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 2306 GRAVELEY ST in Vancouver.
Open House on Sunday, April 28, 2013 2:00 pm - 4:00 pm
Builders, Contractors and Handy men/women take notice-- renovate or build new! Fantastic Corner lot ( 32x122) in a family friendly, community focused neighbourhood. Enjoy views of the Lions from your living room window. This home needs some TLC and has some great character features that could be brought back to life. Original hardwood floors, gas fireplace, and an unfinished basement with plumbing in and a separate entrance. 2 year old roof and upgraded heating system. Laneway houses expanded to RS-7. Convenient location to transit, shopping and Recreation Centre. Lord Nelson Elementary and Templeton High catchment area.
Read Full Story
Please visit our Open House at 3584 MARSHALL ST in Vancouver.
Open House on Saturday, April 27, 2013 2:00 pm - 4:00 pm
"A Character home with tons of potential" This home offers privacy, stained glass windows,original hardwood floors,claw foot bathtub, wainscoting and a wood burning fireplace. Upstairs is spacious master bedroom with a loft feel and views of the mountains. Below is one bedroom and den. The main floor has an open plan with two decks. Look out your dining room window and feel like you are in the forest. There is a separate studio at the back of the house. This could be used as an office, studio or mortgage helper. Trout lake is at the end of your cul de sac. You can walk to the lake, skytrain, Commercial Drive, farmers market or the recreation centre. Open House April 27th 2-4 pm
Read Full Story
Please visit our Open House at 206 1420 8TH AVE E in Vancouver.
Open House on Thursday, April 25, 2013 5:30 pm - 6:30 pm
Welcome home to the Willowbridge! This open-concept, 1 bed condo is in great shape and ready for your design ideas. The huge bedroom will accommodate a king-sized bed and the generous living room is an entertainers dream. Enjoy the pretty outlook from the north-facing balcony onto a quiet, tree-lined, street. You're two blocks away from the fabulous shopping, eateries and Skytrain on The Drive, and one block from bus transport on Broadway. Can't quite live without a car? No problem, the unit comes with one parking spot. It also includes a generous storage locker and is pet and rental friendly. Maintained building with newer roof (2008), boilers (approx 2010) and balconies, new windows and doors (2012) throughout. Open House: Thursday April 25 5:30-6:30 pm.
Read Full Story
Please visit our Open House at 3584 MARSHALL ST in Vancouver.
Open House on Saturday, April 20, 2013 1:00 pm - 3:00 pm
"A Character home with tons of potential" This home offers privacy, stained glass windows,original hardwood floors,claw foot bathtub, wainscoting and a wood burning fireplace. Upstairs is spacious master bedroom with a loft feel and views of the mountains. Below is one bedroom and den. The main floor has an open plan with two decks. Look out your dining room window and feel like you are in the forest. There is a separate studio at the back of the house. This could be used as an office, studio or mortgage helper. Trout lake is at the end of your cul de sac. You can walk to the lake, skytrain, Commercial Drive, farmers market or the recreation centre. Open House April 13/14 2-4 pm
Read Full Story
Please visit our Open House at 2306 GRAVELEY ST in Vancouver.
Open House on Sunday, April 21, 2013 1:00 pm - 2:30 pm
Builders, Contractors and Handy men/women take notice-- renovate or build new! Fantastic Corner lot ( 32x122) in a family friendly, community focused neighbourhood. Enjoy views of the Lions from your living room window. This home needs some TLC and has some great character features that could be brought back to life. Original hardwood floors, gas fireplace, and an unfinished basement with plumbing in and a separate entrance. 2 year old roof and upgraded heating system. Laneway houses expanded to RS-7. Convenient location to transit, shopping and Recreation Centre. Lord Nelson Elementary and Templeton High catchment area.
Read Full Story
Please visit our Open House at 206 1420 8TH AVE E in Vancouver.
