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: 324 711 6TH AVE E in Vancouver
Please visit our Open House at 324 711 6TH AVE E in Vancouver.
OPEN HOUSE: Saturday October 1st 2:00 to 3:30pm
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 September 24th 2:00 to 3:30 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
I have listed a new property at 324 711 6TH AVE E in Vancouver.
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: 3771 VINMORE AVE in Richmond
I have listed a new property at 3771 VINMORE AVE in Richmond.
71x 106 Corner Rectangular Lot (7563 sq ft) . Southern exposure and located in the "MOORES" neighborhood in Seafair Richmond. Conveniently located within walking distance to shopping, Gilmore elementary ( french immersion) and Hugh Boyd High school. Enjoy long walks on the West Dyke trail.
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: Sunday Septemebr 18th 1-3 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: 103 CHURCH BAY RD in Saturna
I have listed a new property at 103 CHURCH BAY RD in Saturna.
Level, sunny, private property with low-bank sandy beach and spectacular west-facing views. Architect designed 1,450 SqFt, 2-bedroom/2-bath home. Wood floors, vaulted ceilings, skylights, fireplace, french doors, spacious decks,well-appointed kitchen and many other excellent features. Well-built and designed for a wonderful island waterfront lifestyle. Separate carport/workshop with storage. This property is level and private with no neighbours nearby. Fir, Cedar, Arbutus, Salal and Wildflowers provide a beautiful natural landscape. The views are framed by Arbutus trees and the sunsets are stunning. The safe, sandy beach is wonderful for kids of all ages and ideal for beach-combing.
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 replaced 2009, proactive strata, solid owner-occupied building. Quick possession OK.
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 2-3 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
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