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 204 1707 CHARLES ST in Vancouver.
OPEN HOUSE: Sunday September 30th 2-4 pm
Live in the heart of The Drive in a bright 1 bedroom and den with maple hardwood floors throughout. The open plan kitchen has updated wood cabinets, with stainless appliances. Enjoy the convenience of in-suite laundry and storage and. a cozy gas fireplace Double French doors lead into a spacious bedroom that, together with the den/sunroom, overlooks the newly landscaped Grandview Park. This well managed building has been RAINSCREENED and the common areas painted. The roof top deck is great for entertaining with spectacular city/mountain views. Amenities include a large garden courtyard, common room with full kitchen and fireplace, tool area/work bench and extensive bicycle storage. Live amongst the cafes, shops and vibe of Commercial Drive. Pets are welcome and rentals are allowed. Open House Sunday September 30th 2-4 pm.
Read Full Story
Please visit our Open House at 102 756 GREAT NORTHERN WAY in Vancouver.
OPEN HOUSE: Sunday September 30th 2-4 pm
Fantastic location in a concrete building all under $300K? You bet! A first time home buyer's dream - move in ready! Freshly painted, open concept, 1 bed condo in sought after Mt Pleasant. Beautifully renovated stylish kitchen and bathroom. The generous living room opens onto your private patio. Well maintained building with newer roof, piping, bike room, gym, sauna and updated lobby. Strata fees include heat and hot water. Parking and storage included and pet friendly. Walking distance to Main St and Commercial Dr. Steps to bike route, bus and skytrain. Open House Sunday September 30th 2-4 pm.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
OPEN HOUSE: Open Saturday September 29th 2-4 pm
The Works! A modern & contemporary 2-bedroom townhome 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. It is a young family haven in this complex! Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighborhood gem! First Showings at open Saturday September 29th 2-4 pm
Read Full Story
I have listed a new property at 1871 STAINSBURY AVE in Vancouver.
The Works! A modern & contemporary 2-bedroom townhome 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. It is a young family haven in this complex! Conveniently located minutes away from Trout Lake Park, brand new Community Centre, elementary & high schools and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighborhood gem!
Read Full Story
Please visit our Open House at 204 1707 CHARLES ST in Vancouver.
OPEN HOUSE: Saturday September 22nd 12-2 pm.
Live in the heart of The Drive in a bright 1 bedroom and den with maple hardwood floors throughout. The open plan kitchen has updated wood cabinets, with stainless appliances. Enjoy the convenience of in-suite laundry and storage and. a cozy gas fireplace Double French doors lead into a spacious bedroom that, together with the den/sunroom, overlooks the newly landscaped Grandview Park. This well managed building has been RAINSCREENED and the common areas painted. The roof top deck is great for entertaining with spectacular city/mountain views. Amenities include a large garden courtyard, common room with full kitchen and fireplace, tool area/work bench and extensive bicycle storage. Live amongst the cafes, shops and vibe of Commercial Drive. Pets are welcome and rentals are allowed. Open House Saturday September 22nd 12-2pm.
Read Full Story
Please visit our Open House at 204 1707 CHARLES ST in Vancouver.
OPEN HOUSE: Saturday September 22nd 2-4 pm.
Live in the heart of The Drive in a bright 1 bedroom and den with maple hardwood floors throughout. The open plan kitchen has updated wood cabinets, with stainless appliances. Enjoy the convenience of in-suite laundry and storage and. a cozy gas fireplace Double French doors lead into a spacious bedroom that, together with the den/sunroom, overlooks the newly landscaped Grandview Park. This well managed building has been RAINSCREENED and the common areas painted. The roof top deck is great for entertaining with spectacular city/mountain views. Amenities include a large garden courtyard, common room with full kitchen and fireplace, tool area/work bench and extensive bicycle storage. Live amongst the cafes, shops and vibe of Commercial Drive. Pets are welcome and rentals are allowed. Open House Saturday September 22nd 2-4 pm.
Read Full Story
I have listed a new property at 102 756 GREAT NORTHERN WAY in Vancouver.
Fantastic location in a concrete building all under $300K? You bet! A first time home buyer's dream - move in ready! Freshly painted, open concept, 1 bed condo in sought after Mt Pleasant. Beautifully renovated stylish kitchen and bathroom. The generous living room opens onto your private patio. Well maintained building with newer roof, piping, bike room, gym, sauna and updated lobby. Strata fees include heat and hot water. Parking and storage included and pet friendly. Walking distance to Main St and Commercial Dr. Steps to bike route, bus and skytrain. Open House Sunday September 23rd 2-4 pm.
Read Full Story
Please visit our Open House at 102 756 GREAT NORTHERN WAY in Vancouver.
