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 2600 49TH AVE E in Vancouver
Please visit our Open House at 105 2600 49TH AVE E in Vancouver.
OPEN HOUSE: Sunday March 27th 2-4 pm
Renovated 2 bedroom with New kitchen and bathroom and laminate floors. Central location close to shopping, Killarney Community Centre and schools. Monthly fees include heat and hot water. The complex has a social room, recreation room, workroom & sauna. The building has been well cared for w/updated pipes, boiler, hallway carpets, & exterior paint. No rentals, 2 cats/pet ok. Easy to show.
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I have sold a 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: 204 2365 3RD AVE W in Vancouver
I have sold a property at 204 2365 3RD AVE W in Vancouver.
North of 4th! Beautifully maintained Landmark building. Features include: modern open layout, new kitchen with custom cabinetry, granite counters and stainless appliances cherry laminate floors, rooms wired for surround sound. Double drywalled ceiling for sound proofing and a good sized south-facing balcony that runs the length of the condo. Large in suite storage as well as a locker. Built in office/work station. There is a real sense of community in this self managed building. 2010 BC Assessment is $407,800. New roof, boilers, pipes and decks. One small dog or cat is welcome. Sorry, no rentals. Open House: Sunday February 6th, 2-4 PM.
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Property Photo: 2 1255 15TH AVE E in Vancouver
I have sold a property at 2 1255 15TH AVE E in Vancouver.
Two level townhouse in an always-popular Cedar Cottage neighbourhood. The main floor consists of an L-shaped open plan with laminate flooring. Corner unit with large windows, provide natural light in the living room and dining room. The kitchen has updated counters and new stainless appliances. Upstairs are two good-sized bedrooms with ample closet space. Outside is a large and private oasis, custom-built cedar deck, with a cherry tree. Secure covered parking, storage and bike rooms. Conveniently located in the catchment area for the well respected Charles Dickens Elementry. This stable, quiet, pleasant neighbourhood offers easy walks to the Sky-train, B-Line bus, shopping district, Trout Lake Park and Commercial Drive.
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Property Photo: 105 2600 49TH AVE E in Vancouver
Please visit our Open House at 105 2600 49TH AVE E in Vancouver.
OPEN HOUSE: Sunday March 13th 2-4pm
Renovated 2 bedroom with New kitchen and bathroom and laminate floors. Central location close to shopping, Killarney Community Centre and schools. Monthly fees include heat and hot water. The complex has a social room, recreation room, workroom & sauna. The building has been well cared for w/updated pipes, boiler, hallway carpets, & exterior paint. No rentals, 2 cats/pet ok. Easy to show.
Read Full Story
Property Photo: 105 2600 49TH AVE E in Vancouver
Please visit our Open House at 105 2600 49TH AVE E in Vancouver.
OPEN HOUSE: Saturday March 5th 2-4 pm
Renovated 2 bedroom with New kitchen and bathroom and laminate floors. Central location close to shopping, Killarney Community Centre and schools. Monthly fees include heat and hot water. The complex has a social room, recreation room, workroom & sauna. The building has been well cared for w/updated pipes, boiler, hallway carpets, & exterior paint. No rentals, 2 cats/pet ok. Easy to show.
Read Full Story
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