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: # 105 1515 E 6TH AV  in Vancouver
Please visit our Open House at # 105 1515 E 6TH AV in Vancouver.
OPEN HOUSE: Sunday March 1st 1:00 to 2:00 pm
Rainscreened Building. Ground floor 1 bdrm with a Huge yard. COMMERCIAL DRIVE, 1 block from "The Drive's" shops, services, coffee & skytrain. Located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street throughout your garden patio, just like a townhouse. Tons of storage, Laminate flooring, designer paint & 1 parking included. 1 pet any size okay. Great Yard for your dog or vegatable garden
Read Full Story
Property Photo: # 105 1515 E 6TH AV  in Vancouver
Please visit our Open House at # 105 1515 E 6TH AV in Vancouver.
OPEN HOUSE:
Rainscreened Building. Ground floor 1 bdrm with a Huge yard. COMMERCIAL DRIVE, 1 block from "The Drive's" shops, services, coffee & skytrain. Located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street throughout your garden patio, just like a townhouse. Tons of storage, Laminate flooring, designer paint & 1 parking included. 1 pet any size okay. Great Yard for your dog or vegatable garden
Read Full Story
Property Photo: # 404 1990 E KENT SOUTH AV  in Vancouver
Please visit our Open House at # 404 1990 E KENT SOUTH AV in Vancouver.
OPEN HOUSE: Sunday March 1st 2:30 to 4:00 pm NEW PRICE!!
TOP FLOOR ! SW facing onto the lagoon and the Fraser River. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, insuite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building with an amazingclubhouse 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: # 105 1515 E 6TH AV  in Vancouver
Please visit our Open House at # 105 1515 E 6TH AV in Vancouver.
OPEN HOUSE: Saturday February 21st 1-2 pm
Rainscreened Building. Ground floor 1 bdrm with a Huge yard. COMMERCIAL DRIVE, 1 block from "The Drive's" shops, services, coffee & skytrain. Located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street throughout your garden patio, just like a townhouse. Tons of storage, Laminate flooring, designer paint & 1 parking included. 1 pet any size okay. Great Yard for your dog or vegatable garden
Read Full Story
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 February 28th 12:30 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.
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: Saturday February 28th 2:30 to 4:00 pm
"The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1136sqft. Mature Garden/corner unit 150 sqft patio, Southern exposure with lots of natural light. Contemporary finishes, gourmetkitchen with gas stove, open concept, an interior designer spared no expense on the upgrades of this home: Walk in California Closets, silk drapes and drapery 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.
Read Full Story
Property Photo: # 404 1990 E KENT SOUTH AV  in Vancouver
Please visit our Open House at # 404 1990 E KENT SOUTH AV in Vancouver.
OPEN HOUSE: Saturday February 21st 2:30 to 4 pm
TOP FLOOR ! SW facing onto the lagoon and the Fraser River. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, insuite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building with an amazingclubhouse 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: # 105 1515 E 6TH AV  in Vancouver
Please visit our Open House at # 105 1515 E 6TH AV in Vancouver.
OPEN HOUSE: Sunday February 22nd 1-2 pm
Rainscreened Building. Ground floor 1 bdrm with a Huge yard. COMMERCIAL DRIVE, 1 block from "The Drive's" shops, services, coffee & skytrain. Located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street throughout your garden patio, just like a townhouse. Tons of storage, Laminate flooring, designer paint & 1 parking included. 1 pet any size okay. Great Yard for your dog or vegatable garden
Read Full Story
Property Photo: # 404 1990 E KENT SOUTH AV  in Vancouver
Please visit our Open House at # 404 1990 E KENT SOUTH AV in Vancouver.
OPEN HOUSE: Sunday February 22nd 2:30 to 4 pm
TOP FLOOR ! SW facing onto the lagoon and the Fraser River. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, insuite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building with an amazingclubhouse 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
Please visit our Open House at # 303 788 E 8TH AV in Vancouver.
OPEN HOUSE: Saturday February 21st 1:00 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.
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: Saturday 2:30 to 4 pm
"The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1136sqft. Mature Garden/corner unit 150 sqft patio, Southern exposure with lots of natural light. Contemporary finishes, gourmetkitchen with gas stove, open concept, an interior designer spared no expense on the upgrades of this home: Walk in California Closets, silk drapes and drapery 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.
Read Full Story
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 February 14th 12-1 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: # 105 1515 E 6TH AV  in Vancouver
Please visit our Open House at # 105 1515 E 6TH AV in Vancouver.
OPEN HOUSE: Saturday February 14th 1:30 to 2:30
Rainscreened Building. Ground floor 1 bdrm with a Huge yard. COMMERCIAL DRIVE, 1 block from "The Drive's" shops, services, coffee & skytrain. Located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street throughout your garden patio, just like a townhouse. Tons of storage, Laminate flooring, designer paint & 1 parking included. 1 pet any size okay. Great Yard for your dog or vegatable garden
Read Full Story
Property Photo: # 404 1990 E KENT SOUTH AV  in Vancouver
Please visit our Open House at # 404 1990 E KENT SOUTH AV in Vancouver.
OPEN HOUSE: Saturday February 14th 3-4 pm
TOP FLOOR ! SW facing onto the lagoon and the Fraser River. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, insuite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building with an amazingclubhouse 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: 2294 ST GEORGE ST  in Vancouver
Please visit our Open House at 2294 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday February 7th 2:30 to 4:00 pm
"The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1136sqft. Mature Garden/corner unit 150 sqft patio, Southern exposure with lots of natural light. Contemporary finishes, gourmetkitchen with gas stove, open concept, an interior designer spared no expense on the upgrades of this home: Walk in California Closets, silk drapes and drapery 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 Saturday's, 2:30-4pm.
Read Full Story
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 February 8th 12- 1 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: # 105 1515 E 6TH AV  in Vancouver
Please visit our Open House at # 105 1515 E 6TH AV in Vancouver.
OPEN HOUSE: Sunday February 8th 1:30 to 2:30
Rainscreened Building. Ground floor 1 bdrm with a Huge yard. COMMERCIAL DRIVE, 1 block from "The Drive's" shops, services, coffee & skytrain. Located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street throughout your garden patio, just like a townhouse. Tons of storage, Laminate flooring, designer paint & 1 parking included. 1 pet any size okay. Great Yard for your dog or vegatable garden
Read Full Story
Property Photo: # 404 1990 E KENT SOUTH AV  in Vancouver
Please visit our Open House at # 404 1990 E KENT SOUTH AV in Vancouver.
OPEN HOUSE: Sunday February 8th 3:00 to 4:00 pm
TOP FLOOR ! SW facing onto the lagoon and the Fraser River. 2 bedroom 2 bath. Vaulted ceilings, gas fireplace, insuite laundry, Hardwood floors, window seat, custom made drapery, slate tile entry. Rainscreened building with an amazingclubhouse 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
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