52
$1,600,000
$363/sqft
6 bd · 5 ba · 4,407 sqft
#133, 515 Wren Place
Kelowna · Single Family
Listed by LPT Realty ULCMLS® 10403111
Pre-approval · Kelowna
What does a mortgage pre-approval in Kelowna ask for?
At the $789,450 median asking price, you need $53,945 down. A lender tests a payment of $4,922 a month.
- Minimum down
- $53,945
- Monthly payment a lender tests
- $4,922
- Implied household income
- $151,446
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $53,945
- Monthly payment a lender tests
- $4,922
- Implied household income
- $151,446
What a Kelowna buyer needs
At $789,450, the minimum down payment is $53,945 and twenty percent is $157,890. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,922 a month over 25 years, which needs a household income near $151,446. The Kelowna census median is $82,000, about $69,446 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $53,945 minimum.
Minimum down payment on a Kelowna home
| Figure | Amount |
|---|---|
| Median asking price | $789,450 |
| Minimum down payment | $53,945 |
| Twenty percent down | $157,890 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,922 per month |
The qualifying payment uses an illustrative rate, not a quote.
What a lender checks first
- 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
Active listings in Kelowna
1,922 active listings
81
$1,848,900
$543/sqft
4 bd · 4 ba · 3,405 sqft
3671 McKinley Beach Drive
Kelowna · Single Family
Listed by eXp Realty (Kelowna)MLS® 10403327
78
$2,096,000
$483/sqft
5 bd · 6 ba · 4,343 sqft
1016 EMSLIE Street
Kelowna · Single Family
Listed by REMAX Kelowna - Stone SistersMLS® 10383477
38
$879,000
$638/sqft
2 bd · 3 ba · 1,377 sqft
#708, 1588 Ellis Street
Kelowna · Single Family
Listed by Royal LePage KelownaMLS® 10394015
92
$3,250,000
$675/sqft
6 bd · 5 ba · 4,816 sqft
2475 Maquinna Road
Kelowna · Single Family
Listed by REMAX KelownaMLS® 10403367
27
$249,900
$212/sqft
2 bd · 2 ba · 1,179 sqft
#4, 7841 Highway 97 N Highway
Kelowna · Single Family
Listed by REMAX KelownaMLS® 10376338
39
$459,000
$446/sqft
2 bd · 1 ba · 1,028 sqft
246 Briarwood Road
Kelowna · Single Family
Listed by Royal LePage KelownaMLS® 10402790
29
$719,900
$300/sqft
3 bd · 4 ba · 2,402 sqft
#89, 600 Boynton Place
Kelowna · Single Family
Listed by REMAX KelownaMLS® 10400849
58
$499,900
$274/sqft
3 bd · 3 ba · 1,827 sqft
#6, 3000 Richter Street
Kelowna · Single Family
Listed by REMAX KelownaMLS® 10402303
33
$517,500
$434/sqft
2 bd · 2 ba · 1,193 sqft
#309, 1964 Enterprise Way
Kelowna · Single Family
Listed by REMAX KelownaMLS® 10403301
35
$319,900
$379/sqft
2 bd · 1 ba · 843 sqft
#62, 610 Katherine Road
Kelowna · Single Family
Listed by Coldwell Banker Horizon RealtyMLS® 10402343
43
$780,800
$690/sqft
2 bd · 2 ba · 1,131 sqft
#1301, 1232 Ellis Street
Kelowna · Single Family
Listed by REMAX KelownaMLS® 10402035
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
Pre-approval in cities near Kelowna
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,379,500 median asking price
Mortgage pre-approval in Burnaby
$859,950 median asking price
Mortgage pre-approval in Richmond
$1,004,800 median asking price
Mortgage pre-approval in Langley
$959,900 median asking price
Mortgage pre-approval in Abbotsford
$799,900 median asking price
Mortgage pre-approval in Coquitlam
$956,450 median asking price
Mortgage pre-approval in Chilliwack
$750,000 median asking price
Pre-approval questions in Kelowna
At the $789,450 median, the minimum is $53,945 and twenty percent is $157,890. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $53,945 minimum.
No. Final approval also depends on the property.
Yes. It is based on you, not a home, so it works anywhere in BC.
Related pages
Prepared by
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Data
Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
CorrectionsReport a correction
Payments use an illustrative rate over 25 years and the federal qualifying rate. Not a quote or an offer of credit. Ray Rasouli is a licensed REALTOR® and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.