Carol Palfrey Associate Broker " The Eastside is my Neighbourhood "

1 (604) 818-7422
Blogs
Posts By Date
Categories
Contact Form
*indicates required fields.
Your Email:*
Your Name:*
Your Telephone:
Subject:
Message:*
Contact Info:
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 1481 4TH AVE E in Vancouver
I have sold a property at 303 1481 4TH AVE E in Vancouver.
Don't miss out on this open plan, 2 bedroom, 2 bathroom condo. Only one block from the many amenities of the Drive. Are you looking for a condo in a rainscreened building with huge bay windows, Southeast exposure, 2 balconies & 2 secure parking spaces, gas fireplace, insuite laundry & a spacious master bedroom with ensuite? This could be your new home! The building is well maintained with a very proactive council. Dogs & cats are welcome. Great for an investor or someone who wants to add their own personal choice of upgrades.
Read Full Story
Property Photo: 303 15322 101ST AVE in Surrey
I have listed a new property at 303 15322 101ST AVE in Surrey.
Welcome to the ESCADA. The best location in the Guildford area. All the bells and whistles in this 2 bdrm, 2 bath RAIN SCREENED condo! Stainless steel appliances, granite counters, ceran cook top, built in oven, electric f/p, largewindows, 9 ft. ceilings built w/high quality construction. Call today to view.
Read Full Story
Property Photo: 2 1255 15TH AVE E in Vancouver
Please visit our Open House at 2 1255 15TH AVE E in Vancouver.
OPEN HOUSE: Saturday/Sunday June 19th/20th 2-4 pm
Welcome home to your 2 bdrm townhouse. Enjoy your own private oasis this summer on your large cedar deck featuring a stone garden and cherry tree. Renovated with flooring, counters, paint & Levolor blinds, this is a clean quiet & cheerful home! Located in Mt. Pleasant, 2 blocks from respected Charles Dickens Elementary & an easy stroll to the Drive, Trout Lake, the skytrain, B-Line, King Edward Village or Main St. Secure covered parking, storage & bike rooms.
Read Full Story
Property Photo: 2 1255 15TH AVE E in Vancouver
I have listed a new property at 2 1255 15TH AVE E in Vancouver.
Welcome home to your 2 bdrm townhouse. Enjoy your own private oasis this summer on your large cedar deck featuring a stone garden and cherry tree. Renovated with flooring, counters, paint & Levolor blinds, this is a clean quiet & cheerful home! Located in Mt. Pleasant, 2 blocks from respected Charles Dickens Elementary & an easy stroll to the Drive, Trout Lake, the skytrain, B-Line, King Edward Village or Main St. Secure covered parking, storage & bike rooms.
Read Full Story
Property Photo: 303 1481 4TH AVE E in Vancouver
Please visit our Open House at 303 1481 4TH AVE E in Vancouver.
OPEN HOUSE: Saturday June 12th 2-4 pm
Don't miss out on this open plan, 2 bedroom, 2 bathroom condo. Only one block from the many amenities of the Drive. Are you looking for a condo in a rainscreened building with huge bay windows, Southeast exposure, 2 balconies & 2 secure parking spaces, gas fireplace, insuite laundry & a spacious master bedroom with ensuite? This could be your new home! The building is well maintained with a very proactive council. Dogs & cats are welcome. Great for an investor or someone who wants to add their own personal choice of upgrades.
Read Full Story
Property Photo: 303 1481 4TH AVE E in Vancouver
Please visit our Open House at 303 1481 4TH AVE E in Vancouver.
OPEN HOUSE: Saturday June 5th 2-4 pm
Don't miss out on this open plan, 2 bedroom, 2 bathroom condo. Only one block from the many amenities of the Drive. Are you looking for a condo in a rainscreened building with huge bay windows, Southeast exposure, 2 balconies & 2 secure parking spaces, gas fireplace, insuite laundry & a spacious master bedroom with ensuite? This could be your new home! The building is well maintained with a very proactive council. Dogs & cats are welcome. Great for an investor or someone who wants to add their own personal choice of upgrades.
Read Full Story
Categories: Brighouse South, Richmond Real Estate | Cambie, Vancouver West | Cambie, Vancouver West Real Estate | Capitol Hill BN, Burnaby North | Capitol Hill BN, Burnaby North Real Estate | Central Lonsdale, North Vancouver | Collingwood VE, Vancouver East Real Estate | Downtown NW, New Westminster Real Estate | Fraser VE, Vancouver East | Fraser VE, Vancouver East Real Estate | Fraserview VE, Vancouver East | Fraserview VE, Vancouver East Real Estate | Glenwood PQ, Port Coquitlam | Grandview VE, Vancouver East | Grandview VE, Vancouver East Real Estate | Guildford, North Surrey Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Hawthorne, Ladner Real Estate | Howe Sound, West Vancouver | Keats Island, Sunshine Coast Real Estate | Kerrisdale, Vancouver West Real Estate | Killarney VE, Vancouver East Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Knight, Vancouver East Real Estate | Main, Vancouver East Real Estate | Metrotown, Burnaby South | Mid Meadows, Pitt Meadows | Middlegate BS, Burnaby South | Mount Pleasant VE, Vancouver East | Mount Pleasant VE, Vancouver East Real Estate | Out of Town, Out of Town | Oxford Heights, Port Coquitlam | Point Grey, VANCOUVER Real Estate | Queensborough, New Westminster | Renfrew Heights, Vancouver East Real Estate | Renfrew VE, Vancouver East Real Estate | Roche Point, North Vancouver Real Estate | Sapperton, New Westminster Real Estate | Saturna Island, Islands-Van. & Gulf Real Estate | Seafair, Richmond Real Estate | Seymour, North Vancouver Real Estate | Simon Fraser Hills, Burnaby North | South Granville, Vancouver West Real Estate | Southlands, Vancouver West Real Estate | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate | Victoria VE, Vancouver East Real Estate | West End VW, Vancouver West Real Estate | Westridge BN, Burnaby North Real Estate