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: 324 711 6TH AVE E in Vancouver
Please visit our Open House at 324 711 6TH AVE E in Vancouver.
OPEN HOUSE: Saturday August 27th 2:00 to 4:00 pm
I guarantee if you are renting you will want to give your landlord notice and purchase this Top floor 1 bedroom with fabulous city and mountain views. Entertain your friends in your new kitchen, complete with stainless appliances, quartz counter tops and maple cabinetry. The new bathroom offers new vanity,tub, tiles floors and stylish glass tile backsplash. This is a wonderful opportunity to purchase in a Solid Building. The roof,boiler,pipes and refurbished balconies are ALL DONE! Pets and rentals allowed. Low strata fees that include your heat and hot water. Open House Saturday August 27th 2:00 to 4:00 pm
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Property Photo: 324 711 6TH AVE E in Vancouver
Please visit our Open House at 324 711 6TH AVE E in Vancouver.
OPEN HOUSE: Saturday August 20th 1:00 to 3:00 pm
I guarantee if you are renting you will want to give your landlord notice and purchase this Top floor 1 bedroom with fabulous city and mountain views. Entertain your friends in your new kitchen, complete with stainless appliances, quartz counter tops and maple cabinetry. The new bathroom offers new vanity,tub, tiles floors and stylish glass tile backsplash. This is a wonderful opportunity to purchase in a Solid Building. The roof,boiler,pipes and refurbished balconies are ALL DONE! Pets and rentals allowed. Low strata fees that include your heat and hot water.
Read Full Story
Property Photo: 324 711 6TH AVE E in Vancouver
Please visit our Open House at 324 711 6TH AVE E in Vancouver.
OPEN HOUSE: Saturday August 13th 1:30 to 3:00 pm
I guarantee if you are renting you will want to give your landlord notice and purchase this Top floor 1 bedroom with fabulous city and mountain views. Entertain your friends in your new kitchen, complete with stainless appliances, quartz counter tops and maple cabinetry. The new bathroom offers new vanity,tub, tiles floors and stylish glass tile backsplash. This is a wonderful opportunity to purchase in a Solid Building. The roof,boiler,pipes and refurbished balconies are ALL DONE! Pets and rentals allowed. Low strata fees that include your heat and hot water. Open House Saturday August 13th 1:30 to 3:00pm
Read Full Story
Property Photo: 201 1032 NICOLA ST in Vancouver
I have listed a new property at 201 1032 NICOLA ST in Vancouver.
Unique 1 Bedroom and Den in a boutique seven unit RAINSCREENED building. This corner unit offers a quiet, urban oasis. The large Den could easily be used as a second bedroom. Master bedroom fits a King Bed. Open plan recently updated with a new kitchen (with window), stainless appliances, pot lighting, new flooring, crown molding, wood burning fireplace, lots of storage, insuite laundry and Hunter Douglas window coverings. Pride of ownership shows in this extensively remodeled condo. Lovely treed outlook with a great location; just a few blocks from shops, grocery stores, restaurants, Denman, Robson and Davie shopping. Roof just replaced, proactive strata, solid owner-occupied building.
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Property Photo: 102 3551 FOSTER AVE in Vancouver
I have listed a new property at 102 3551 FOSTER AVE in Vancouver.
FINALE built by Emerson Homes with rainscreen technology. Rarely available bright West facing 1 bedroom plus large den that could be used as a 2nd bedroom. Garden level, facing onto the park. This unit features exceptional finishing: 9 foot ceilings, granite counter tops, rich laminate wood floors, a gourmet kitchen with stainless steel appliances, gas range, and a built in microwave. Generous size patio to entertain your friends and enjoy the park setting. Piece of mind with the balance of the New Home Warranty. Excellent location, walk to Joyce skytrain, community centre, schools, parks, recreation and nearby shopping and restaurants. Parking & Storage included, pets & rentals allowed. Call now to view.
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Property Photo: 102 3551 FOSTER AVE in Vancouver
Please visit our Open House at 102 3551 FOSTER AVE in Vancouver.
OPEN HOUSE: Saturday August 6th 2-4 pm
FINALE built by Emerson Homes with rainscreen technology. Rarely available bright West facing 1 bedroom plus large den that could be used as a 2nd bedroom. Garden level, facing onto the park. This unit features exceptional finishing: 9 foot ceilings, granite counter tops, rich laminate wood floors, a gourmet kitchen with stainless steel appliances, gas range, and a built in microwave. Generous size patio to entertain your friends and enjoy the park setting. Piece of mind with the balance of the New Home Warranty. Excellent location, walk to Joyce skytrain, community centre, schools, parks, recreation and nearby shopping and restaurants. Parking & Storage included, pets & rentals allowed. Call now to view.
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Property Photo: Vancouver
I have listed a new property at Vancouver.
Under construction ; Two 3 bedroom half duplexes with square footage of  1580 square feet in the front and 1610 square feet in the rear. Possibilities to have suite in the basement.

Completion to be in October 2011. The Duplexes are on a quite cul de sac in the heart of Commercial Drive. Kids play on the street and neighbours are very friendly and social.

Prices to be determined, but in the $800, 000 range.
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