Open House on Saturday, April 20, 2013 2:00 pm - 4:00 pm
Welcome home to the Willowbridge! This open-concept, 1 bed condo is in great shape and ready for your design ideas. The huge bedroom will accommodate a king-sized bed and the generous living room is an entertainers dream. Enjoy the pretty outlook from the north-facing balcony onto a quiet, tree-lined, street. You're two blocks away from the fabulous shopping, eateries and Skytrain on The Drive, and one block from bus transport on Broadway. Can't quite live without a car? No problem, the unit comes with one parking spot. It also includes a generous storage locker and is pet and rental friendly. Maintained building with newer roof (2008), boilers (approx 2010) and balconies, new windows and doors (2012) throughout. Open Houses: Saturday April 20 2:00-4:00; Thursday April 25 5:30-6:30 pm.
Read Full Story
I have listed a new property at 206 1420 8TH AVE E in Vancouver.
Welcome home to the Willowbridge! This open-concept, 1 bed condo is in great shape and ready for your design ideas. The huge bedroom will accommodate a king-sized bed and the generous living room is an entertainers dream. Enjoy the pretty outlook from the north-facing balcony onto a quiet, tree-lined, street. You're two blocks away from the fabulous shopping, eateries and Skytrain on The Drive, and one block from bus transport on Broadway. Can't quite ditch the car? No problem, the unit comes with one parking spot. It also includes a generous storage locker and is pet and rental friendly. Maintained building with newer roof (2008), boilers (approx 2010) and balconies, new windows and doors (2012) throughout.
Read Full Story
Please visit our Open House at 3584 MARSHALL ST in Vancouver.
Open House on Sunday, April 14, 2013 2:00 pm - 4:00 pm
"A Character home with tons of potential" This home offers privacy, stained glass windows,original hardwood floors,claw foot bathtub, wainscoting and a wood burning fireplace. Upstairs is spacious master bedroom with a loft feel and views of the mountains. Below is one bedroom and den. The main floor has an open plan with two decks. Look out your dining room window and feel like you are in the forest. There is a separate studio at the back of the house. This could be used as an office, studio or mortgage helper. Trout lake is at the end of your cul de sac. You can walk to the lake, skytrain, Commercial Drive, farmers market or the recreation centre. Open House April 13/14 2-4 pm
Read Full Story
I have sold a 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!
Read Full Story
Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Sunday, April 14, 2013 2:30 pm - 4:00 pm
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite. OPEN HOUSE: Sun April 14, 2:30-4:00
Read Full Story
Please visit our Open House at 2306 GRAVELEY ST in Vancouver.
Open House on Sunday, April 14, 2013 1:00 pm - 2:00 pm
Builders, Contractors and Handy men/women take notice-- renovate or build new! Fantastic Corner lot ( 32x122) in a family friendly, community focused neighbourhood. Enjoy views of the Lions from your living room window. This home needs some TLC and has some great character features that could be brought back to life. Original hardwood floors, gas fireplace, and an unfinished basement with plumbing in and a separate entrance. 2 year old roof and upgraded heating system. Laneway houses expanded to RS-7. Convenient location to transit, shopping and Recreation Centre. Lord Nelson Elementary and Templeton High catchment area.
Read Full Story
I have listed a new property at 110 3575 EUCLID AVE in Vancouver.
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite.
Read Full Story
Please visit our Open House at 3584 MARSHALL ST in Vancouver.
Open House on Saturday, April 13, 2013 2:00 pm - 4:00 pm
"A Character home with tons of potential" This home offers privacy, stained glass windows,original hardwood floors,claw foot bathtub, wainscoting and a wood burning fireplace. Upstairs is spacious master bedroom with a loft feel and views of the mountains. Below is one bedroom and den. The main floor has an open plan with two decks. Look out your dining room window and feel like you are in the forest. There is a separate studio at the back of the house. This could be used as an office, studio or mortgage helper. Trout lake is at the end of your cul de sac. You can walk to the lake, skytrain, Commercial Drive, farmers market or the recreation centre. Open House April 13/14 2-4 pm
Read Full Story
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