Carol Palfrey Associate Broker " The Eastside is my Neighbourhood "

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Cell:1 (604) 818-7422
Office :1 (604) 263-1911
Mailing Address:
4387 Main Street
Vancouver, BC
V5V 3R1 Canada

ARE YOU PLANNING TO BUY A HOUSE OVER $500K?

 

If so, you need to be aware that the down payment rules are changing as of February 15th, 2016. The most recent change to the mortgage rules requires people to put a larger down payment on property priced between $500,000 and $999,999.  Purchases over $1M require at least 20% down with most lenders requiring even larger down payments for purchase prices over $1.25M.

 

In Canada, all loans with less than 20% down payment require mortgage Insurance. By changing the guidelines for insured mortgages, the effect encompasses all lenders.

For purchases of $500,000 or below, a 5% down payment is still possible.  For purchases over $500,000, the down payment requirement gradually increases as 10% is required for the portion over $500,000.  For example, a $550,000 purchase will require $25,000 for the first $500,000 and $5,000 for the remaining $50,000. This is $5,000 more than previously required.

 

The old policies will remain in effect for files approved prior to February.. As most lenders hold rates for between 90 and 120 days, the actual completion date can extend to June.    

 

In our opinion, the silver lining here is that the government appears to feel they are not in a position to increase rates enough to slow down the market. For existing and new borrowers, this hints to continued low interest rates.

 

Here are a few examples of the new down payment requirements:

 

$500,000 ............ $25,000 ............... 5.00%

$550,000 ............ $30,000 ............... 5.45%

$600,000 ............ $35,000 ............... 5.83%

$650,000 ............ $40,000 ............... 6.15%

$700,000 ............ $45,000 ............... 6.43%

$750,000 ............ $50,000 ............... 6.67%

$800,000 ............ $55,000 ............... 6.88%

$850,000 ............ $60,000 ............... 7.06%

$900,000 ............ $65,000 ............... 7.23%

$950,000 ............ $70,000 ............... 7.37%

$999,999 ............ $74,999 ............... 7.50%

 

 