Open House on Sunday, September 23, 2012 2:00 pm - 4:00 pm
Fantastic location in a concrete building all under $300K? You bet! A first time home buyer's dream - move in ready! Freshly painted, open concept, 1 bed condo in sought after Mt Pleasant. Beautifully renovated stylish kitchen and bathroom. The generous living room opens onto your private patio. Well maintained building with newer roof, piping, bike room, gym, sauna and updated lobby. Strata fees include heat and hot water. Parking and storage included and pet friendly. Walking distance to Main St and Commercial Dr. Steps to bike route, bus and skytrain. Open House Sunday September 23rd 2-4 pm.
Read Full Story
Please visit our Open House at 203 2295 Pandora ST in Vancouver.
OPEN HOUSE: Saturday Sept 15th 12-2 Sunday Sept 16 2:30 to 4:30
Beautiful open plan 2 bdrm condo in move-in condition. Completely RAINSCREENED building with low turnover in Vancouver's East Village. Brand new laminate floors, completely reno'd bathroom. Newer W/D, fridge,stove & brand garburator. Freshly updated with designer Benjamin Moorepaint throughout. Enjoy views of the North Shore Mountains from your living room, balcony & mstr bdrm. The home comes with 1 parking & 1 storage. Curl up in front of the gas fireplace during the winter months or host a BBQ on your balc while watching the fireworks over the downtown city skyline in the summer. Enjoy the convenience of inste ldry, Pandora Park right across the street & transit, shpg & eateries a block away.
Read Full Story
Please visit our Open House at 204 1707 CHARLES ST in Vancouver.
OPEN HOUSE: Sunday Sptember 16th 12-2 pm
Live in the heart of The Drive in a bright 1 bedroom and den with maple hardwood floors throughout. The open plan kitchen has updated wood cabinets, with stainless appliances. Enjoy the convenience of in-suite laundry and storage and. a cozy gas fireplace Double French doors lead into a spacious bedroom that, together with the den/sunroom, overlooks the newly landscaped Grandview Park. This well managed building has been RAINSCREENED and the common areas painted. The roof top deck is great for entertaining with spectacular city/mountain views. Amenities include a large garden courtyard, common room with full kitchen and fireplace, tool area/work bench and extensive bicycle storage. Live amongst the cafes, shops and vibe of Commercial Drive. Pets are welcome and rentals are allowed. Open House Sunday September 16th 12-2 pm.
Read Full Story
Please visit our Open House at 3598 MARSHALL ST in Vancouver.
OPEN HOUSE: Saturday September 8th 2-4 pm Sunday September 9th 3:30 to 5:30
Tucked away in the Cedar Cottage area and Trout Lake at the end of your street, this charming urban cottage home is in a private setting with a wonderful mountain view. A gardener's and bird lover's delight. An open-plan kitchen and dining room allow you to absorb the view and a cedar ceiling in the large living room brings the outdoors inside. There are 3 bedrooms on the main floor, 1 bedroom below and 2 full bathrooms. Friendly neighbours and a welcoming community make this a very special place to call home. Your backyard has mature fruit trees (apple and plum) as well as a variety of berry bushes, a vegetable garden and several flower beds. Ready to move into, this is also a fantastic home to renovate and make your own at your leisure. Open House Saturday September 8th 2-4 pm Sunday September 9th 3:30 to 5:30 pm
Read Full Story
I have listed a new property at 204 1707 CHARLES ST in Vancouver.
Live in the heart of The Drive in a bright 1 bedroom and den with maple hardwood floors throughout. The open plan kitchen has updated wood cabinets, with stainless appliances. Enjoy the convenience of in-suite laundry and storage and. a cozy gas fireplace Double French doors lead into a spacious bedroom that, together with the den/sunroom, overlooks the newly landscaped Grandview Park. This well managed building has been RAINSCREENED and the common areas painted. The roof top deck is great for entertaining with spectacular city/mountain views. Amenities include a large garden courtyard, common room with full kitchen and fireplace, tool area/work bench and extensive bicycle storage. Live amongst the cafes, shops and vibe of Commercial Drive. Pets are welcome and rentals are allowed. Open House Sunday September 9th 1-3 pm.
Read Full Story
Please visit our Open House at 204 1707 CHARLES ST in Vancouver.
Open House on Sunday, September 9, 2012 1:00 pm - 3:00 pm
Live in the heart of The Drive in a bright 1 bedroom and den with maple hardwood floors throughout. The open plan kitchen has updated wood cabinets, with stainless appliances. Enjoy the convenience of in-suite laundry and storage and. a cozy gas fireplace Double French doors lead into a spacious bedroom that, together with the den/sunroom, overlooks the newly landscaped Grandview Park. This well managed building has been RAINSCREENED and the common areas painted. The roof top deck is great for entertaining with spectacular city/mountain views. Amenities include a large garden courtyard, common room with full kitchen and fireplace, tool area/work bench and extensive bicycle storage. Live amongst the cafes, shops and vibe of Commercial Drive. Pets are welcome and rentals are allowed. Open House Sunday September 9th 1-3 pm.
Read Full Story
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