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%

 

 

 
Property Photo: # 303 788 E 8TH AV  in Vancouver
Please visit our Open House at # 303 788 E 8TH AV in Vancouver.
OPEN HOUSE:
Corner 2 bedroom unit, Open plan, in suite laundry, Bamboo wood blinds, laminate floors, Bright, clean and quiet neighbourhood. Some mountain View. Quick possession is available. Central area of Mt. Pleasant, near Broadway, Shops andRestaurants, Parks, School and VCC College. 10 Minutes walk to Skytrain. 5 minutes to Downtown. 2 parking, 1 storage locker, and bike room included. It's a great place to call home. Pets and Rentals allowed.
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Property Photo: # 303 788 E 8TH AV  in Vancouver
Please visit our Open House at # 303 788 E 8TH AV in Vancouver.
OPEN HOUSE: Saturday November 29th 1:00 pm to 2:00 pm
Corner 2 bedroom unit, Open plan, in suite laundry, Bamboo wood blinds, laminate floors, Bright, clean and quiet neighbourhood. Some mountain View. Quick possession is available. Central area of Mt. Pleasant, near Broadway, Shops andRestaurants, Parks, School and VCC College. 10 Minutes walk to Skytrain. 5 minutes to Downtown. 2 parking, 1 storage locker, and bike room included. It's a great place to call home. Pets and Rentals allowed.
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Property Photo: 2294 ST GEORGE ST  in Vancouver
Please visit our Open House at 2294 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturdays 2:30 to 4:00
"The Vantage" 1 yr. old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1,136 sq. ft. Mature Garden/corner unit 150 sq. ft. patio, Southern exposure with lots of natural light. Contemporary finishes, gourmet kitchen with gas stove and Pantry. Open Concept, an interior designer spared no expense on the upgrades of this home: Walk in California closets, silk drapes and drapery hardware from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space, LG "steamer" washer and dryer. Shows Extremely well 2-5-10 warranty. Open every Saturday 2:30 to 4pm.
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Property Photo: # 303 788 E 8TH AV  in Vancouver
Please visit our Open House at # 303 788 E 8TH AV in Vancouver.
OPEN HOUSE: Sunday 3:00 to 4:00 pm
Corner 2 bedroom unit, Open plan, in suite laundry, Bamboo wood blinds, laminate floors, Bright, clean and quiet neighbourhood. Some mountain View. Quick possession is available. Central area of Mt. Pleasant, near Broadway, Shops andRestaurants, Parks, School and VCC College. 10 Minutes walk to Skytrain. 5 minutes to Downtown. 2 parking, 1 storage locker, and bike room included. It's a great place to call home. Pets and Rentals allowed.
Read Full Story
Property Photo: 2294 ST GEORGE ST  in Vancouver
Please visit our Open House at 2294 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturdays 2:30 to 4:00 pm
"The Vantage" 1 yr. old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1,136 sq. ft. Mature Garden/corner unit 150 sq. ft. patio, Southern exposure with lots of natural light. Contemporary finishes, gourmet kitchen with gas stove and Pantry. Open Concept, an interior designer spared no expense on the upgrades of this home: Walk in California closets, silk drapes and drapery hardware from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space, LG "steamer" washer and dryer. Shows Extremely well 2-5-10 warranty. Open every Saturday 2:30 to 4pm.
Read Full Story
Property Photo: # 404 1990 E KENT AV  in Vancouver
Please visit our Open House at # 404 1990 E KENT AV in Vancouver.
OPEN HOUSE: Saturday 1:00 to 2:00 pm
TOP FLOOR! SW facing onto the lagoon and the mighty Fraser river. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, in-suite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building withamazing clubhouse facilities. Enjoy the peace and tranquility of the view from your condo, walk or bike along the Fraser River. It is a great lifestyle!
Read Full Story
Property Photo: # 303 788 E 8TH AV  in Vancouver
I have listed a new property at # 303 788 E 8TH AV in Vancouver.
