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 102 756 GREAT NORTHERN WAY in Vancouver.
OPEN HOUSE: Saturday October 27th 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 Saturday October 24th 2-4 pm
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I have sold a property at 203 2295 Pandora ST in Vancouver.
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.
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I have sold a 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.
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I have sold a 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. Across the street from the New Emily Carr and Great Northern Way Campus - The new focal point for the creative sector. Easy to show. Call to view!
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I have sold a property at 3598 MARSHALL ST in Vancouver.
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
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I have sold a 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! OFFERS MONDAY MAY 28TH 5 PM. Email offers carol@macrealty.com
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Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
OPEN HOUSE: Saturday and Sunday October 27th/28th 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! Open Open Saturday/ Sunday October 27/28th 2-4 pm
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Please visit our Open House at 205 756 GREAT NORTHERN WAY in Vancouver.
OPEN HOUSE: Saturday October 27th 2-4 pm
FIRST TIME HOME BUYERS CHECK THIS OUT! With 5 percent down your mortgage payment will only be $928 a month. This solid concrete building has a newer roof, piping and hot water tanks. Add to this a sleek new lobby, and you will be glad to call this studio home! New flooring and paint in the condo and an outstanding view! Pet allowed, storage, exercise room, sauna, bike room and parking included. Open House Saturday October 27th 2-4 pm or by appointment.
Read Full Story
I have listed a new property at 3475 Adanac ST in Vancouver.
Absolutely beautiful 1926 character home that has three levels with a basement suite. New paint inside and out. In 2009 the roof was done as well as windows and water heater. There is a huge patio for entertaining! The beautiful inlaid hardwood floors make this home move in ready and there is also a secure two car garage. Located near Franklin Elementary and Templeton High School. Central to everything don't miss out. Call today for an appointment to view, you wont be disappointed!
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Please visit our Open House at 3475 Adanac ST in Vancouver.
OPEN HOUSE: Oct 20/21 2-4 pm
Absolutely beautiful 1926 character home that has three levels with a basement suite. New paint inside and out. In 2009 the roof was done as well as windows and water heater. There is a huge patio for entertaining! The beautiful inlaid hardwood floors make this home move in ready and there is also a secure two car garage. Located near Franklin Elementary and Templeton High School. Central to everything don't miss out. Call today for an appointment to view, you wont be disappointed!
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, October 20, 2012 2:00 pm - 4:00 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! Open House Saturday October 20th 2-4 pm
Read Full Story
Please visit our Open House at 204 1707 CHARLES ST in Vancouver.
OPEN HOUSE: Open Sunday October 14th 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 Sunday October 14th 2-4 pm
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Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
OPEN HOUSE: Saturday October 13th 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! Open House Saturday October 13th 2-4 pm
Read Full Story
Please visit our Open House at 204 1707 CHARLES ST in Vancouver.
OPEN HOUSE: Saturday October 6th 2-4 pm and Sunday October 7th 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.
Read Full Story
Please visit our Open House at 205 756 GREAT NORTHERN WAY in Vancouver.
Open House on Sunday, October 14, 2012 2:00 pm - 4:00 pm
FIRST TIME HOME BUYERS CHECK THIS OUT! With 5 percent down your mortgage payment will only be $928 a month. This solid concrete building has a newer roof, piping and hot water tanks. Add to this a sleek new lobby, and you will be glad to call this studio home! New flooring and paint in the condo and an outstanding view! Pet allowed, storage, exercise room, sauna, bike room and parking included. Open House Sunday October 14th 2-4 pm or by appointment.
Read Full Story
I have listed a new property at 205 756 GREAT NORTHERN WAY in Vancouver.
FIRST TIME HOME BUYERS CHECK THIS OUT! With 5 percent down your mortgage payment will only be $928 a month. This solid concrete building has a newer roof, piping and hot water tanks. Add to this a sleek new lobby, and you will be glad to call this studio home! New flooring and paint in the condo and an outstanding view! Pet allowed, storage, exercise room, sauna, bike room and parking included. Open House Sunday October 14th 2-4 pm or by appointment.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
OPEN HOUSE: Sunday October 7th 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! Open House Sunday October 7th 2-4 pm
Read Full Story
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