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%

 

 

 
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I have listed a new property at # 106 1533 E 8TH AV in Vancouver.
New Credo condo, 2/5/10-Warranty. Natural light pours in from southern-exposed windows and patio that face onto a park. Unmatched Commercial Drive location & close to transit hub, SkyTrain, bus & bicycle routes. High quality craftsmanshipwith 'GREEN' concepts in design. Insuite washer & dryer, soaker tub, solid Caesarstone countertops, beautiful cabinets, glass backsplash, stainless steel appliances, dishwasher & security system. The floor plan of the condo makes it feel much larger than the square footage. The best location in town! All the best restaurants, coffee shops, theatres & a very eclectic community, all only a short stroll away. Communal gardens a plus & No GST. Parking can be rented on a long-term basis.
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Property Photo: # 108 5340 HASTINGS ST in Burnaby
Please visit our Open House at # 108 5340 HASTINGS ST in Burnaby.
OPEN HOUSE: Saturday February 27th 12-1 pm
Don't miss your opportunity to own this magnificent professionally designed & renovated 1 bdrm condo (quiet side of the complex)! Completely renovated to Yaletown standards. Custom built kitchen, marble counters & stainless appliances, under mount lighting, moveable kitchen island. The Spa like bathroom features heated marble floors, claw foot tub, dual flush toilet & custom built vanity. Crown moulding throughout & reclaimed fir flooring. The layout is open concept with ample storage & built-in cabinets in the master bedroom. The entertainment size deck (275 sq ft) offers spectacular panoramic southern views. This building is solid. Showings on Saturdays 12-1 pm only. Please call for an appointment.
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Property Photo: # 106 1533 E 8TH AV in Vancouver
Please visit our Open House at # 106 1533 E 8TH AV in Vancouver.
OPEN HOUSE: Saturday February 13th 2-4 pm
New Credo condo 2/5/10 warranty. Natural light pours in from Southern exposed windows and patio that face onto a park. Unmatched Commercial Drive location & close to transit hub; skytrain, bus & bicycle routes.High quality craftsmanship w/"GREEN" concepts in design. Insuite W&D, soaker tub, solid Caesarstone countertops, beautiful cabinets, glass backsplash, stainless steel appliances, dishwasher & security system. The floor plan of the condo makes it feel much larger than the square footage. The best location in town! All the best restaurants, coffee shops, theatres & a very eclectic community; all only a short stroll away. Communal gardens a plus & No GST. Parking can be rented on a long term basis
Read Full Story
Property Photo: # 108 5340 HASTINGS ST in Burnaby
Please visit our Open House at # 108 5340 HASTINGS ST in Burnaby.
OPEN HOUSE: Sunday February 14th 2-4 pm
Don't miss your opportunity to own this magnificent professionally designed & renovated 1 bdrm condo (quiet side of the complex)! Completely renovated to Yaletown standards. Custom built kitchen, marble counters & stainless appliances, under mount lighting, moveable kitchen island. The Spa like bathroom features heated marble floors, claw foot tub, dual flush toilet & custom built vanity. Crown moulding throughout & reclaimed fir flooring. The layout is open concept with ample storage & built-in cabinets in the master bedroom. The entertainment size deck (275 sq ft) offers spectacular panoramic southern views. This building is solid. Open house Sat, Jan 16th, 2-4 pm & Sunday Jan. 17th 1-3 pm.
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Property Photo: # 106 1533 E 8TH AV in Vancouver
Please visit our Open House at # 106 1533 E 8TH AV in Vancouver.
OPEN HOUSE: Saturday February 6th 12:30 -1:30 pm
New Credo condo 2/5/10 warranty. Natural light pours in from Southern exposed windows and patio that face onto a park. Unmatched Commercial Drive location & close to transit hub; skytrain, bus & bicycle routes.High quality craftsmanship w/"GREEN" concepts in design. Insuite W&D, soaker tub, solid Caesarstone countertops, beautiful cabinets, glass backsplash, stainless steel appliances, dishwasher & security system. The floor plan of the condo makes it feel much larger than the square footage. The best location in town! All the best restaurants, coffee shops, theatres & a very eclectic community; all only a short stroll away. Communal gardens a plus & No GST. Parking can be rented on a long term basis
Read Full Story
Property Photo: # 108 5340 HASTINGS ST in Burnaby
Please visit our Open House at # 108 5340 HASTINGS ST in Burnaby.
OPEN HOUSE: Saturday February 6th 2-4 pm
Don't miss your opportunity to own this magnificent professionally designed & renovated 1 bdrm condo (quiet side of the complex)! Completely renovated to Yaletown standards. Custom built kitchen, marble counters & stainless appliances, under mount lighting, moveable kitchen island. The Spa like bathroom features heated marble floors, claw foot tub, dual flush toilet & custom built vanity. Crown moulding throughout & reclaimed fir flooring. The layout is open concept with ample storage & built-in cabinets in the master bedroom. The entertainment size deck (275 sq ft) offers spectacular panoramic southern views. This building is solid. Open house Sat, Jan 16th, 2-4 pm & Sunday Jan. 17th 1-3 pm.
Read Full Story
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