Corner 2 bedroom unit, Open plan, in suite laundry, Bamboo wood blinds, laminate floors, Bright, clean and quiet neighbourhood. Some mountain View. Quick possession is available. Central area of Mt. Pleasant, near Broadway, Shops andRestaurants, Parks, School and VCC College. 10 Minutes walk to Skytrain. 5 minutes to Downtown. 2 parking, 1 storage locker, and bike room included. It's a great place to call home. Pets and Rentals allowed.
Read Full Story
Property Photo: 2294 ST GEORGE ST  in Vancouver
I have listed a new property at 2294 ST GEORGE ST in Vancouver.
"The Vantage" 1 yr. old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1,136 sq. ft. Mature Garden/corner unit 150 sq. ft. patio, Southern exposure with lots of natural light. Contemporary finishes, gourmet kitchen with gas stove and Pantry. Open Concept, an interior designer spared no expense on the upgrades of this home: Walk in California closets, silk drapes and drapery hardware from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space, LG "steamer" washer and dryer. Shows Extremely well 2-5-10 warranty. Open every Saturday 2:30 to 4pm.
Read Full Story
Property Photo: 2294 ST GEORGE ST  in Vancouver
Please visit our Open House at 2294 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturdays 2:30 to 4:30
"The Vantage" 1 yr. old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1,136 sq. ft. Mature Garden/corner unit 150 sq. ft. patio, Southern exposure with lots of natural light. Contemporary finishes, gourmet kitchen with gas stove and Pantry. Open Concept, an interior designer spared no expense on the upgrades of this home: Walk in California closets, silk drapes and drapery hardware from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space, LG "steamer" washer and dryer. Shows Extremely well 2-5-10 warranty. Open every Saturday 2:30 to 4pm.
Read Full Story
Property Photo: # 106 2133 DUNDAS ST  in Vancouver
I have sold a property at # 106 2133 DUNDAS ST in Vancouver.
Completely renovated Urban Space. 2 bdrms & den. Large outdoor patio w/ exclusive access to 40' x 15' side yard. High-end finishings include Brazilian black walnut hardwood floors, 6" mouldings, extensive recessed gallery lighting in ceiling, RBH stereo built in every room. Custom cut fir fireplace mantle, spa-inspired bathroom featuring slate floor-to-ceiling walls, jacuzzi tub, glass tiles. The new Ikea kitchen has slate & glass tile back splash, new appliances. A pleasure to show!
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Property Photo: # 404 1990 E KENT AV  in Vancouver
I have listed a new property at # 404 1990 E KENT AV in Vancouver.
TOP FLOOR! SW facing onto the lagoon and the mighty Fraser river. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, in-suite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building withamazing clubhouse facilities. Enjoy the peace and tranquility of the view from your condo, walk or bike along the Fraser River. It is a great lifestyle!
Read Full Story
Property Photo: # 209 125 W 18TH ST  in North_Vancouver
I have sold a property at # 209 125 W 18TH ST in North_Vancouver.
Centrally located in the Lonsdale area. Walking distance to shopping, restaurants and coffee bars. Great layout and a unique design, the large balcony makes it feel more like a home than an apartment. . Pet friendly building (with strata approval), semi ensuite bath, and insuite laundry, newer appliances well cared for building, pride of ownership! Showings by appointment. Call Today!
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Property Photo: # 307 2250 OXFORD ST  in Vancouver
I have sold a property at # 307 2250 OXFORD ST in Vancouver.
Great design features abound in this open design top floor studio apartment (508 sq ft). Many perks for the price! Some highlights include: a kitchen that opens into the living room, skylights in bathroom, living room and kitchen, an office nook, a sunken bed area that is easily converted in to an extra seating area, a sun deck above a huge garden, with large trees and a view of North Shore Mountains. Unit is completely re-painted, all new light fixtures,lobby has been tastefully updated,balconies upgraded and plumbing redone in 2006.
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Property Photo: 1851 E 13TH AV  in Vancouver
I have sold a property at 1851 E 13TH AV in Vancouver.