 
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, July 23, 2017 1:00PM - 3:00PM Open House
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard. Open House Sunday July 24th 1-3 pm
Read Full Story
I have sold a property at 407 1206 14TH AVE W in Vancouver.
Rarely available 2 bedroom 2 bath Penthouse (only unit on the top floor) in a boutique 7 unit building. Features generous size living space. Large Master bedroom with a walk-in closet and ensuite. The unit boasts 3 balconies with an abundance of natural light, wood burning fireplace, skylights in the bathrooms and plenty of storage. Private patio with views of the North Shore mountains and stunning city skyline. Walking distance to the best shops of South Granville Very private and quiet. Enjoy Living this unique lifestyle.
Read Full Story
Please visit our Open House at 407 1206 14TH AVE W in Vancouver.
Open House on Thursday, July 6, 2017 6:00PM - 7:00PM Open House
Rarely available 2 bedroom 2 bath Penthouse (only unit on the top floor) in a boutique 7 unit building. Features generous size living space. Large Master bedroom with a walk-in closet and ensuite. The unit boasts 3 balconies with an abundance of natural light, wood burning fireplace, skylights in the bathrooms and plenty of storage. Private patio with views of the North Shore mountains and stunning city skyline. Walking distance to the best shops of South Granville Very private and quiet. Enjoy Living this unique lifestyle. Open House Thursday July 6th 6-7 pm and Saturday July 8th 1-3 pm
Read Full Story
Please visit our Open House at 407 1206 14TH AVE W in Vancouver.
Open House on Saturday, July 8, 2017 1:00PM - 3:00PM Open House
Rarely available 2 bedroom 2 bath Penthouse (only unit on the top floor) in a boutique 7 unit building. Features generous size living space. Large Master bedroom with a walk-in closet and ensuite. The unit boasts 3 balconies with an abundance of natural light, wood burning fireplace, skylights in the bathrooms and plenty of storage. Private patio with views of the North Shore mountains and stunning city skyline. Walking distance to the best shops of South Granville Very private and quiet. Enjoy Living this unique lifestyle. Open House Thursday July 6th 6-7 pm and Saturday July 8th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, July 9, 2017 1:00PM - 3:00PM Open House
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard. Open House July 9 th Sunday 1-3 pm
Read Full Story
Please visit our Open House at 407 1206 14TH AVE W in Vancouver.
Open House on Monday, July 3, 2017 2:00PM - 3:30PM Open House
Rarely available 2 bedroom 2 bath Penthouse (only unit on the top floor) in a boutique 7 unit building. Features generous size living space. Large Master bedroom with a walk-in closet and ensuite. The unit boasts 3 balconies with an abundance of natural light, wood burning fireplace, skylights in the bathrooms and plenty of storage. Private patio with views of the North Shore mountains and stunning city skyline. Walking distance to the best shops of South Granville Very private and quiet. Enjoy Living this unique lifestyle. Open House July 1st 1-3 pm or by appointment.
Read Full Story
I have listed a new property at 407 1206 14TH AVE W in Vancouver.
Rarely available 2 bedroom 2 bath Penthouse (only unit on the top floor) in a boutique 7 unit building. Features generous size living space. Large Master bedroom with a walk-in closet and ensuite. The unit boasts 3 balconies with an abundance of natural light, wood burning fireplace, skylights in the bathrooms and plenty of storage. Private patio with views of the North Shore mountains and stunning city skyline. Walking distance to the best shops of South Granville Very private and quiet. Enjoy Living this unique lifestyle. Open House July 1st 1-3 pm or by appointment.
Read Full Story
Please visit our Open House at 407 1206 14TH AVE W in Vancouver.
Open House on Saturday, July 1, 2017 1:00PM - 3:00PM Open House
Rarely available 2 bedroom 2 bath Penthouse (only unit on the top floor) in a boutique 7 unit building. Features generous size living space. Large Master bedroom with a walk-in closet and ensuite. The unit boasts 3 balconies with an abundance of natural light, wood burning fireplace, skylights in the bathrooms and plenty of storage. Private patio with views of the North Shore mountains and stunning city skyline. Walking distance to the best shops of South Granville Very private and quiet. Enjoy Living this unique lifestyle. Open House July 1st 1-3 pm or by appointment.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, July 2, 2017 1:00PM - 3:00PM Open House
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard. Open House Sunday July 2nd 1-3 pm
Read Full Story
I have listed a new property at 6637 DUNBAR ST in Vancouver.
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard. Open house Sunday June 25th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 25, 2017 1:00PM - 3:00PM Open House
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard. Open house Sunday June 25th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 18, 2017 1:00PM - 3:00PM open house
Biggest lot for the lowest price on the west side! 74.25x132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minutes walk from the river and a golf course. It’s a 15 minutes drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing backyard, also a workshop/studio, playhouse, and a wine cellar. This house could rent for $5000 a month! Open House Sunday June 18th 1-3 pm
Read Full Story
I have sold a property at PH 11 760 KINGSWAY ST in Vancouver.
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 11, 2017 1:00PM - 3:00PM Open House
Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck you can watch eagles wheel above while hummingbirds nest in your rhododendron shrubs.West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday June 11th 1-3 pm
Read Full Story
Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Saturday, June 3, 2017 1:00PM - 3:00PM Open House
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open House Sunday June 3rd 1-3 pm or Showings by appointment .
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 4, 2017 1:00PM - 3:00PM Open House
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday June 4th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, May 28, 2017 1:00PM - 3:00PM Open House
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday May 21st 1-3 pm
Read Full Story
Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Thursday, May 25, 2017 5:00PM - 6:30PM
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open house Saturday May 27th 1-3 pm or by appointment.
Read Full Story
I have listed a new property at PH 11 760 KINGSWAY ST in Vancouver.
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open house Saturday May 27th 1-3 pm or by appointment.
Read Full Story
Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Saturday, May 27, 2017 1:00PM - 3:00PM Open House
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open house Saturday May 27th 1-3 pm or by appointment.
Read Full Story
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