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%

 

 

 
Please visit our Open House at 210 3629 DEERCREST DR in North Vancouver.
OPEN HOUSE: Open House Sunday January 29th 2-4 pm. Price reduced!
Lifestyle and community are awaiting you in this peaceful, natural forest setting! This private ground level one bedroom and den offers a spacious open layout. Featuring: fresh paint, new dark laminate floors in living/dining/kitchen, gas fireplace, in suite laundry, crown mouldings & new lighting fixtures. Den has glass feature wall to enhance light and spaciousness. Your outdoor private patio allows for a great entertaining space to barbeque with friends. The complex amenities include a 1200 sq ft gym and common room with full kitchen and 52 inch flat screen TV, great for hosting parties. Parking and visitor parking as well as storage included. Pets and rentals are welcome. Walk, bike or hike just steps from your front door. Open House Sunday January 29th 2-4 pm. Price reduced!
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I currently have a condo for sale at 210 3629 Deercrest. North Vancouver

 

This is a leasehold property, I often receive questions on what a leasehold property is about.

 

In a leasehold property  ownership;  the buyer does not own the land. 

 

The Purchaser owns the improvents and structure on the land but leases the land from the owner ( developer). This lease is called a head lease. The lease can vary in length of time, but usually is at least 50 to 99 years. The developer, in this case, leases from the First Nations Band.

 

The Purchaser becomes part of a corporation with shares and registers an interest as a leasehold tenant. It sounds much more complicated than it actually is... 

 

The benefits of leasehold property is that the cost is less expensive than a freehold property. The location of the property is usually in an area where it would be too expensive to purchase Freehold property and there is no property tranfer tax asscociated with the sale. 

 

If you have question, I would be happy to answer them!

 

Carol Palfrey

Macdonald Realty

604 818 7422

carol@macrealty.com

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Please visit our Open House at 210 3629 DEERCREST DR in North Vancouver.
OPEN HOUSE: Sunday January 22nd 2-4 pm
Lifestyle and community are awaiting you in this peaceful, natural forest setting! This private ground level one bedroom and den offers a spacious open layout. Featuring: fresh paint, new dark laminate floors in living/dining/kitchen, gas fireplace, in suite laundry, crown mouldings & new lighting fixtures. Den has glass feature wall to enhance light and spaciousness. Your outdoor private patio allows for a great entertaining space to barbeque with friends. The complex amenities include a 1200 sq ft gym and common room with full kitchen and 52 inch flat screen TV, great for hosting parties. Parking and visitor parking as well as storage included. Pets and rentals are welcome. Walk, bike or hike just steps from your front door.
Read Full Story
Please visit our Open House at 210 3629 DEERCREST DR in North Vancouver.
OPEN HOUSE: Thursday January 19th 10:30 am to 12:00 pm
Lifestyle and community are awaiting you in this peaceful, natural forest setting! This private ground level one bedroom and den offers a spacious open layout. Featuring: fresh paint, new dark laminate floors in living/dining/kitchen, gas fireplace, in suite laundry, crown mouldings & new lighting fixtures. Den has glass feature wall to enhance light and spaciousness. Your outdoor private patio allows for a great entertaining space to barbeque with friends. The complex amenities include a 1200 sq ft gym and common room with full kitchen and 52 inch flat screen TV, great for hosting parties. Parking and visitor parking as well as storage included. Pets and rentals are welcome. Walk, bike or hike just steps from your front door. Open House Thursday January 19th 10:30 - 12 pm
Read Full Story
Please visit our Open House at 210 3629 DEERCREST DR in North Vancouver.
OPEN HOUSE: Sunday January 15th 2-4 pm
Lifestyle and community are awaiting you in this peaceful, natural forest setting! This private ground level one bedroom and den offers a spacious open layout. Featuring: fresh paint, new dark laminate floors in living/dining/kitchen, gas fireplace, in suite laundry, crown mouldings & new lighting fixtures. Den has glass feature wall to enhance light and spaciousness. Your outdoor private patio allows for a great entertaining space to barbeque with friends. The complex amenities include a 1200 sq ft gym and common room with full kitchen and 52 inch flat screen TV, great for hosting parties. Parking and visitor parking as well as storage included. Pets and rentals are welcome. Walk, bike or hike just steps from your front door. Open House Sunday January 15th 2-4 pm
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I have listed a new property at 3771 VINMORE AVE in Richmond.
71 x 106.5 Southern exposed rectangular CORNER lot in the popular neighbourhood of Seafair, Richmond. An opportunity for a builder to hold or build. Value mainly in land. Sellers willing to rent back until the end of June. Two bedroom mortgage helper downstairs. Close to Gilmore Elementary school (French Immersion) and Hugh Boyd High school. Prime location! Walking distance to local shopping and long walks on the West dyke trail. Drive by and view!
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Please visit our Open House at 210 3629 DEERCREST DR in North Vancouver.
Open House on Sunday, January 8, 2012 2:00 pm - 4:00 pm
Lifestyle and community are awaiting you in this peaceful, natural forest setting! This private ground level one bedroom and den offers a spacious open layout. Featuring: fresh paint, new dark laminate floors in living/dining/kitchen, gas fireplace, in suite laundry, crown mouldings & new lighting fixtures. Den has glass feature wall to enhance light and spaciousness. Your outdoor private patio allows for a great entertaining space to barbeque with friends. The complex amenities include a 1200 sq ft gym and common room with full kitchen and 52 inch flat screen TV, great for hosting parties. Parking and visitor parking as well as storage included. Pets and rentals are welcome. Walk, bike or hike just steps from your front door. Open House Sunday January 8th 2-4 pm
Read Full Story
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