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%

 

 

 
I have listed a new property at 105 774 GREAT NORTHERN WAY in Vancouver.
Why rent when you can own? 5% down has a monthly mortgage payment at $1,040. Concrete building, never hear your neighbours! Open concept 1 bedroom condo. Well-maintained building: newer roof, piping, bike room, gym, sauna and updated lobby. Maintenance fees include heat & hot water. Parking, storage locker included & pet friendly. Conveniently located and within walking distance to Main St. and Commercial Drive, just steps to bike route, bus and Sky train. Easy to show. Call to view or come to the Open House Saturday June 2 nd from 2:00 to 4:00.
Read Full Story
Please visit our Open House at 105 774 GREAT NORTHERN WAY in Vancouver.
OPEN HOUSE: Saturday June 2nd 2-4 pm
Why rent when you can own? 5% down has a monthly mortgage payment at $1,040. Concrete building, never hear your neighbours! Open concept 1 bedroom condo. Well-maintained building: newer roof, piping, bike room, gym, sauna and updated lobby. Maintenance fees include heat & hot water. Parking, storage locker included & pet friendly. Conveniently located and within walking distance to Main St. and Commercial Drive, just steps to bike route, bus and Sky train. Easy to show. Call to view or come to the Open House Saturday June 2 nd from 2:00 to 4:00.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, June 3, 2012 2:00 pm - 4:00 pm
The Works! A modern & contemporary 2-bedroom home that has it all! This property features an open plan layout, a gourmet kitchen with gas stove,stainless steel appliances, granite counter tops & breakfast bar, wide plank flooring,a large private patio, 2 parking stalls & 1 locker.Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, the skytrain and bus routes. Don't miss this hidden neighborhood gem! A pleasure to show! Open House Sunday June 3rd 2-4pm
Read Full Story
I have listed a new property at 720 774 GREAT NORTHERN WAY in Vancouver.
Sweeping unparalleled views of downtown Vancouver and the North Shore mountains await you! This renovated 1 bedroom condo in the desirable Mount Pleasant neighbourhood has a massive 350 square foot deck that's perfect for summer entertaining. Newly renovated, sleek kitchen and bathroom (done with permits). Living room flows into your outdoor area to create a great open concept. Dark wood flooring & new appliances, make this suite stand out above the rest. Suite has ample closet space and includes a separate storage locker. Well run concrete building with new windows, roof, pipes and a modern lobby. Dog/cat welcome. Open house Sunday May27th 2-4 pm.
Read Full Story
Please visit our Open House at 720 774 GREAT NORTHERN WAY in Vancouver.
Open House on Sunday, May 27, 2012 2:00 pm - 4:00 pm
Sweeping unparalleled views of downtown Vancouver and the North Shore mountains await you! This renovated 1 bedroom condo in the desirable Mount Pleasant neighbourhood has a massive 350 square foot deck that's perfect for summer entertaining. Newly renovated, sleek kitchen and bathroom (done with permits). Living room flows into your outdoor area to create a great open concept. Dark wood flooring & new appliances, make this suite stand out above the rest. Suite has ample closet space and includes a separate storage locker. Well run concrete building with new windows, roof, pipes and a modern lobby. Dog/cat welcome. Open house Sunday May27th 2-4 pm.
Read Full Story
Please visit our Open House at 19 33RD AVE E in Vancouver.
OPEN HOUSE: Saturday May 26th 2-4 pm
Location, Location ! Nestled within one of Vancouver's Best neighborhoods, this home has Queen Elizabeth park at its doorstep, Hillcrest Community Centre around the corner and a short walk up to Main Street shops, schools, bike paths,winter farmers market and much more! Priced sharp for home buyers and investors alike, this affordable, south facing home has 3 bedrooms above and a 2 bedroom mortgage helper below. Evergreen trees line the frontage of the property. We invite you to come have a look at our first Open House on Saturday May 26th 2-4 pm. Don't miss your chance to be part of this fantastic neighborhood!
Read Full Story
I have listed a new property at 19 33RD AVE E in Vancouver.
Location, Location ! Nestled within one of Vancouver's Best neighborhoods, this home has Queen Elizabeth park at its doorstep, Hillcrest Community Centre around the corner and a short walk up to Main Street shops, schools, bike paths,winter farmers market and much more! Priced sharp for home buyers and investors alike, this affordable, south facing home has 3 bedrooms above and a 2 bedroom mortgage helper below. Evergreen trees line the frontage of the property. We invite you to come have a look at our first Open House on Saturday May 26th 2-4 pm. Don't miss your chance to be part of this fantastic neighborhood!
Read Full Story
Please visit our Open House at 19 33RD AVE E in Vancouver.
Open House on Saturday, May 26, 2012 2:00 pm - 4:00 pm
