Single-family benchmark, Central Okanagan
$1,003,100As of October 2026.Source
Townhome benchmark, Central Okanagan
$727,400As of October 2026.Source
Condo benchmark, Central Okanagan
$465,100As of October 2026.Source
Population of the City of Kelowna
144,576As of 2021 Census.Source
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Kelowna’s housing market looks different from the Lower Mainland’s, and so does the paperwork. Prices are reported by the Association of Interior REALTORS for the Central Okanagan, an area wider than the city itself.

What the Central Okanagan benchmarks say

In October 2026 the Central Okanagan single-family benchmark was $1,003,100, down 2.2% on the year, with single-family sales down 25%. The townhome benchmark was $727,400, up 3.2%, and the condo benchmark was $465,100, down 3.8%. Kelowna’s 2021 Census population was 144,576.

The three property types moved in different directions, which means two Kelowna owners with the same mortgage balance can have different room. A condo that lost nearly 4% of its value in a year has lost lendable equity for a lender who works from 80% of today’s price.

Equity, room and the fees that come out first

The Financial Consumer Agency of Canada describes a second mortgage as available up to 80% of appraised value once your mortgage balance is deducted. In the first example, a house owner with a $560,000 mortgage has $242,480 of room. In the second, a townhome owner with $227,400 of equity has $81,920 of room, and a $60,000 loan uses most of it. If the loan has to clear debts, fees come out of the amount, so the cash that reaches the debts is smaller than the loan. The calculator shows this.

Costs, taxes and what the numbers leave out

A second mortgage in Kelowna costs interest, a lender fee, often a broker fee, legal costs and an appraisal. We did not locate a Kelowna-specific cost schedule, so ask each lender for every charge in writing. A home equity loan is the plain version of this product, and our home equity loan page explains it.

If you already have a first and a second mortgage and need more, a lender may be looking at a third. The third mortgage page covers why that is expensive and what to try first.

Using home equity for a business

Okanagan owners often run a small business or a rental, and ask whether home equity can fund it. A lender will look at the home’s equity, the first mortgage and how the business repays the loan. Our business purpose page explains how the terms differ from a plain consumer loan, and private or bank second mortgage shows what the lender type changes.

Renewals and payment pressure

The Bank of Canada’s 2026 Financial Stability Report says the last of the five-year fixed-payment mortgages taken out during the pandemic renew over the next twelve months, about 12% of outstanding mortgages in Canada, with payments up about 15% on average. We found no Kelowna-specific renewal or arrears figure, so we do not offer one. If your renewal is coming, price a bank renewal before a second mortgage.

If you fall behind, Legal Aid BC explains that a BC lender cannot sell your home without your consent or a court order. That court process takes time and a judge sets the terms, so speak to a lawyer early.

What to gather before you apply in the Okanagan

Whatever the property type, a lender will want the same few things: your latest mortgage statement, the property tax notice, proof of income or a clear account of how you will repay, and a list of the debts you want to clear. For a strata unit, add the strata fee statement and recent minutes. For a townhome or house on a shared lane, say so early.

Gathering these before you call anyone saves days and keeps you from accepting a rushed quote. Ask each lender for the interest rate, the lender fee, the broker fee, legal costs and the appraisal charge in writing, and add them up for the first year before comparing offers.

Houses versus townhomes in the same region

A Central Okanagan townhome at the benchmark is worth $727,400 against $1,003,100 for a single-family home, about 27% less. The 80% ceilings follow: $581,920 for the townhome and $802,480 for the house, a gap of $220,560. A townhome owner with the same mortgage balance as a house owner therefore has much less to borrow against, even though townhome prices rose over the year and house prices fell.

Who to ask in the Okanagan

Bring the property type, the first mortgage and the purpose of the loan to a licensed mortgage professional in British Columbia, who can compare banks, credit unions and private lenders. The British Columbia page sets out the provincial rules and costs. If you want a read on your Kelowna numbers, get your options looked at.

A Central Okanagan single-family home at the October 2026 benchmark

The $1,003,100 value is the Association of Interior REALTORS' October 2026 Central Okanagan single-family benchmark, used as a stand-in for an appraisal. The $560,000 first mortgage and $75,000 loan are made up. The 80% ceiling is the Financial Consumer Agency of Canada's figure for a second mortgage.

Home value used
$1,003,100
Owed on the first mortgage
$560,000
Combined loan-to-value with a $75,000 loan
63.3%

$635,000 divided by $1,003,100

80% of the home value
$802,480
Room left after the new loan
$167,480

$242,480 minus $75,000

Room under an 80% ceiling before the loan
$242,480

Equity here is $443,100 and lendable room is $242,480. A $75,000 loan uses about 31% of that room, which leaves space if the appraisal comes in lower.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

A Central Okanagan townhome at the October 2026 benchmark

The $727,400 value is the Association of Interior REALTORS' October 2026 Central Okanagan townhome benchmark, used as a stand-in for an appraisal. The $500,000 first mortgage and $60,000 loan are made up.

Home value used
$727,400
Equity before the new loan
$227,400

$727,400 minus $500,000

Combined loan-to-value with a $60,000 loan
77.0%

$560,000 divided by $727,400

80% of the home value
$581,920
Room left after the new loan
$21,920

Equity of $227,400 sounds large, but the ceiling leaves $81,920 and a $60,000 loan takes three quarters of it. A 3% lower appraisal would leave about $4,500.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

Questions people ask

Central Okanagan benchmark versus a Kelowna house price: same thing?

Not exactly. The Association of Interior REALTORS reports a Central Okanagan benchmark of $1,003,100 for a single-family home in October 2026, and that region covers more than the City of Kelowna. A lender will appraise your own property.

Which Kelowna property type kept its value best in 2026?

According to the Association of Interior REALTORS, the Central Okanagan townhome benchmark rose 3.2% to $727,400 in October 2026 while the single-family benchmark fell 2.2% and the condo benchmark fell 3.8% to $465,100. One month does not set a trend.

Is business funding a sensible use of a second mortgage on a Kelowna home?

A lender will look at the home's equity, the first mortgage and how the business income repays the loan. Business use can change the terms, the lender pool and the costs. Ask whether the lender treats the loan as consumer or commercial.

Will Kelowna owners face the 2027 renewal increase?

The Bank of Canada's 2026 Financial Stability Report says about 12% of Canadian mortgages are pandemic-era fixed-payment loans renewing within a year, with payments up about 15% on average. We found no Kelowna-specific renewal figure, so check your own renewal date.

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Sources