okanagan
51
$799,000
#2 – 4400 Gallaghers Drive
Kelowna · Residential
2 bd
3 ba
2,411 sqft
$331/sqft
Built 1996
MLS® 10396178
REMAX Kelowna
29
$475,000
#204 – 1329 Ellis Street
Kelowna · Residential
1 bd
2 ba
1,007 sqft
$472/sqft
Built 2007
MLS® 10384667
REMAX Kelowna
39
$369,900
#304 – 547 Yates Road
Kelowna · Residential
2 bd
2 ba
932 sqft
$397/sqft
Built 2008
MLS® 10396663
Stilhavn Real Estate Services
43
$1,100,000
1796 Tower Ranch Boulevard
Kelowna · Residential
4 bd
3 ba
3,026 sqft
$364/sqft
Built 2017
MLS® 10387806
REMAX Kelowna
Open House on Sat, 11am–3pm
51
$434,900
#403 – 1111 Frost Road
Kelowna · Residential
1 bd
1 ba
661 sqft
$658/sqft
Built 2025
MLS® 10394178
REMAX Kelowna
Open House on Sat, 11am–3pm
61
$499,900
#218 – 1057 Frost Road
Kelowna · Residential
2 bd
2 ba
1,010 sqft
$495/sqft
Built 2025
MLS® 10394173
REMAX Kelowna
Open House on Sat, 11am–3pm
48
$579,900
#217 – 1057 Frost Road
Kelowna · Residential
3 bd
2 ba
1,114 sqft
$521/sqft
Built 2025
MLS® 10394174
REMAX Kelowna
Open House on Sat, 11am–3pm
57
$489,900
#410 – 1111 Frost Road
Kelowna · Residential
2 bd
2 ba
957 sqft
$512/sqft
Built 2025
MLS® 10394180
REMAX Kelowna
See all Kelowna listings (1,973 active listings)
Pre-approval in cities near Kelowna
Mortgage pre-approval in Surrey
$1,048,000 median asking price
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,019,000 median asking price
Mortgage pre-approval in Burnaby
$890,000 median asking price
Mortgage pre-approval in Langley
$949,900 median asking price
Mortgage pre-approval in Abbotsford
$824,900 median asking price
Mortgage pre-approval in Coquitlam
$952,450 median asking price
Mortgage pre-approval in Chilliwack
$729,000 median asking price
Pre-approval questions in Kelowna
What income does a lender test a median-priced Kelowna purchase against?
A $799,000 purchase with $54,900 down leaves $744,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $4,980 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $153,231. The census median household income in Kelowna is $82,000. Your own number will differ with your debts, your down payment, and your property taxes.
How much do I need for a down payment in Kelowna?
At the $799,000 median asking price, the federal minimum is $54,900, and twenty percent is $159,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $54,900 minimum possible. The premium is added to the mortgage. Closing costs sit on top of the down payment.
Does a pre-approval mean the mortgage is approved?
No. A pre-approval is a lender’s conditional statement about you. Final approval also depends on the specific property, which the lender appraises and, for a condo, reviews the strata documents on.
Can I get pre-approved before I choose a city?
Yes, and it is the usual order. A pre-approval is based on your income, debts, and credit rather than on a particular home, so the amount travels with you across BC. The down payment minimum changes with the price, not with the city.
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Listing data provided by the Greater Vancouver REALTORS® and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. MLS® and REALTOR® are trademarks of CREA. Asking prices come from the live MLS® feed through board reciprocity. Household income is the Statistics Canada census median for the city. Payment figures use an illustrative rate over a 25-year amortization and the federal qualifying rate. They are arithmetic, not a quote, and not an offer of credit. Ray Rasouli is a licensed REALTOR® with Real Broker B.C. Ltd. and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.