Location, Location ! Nestled within one of Vancouver's Best neighborhoods, this home has Queen Elizabeth park at its doorstep, Hillcrest Community Centre around the corner and a short walk up to Main Street shops, schools, bike paths,winter farmers market and much more! Priced sharp for home buyers and investors alike, this affordable, south facing home has 3 bedrooms above and a 2 bedroom mortgage helper below. Evergreen trees line the frontage of the property. We invite you to come have a look at our first Open House on Saturday May 26th 2-4 pm. Don't miss your chance to be part of this fantastic neighborhood!
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
OPEN HOUSE: Sunday May 20th 2-4 pm
The Works! A modern & contemporary 2-bedroom home that has it all! This property features an open plan layout, a gourmet kitchen with gas stove,stainless steel appliances, granite counter tops & breakfast bar, wide plank flooring,a large private patio, 2 parking stalls & 1 locker.Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, the skytrain and bus routes. Don't miss this hidden neighborhood gem! A pleasure to show! Open House Sunday May 20th 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
OPEN HOUSE: Sunday May 20th 2-3 pm
The Works! A modern & contemporary 2-bedroom home that has it all! This property features an open plan layout, a gourmet kitchen with gas stove,stainless steel appliances, granite counter tops & breakfast bar, wide plank flooring,a large private patio, 2 parking stalls & 1 locker.Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, the skytrain and bus routes. Don't miss this hidden neighborhood gem! A pleasure to show! Open House Sunday May 20th 2-3 pm
Read Full Story
I have listed a new property at 1871 STAINSBURY AVE in Vancouver.
The Works! A modern & contemporary 2-bedroom home that has it all! This property features an open plan layout, a gourmet kitchen with gas stove,stainless steel appliances, granite counter tops & breakfast bar, wide plank flooring,a large private patio, 2 parking stalls & 1 locker.Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, the skytrain and bus routes. Don't miss this hidden neighborhood gem! A pleasure to show! First showing at the Open house Saturday May 12th 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, May 12, 2012 2:00 pm - 4:00 pm
The Works! A modern & contemporary 2-bedroom home that has it all! This property features an open plan layout, a gourmet kitchen with gas stove,stainless steel appliances, granite counter tops & breakfast bar, wide plank flooring,a large private patio, 2 parking stalls & 1 locker.Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, the skytrain and bus routes. Don't miss this hidden neighborhood gem! A pleasure to show! First showing at the Open house Saturday May 12th 2-4 pm
Read Full Story
I have sold a property at 105 2600 49TH AVE E in Vancouver.
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
I have sold a property at 210 3629 DEERCREST DR in North Vancouver.
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 Saturday February 4th 2-4 pm. Price reduced!
Read Full Story
I have sold a 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 stylish bathroom offers new vanity,tub, tiled floors and glass  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
I have sold a 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.
Read Full Story
I have sold a property at 201 1819 PENDRELL ST in Vancouver.
Fantastic West of Denman concrete condo with a complete renovation, Open plan gourmet kitchen, granite counters, wine fridge and stainless appliances. Ideal for the person that loves to cook and entertain. , great new bath, laminate floors, large bedroom and 10x10 den.Vibrant and community spirited neighbourhood, 2 blocks to Stanley Park and 1 block to English Bay & steps to the shops. Rentals allowed, Pet friendly. Pro-active strata. Open house Saturday March 9th 2-4 pm
Read Full Story
I have sold a 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
I have sold a property at 3771 VINMORE AVE in Richmond.
71 x 106 (7563 sq ft) Southern exposed rectangular large corner lot in the desirable "MORE" neighbourhood in Seafair, Richmond. An opportunity for a builder to hold or build. Value mainly in land. Close to Gilmore Elementary school (FrenchImmersion) and Hugh Boyd High school. Walking distance to local shopping and long walks on the West dyke trail. Drive by and view!
Read Full Story
I have sold a property at 1850 and 1854 E 8th in Vancouver.
Under construction ; Two 3 bedroom half duplexes with square footage of  1484 square feet in the front and 1674 square feet in the rear. Built by European Craftsman! High quality materials only. Open concept layout on main floor. 3 bedrooms, 4 bathrooms & 2 laundry areas. Radiant heat, all granite counters, hardwood floors, maple cabinets and stainless steel appliances. Walking distance to funky shops, restaurants, school & skytrain.

Completion to be in January 2012. 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.


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