The government has announced that as of October they will no longer be insuring zero down mortgages or mortgage terms longer that 35 years. The lowest downpayment allowable will be 5%. This comes as no surprise as Canadian officials are trying to prevent a mortgage crisis like the one that is overwhelming the U.S .

So what does this mean for the South Okanagan Market?

Most homes sold in the area are purchased with cash or by retirees from out of town with large equity in their previous homes so it should not affect the market much. However things will be alot more difficult for the smaller amount of  first time home buyers trying to enter an already expensive market. The average house price in Oliver is approximately $350,000, a 5% downpayment is $17,500, a pretty good chunk of change.