32
$799,000
204 Greasewood Avenue
Oliver · Residential
2 bd
3 ba
2,159 sqft
$370/sqft
Built 1984
MLS® 10388588
RE/MAX Realty Solutions
Pre-approval · Oliver
What does a mortgage pre-approval in Oliver actually ask for?
The median asking price in Oliver is $749,000. At that price the minimum down payment is $49,900, 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
$749,000
Minimum down payment
$49,900
Qualifying payment
$4,679/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 Oliver buyer
A $749,000 asking price puts the minimum down payment at $49,900 under the federal rules, and twenty percent at $149,800. Financing the remaining $699,100 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 $4,679 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $143,969. The census median household income in Oliver is $68,500, which is about $75,469 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 $49,900 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 Oliver home
| Median asking price | $749,000 |
| Minimum down payment | $49,900 |
| Twenty percent down | $149,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,679 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 Oliver
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Oliver
27
$269,000
#211 – 337 MCKINNEY Road
Oliver · Residential
2 bd
2 ba
972 sqft
$277/sqft
Built 1987
MLS® 10382757
Royal LePage South Country
37
$450,000
172 McGowan Road
Oliver · Residential
3 bd
2 ba
1,306 sqft
$345/sqft
Built 1974
MLS® 10397323
Chamberlain Property Group
34
$140,000
#5 – 6633 Park Drive
Oliver · Residential
2 bd
1 ba
992 sqft
$141/sqft
Built 1973
MLS® 10392858
Royal LePage South Country
28
$149,000
#41 – 6601 Tucelnuit Drive
Oliver · Residential
2 bd
1 ba
960 sqft
$155/sqft
Built 1976
MLS® 10396683
Royal LePage South Country
23
$649,900
#109 – 2450 Radio Tower Road
Oliver · Residential
3 bd
2 ba
1,142 sqft
$569/sqft
Built 2012
MLS® 10398194
Fair Realty (Kelowna)
41
$450,000
15 Falcon Drive
Oliver · Residential
3 bd
2 ba
1,134 sqft
$397/sqft
Built 2008
MLS® 10397935
Royal LePage South Country
21
$314,900
#47 – 6778 TUCELNUIT Drive
Oliver · Residential
3 bd
2 ba
1,456 sqft
$216/sqft
Built 1993
MLS® 10390168
RE/MAX Realty Solutions
95
$899,800
#38 – 2450 Radio Tower Road
Oliver · Residential
4 bd
3 ba
2,088 sqft
$431/sqft
Built 2019
MLS® 10391411
RE/MAX Wine Capital Realty
88
$799,900
6622 Mountainview Drive
Oliver · Residential
3 bd
3 ba
2,283 sqft
$350/sqft
Built 1980
MLS® 10389566
RE/MAX Wine Capital Realty
80
$739,000
#40 – 6833 MEADOWS Drive
Oliver · Residential
2 bd
2 ba
1,510 sqft
$489/sqft
Built 2009
MLS® 10381801
RE/MAX Wine Capital Realty
60
$735,000
#28 – 6833 MEADOWS Drive
Oliver · Residential
2 bd
2 ba
1,618 sqft
$454/sqft
Built 2006
MLS® 10395265
RE/MAX Wine Capital Realty
See all Oliver listings (196 active listings)
Pre-approval in cities near Oliver
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 Kelowna
$799,000 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
Pre-approval questions in Oliver
What income does a lender test a median-priced Oliver purchase against?
A $749,000 purchase with $49,900 down leaves $699,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $4,679 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $143,969. The census median household income in Oliver is $68,500. 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 Oliver?
At the $749,000 median asking price, the federal minimum is $49,900, and twenty percent is $149,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $49,900 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.
Oliver homes for saleNarrow Oliver homes by featureOliver market reportNew listings in OliverOliver price dropsHome affordability in BCMortgage stress test
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.