Four year old front half duplex, only steps away from Trout Lake on a charming tree-lined street. Tiled entry, granite counters, radiant hot water heating, skylight, gas fireplace, S/S appliances, secure garage, 2-5-10 warranty, south facing fully fenced private garden oasis. 3 bdrms upstairs. The master bdrm has a jetted soaker tub. Enjoy the Farmer's market, walking distance to skytrain, stroll to the coffee shops & restaurants on the drive. Great neighbourhood with a strong sense of community! Sneaky peek April 17th from 6-7pm & open Saturday & Sunday, April 19th & 20th from 2-4pm.
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Property Photo: 3067 SHAUGHNESSY ST  in Port_Coquitlam
I have sold a property at 3067 SHAUGHNESSY ST in Port_Coquitlam.
This 4 bedroom home offers a first time buyer the opportunity to get into the market and have a family home. Some updates include new paint, hardwood floors, new back deck. There is also a large backyard with mature trees. Situated on a busy street, but surprisingly quiet inside the house. Very easy to suite the basement. Priced to sell. Act quickly!
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Property Photo: 1730 E GEORGIA ST  in Vancouver
I have sold a property at 1730 E GEORGIA ST in Vancouver.
Amazing penthouse style character townhome. Reverse plan with incredible views, truly city living at its best. Walk into open entry, bedroom or den and 2 piece bath, continue to 2nd level with bedroom and then top floor with huge open plan. Exquisite living - Fabulous kitchen, dining & living room and master bedroom with vaulted ceilings. Awesome deck off living & dining room with unobstructed views plus another good size deck off master bedroom. Fabulous townhome just off Commercial.
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Property Photo: 2268 ST GEORGE ST  in Vancouver
I have sold a property at 2268 ST GEORGE ST in Vancouver.
"The Vantage" Heritage Style Townhome. 2 bdrm, 2 bath, den and 2 patios. 1025 sqft. No GST. Awsome Mountain views in a quite neighborhood setting. Open plan with gourmet kitchen, granite counters, stainless appliances, gas stove. Abundance of closet space and storage. 2-5-10 Warranty. A must see!
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Property Photo: 405 19091 MCMYN RD  in Pitt Meadows
I have sold a property at 405 19091 MCMYN RD in Pitt Meadows.
Completely renovated like new 2 bedroom, 2 full bath. NEW - carpets, blinds, fre sh paint. Sought after TOP FLOOR with 18 ft. Cathedral Ceiling with fan. Sunny W ESTERN exposure, 2 balconies to enjoy MOUNTAIN VIEW. 2 parking spaces. Includes6 appliances; problem free building. Proactive strata council building with bike room; large storage, wheelchair accessible. Near shopping @ West Coast Express. Just move right in and ENJOY! Assumable 4.30% 2 year motgage upon approval.
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Property Photo: 1863 W 16TH AV  in Vancouver
I have sold a property at 1863 W 16TH AV in Vancouver.
Heritage townhouse, 2 bdrm, back of the complex. 3 levels offering a spacious open plan of 1,760 sqft. No expense was spared on this customized home. Chef's kitchen with top of the line appliances: Wolf ga s stove, Sub Zero fridge, custom concrete counter tops, hand cut Otessers glass backsplash, skylights, vaulted coffered ceilings. 3/4" walnut flooring, 2 gas fireplaces, 2 full bathrooms. French doors lead ing onto a private botanical garden area, hand blown glass Tech lighting fixtures throughout. Walk-in closet with solid apple wood cabinetry. Large crown mouldings, California shutters. Executive home! Ope n house Saturday 2-4pm.
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Property Photo: # 109 710 E 6TH AV  in Vancouver
I have sold a property at # 109 710 E 6TH AV in Vancouver.
Spacious 2 bedroom with outdoor patio area. Completely renovated with style. Tas teful paint colors, Tundra laminate flooring, 4' mouldings, Maple Kitchen Craft cabinets, newer Kenmore appliances. Wall to wall tiled bathroom, 2 parking spaces and storage locker. Great outdoor for summer BBQs. Problem free building, pet friendly building with the roof and pipes already done and paid for. Popular Mt Pleasant location on a pretty tree lined street. First open house May 12th, 13th, 2-4pm.
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