simple as pie; it is a bank thing--since the US fed gave the banks tons of moneylast year--as your banks.it is also odd that while the US has thousands of indep banks, Canada has zero.Find out, from your territory/state rep, why!?
No such thing as zero downpayment programs for real estate purchases in Canada.In Canada you cannot purchase a home without a downpayment of at least 5%!In fact any mortgage that is in excess of 80% of the purchase price will need to be insured through CHSC and there are some additional charges involved for this insurance. This is called a high ratio mortgage. If you have 20%+ to use as a downpayment, this is referred to as a conventional mortgage, where no insurance is mandatory.