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 401 3278 HEATHER ST in Vancouver.
Open House on Sunday, August 4, 2013 1:00 pm - 3:00 pm
Welcome home to the Heatherstone! A fully rainscreened building, centrally located near the shops and restaurants of Cambie Village. This fantastic top-floor, open-concept condo offers 2 bedrooms plus a den. The large master bedroom offers enough space for your king-sized bed and the skylights flood the space with natural light. This home is move-in ready. Walking distance to the skytrain, and minutes from downtown, you will love this convenient location. Parking and storage is included. Open House Sunday August 5th 1:00-3:00PM.
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Please visit our Open House at 401 3278 HEATHER ST in Vancouver.
Open House on Sunday, July 28, 2013 2:00 pm - 4:00 pm
Welcome home to the Heatherstone! A fully rainscreened building, centrally located near the shops and restaurants of Cambie Village. This fantastic top-floor, open-concept condo offers 2 bedrooms plus a den. The large master bedroom offers enough space for your king-sized bed and the skylights flood the space with natural light. This home is move-in ready. Walking distance to the skytrain, and minutes from downtown, you will love this convenient location. Parking and storage is included. Open House Saturday & Sunday, July 27th & 28th, 2:00-4:00PM.
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I have listed a new property at 401 3278 HEATHER ST in Vancouver.
Welcome home to the Heatherstone! A fully rainscreened building, centrally located near the shops and restaurants of Cambie Village. This fantastic top-floor, open-concept condo offers 2 bedrooms plus a den. The large master bedroom offers enough space for your king-sized bed and the skylights flood the space with natural light. This home is move-in ready. Walking distance to the skytrain, and minutes from downtown, you will love this convenient location. Parking and storage is included. Open House Saturday & Sunday, July 27th & 28th, 2:00-4:00PM.
Read Full Story
Please visit our Open House at 401 3278 HEATHER ST in Vancouver.
Open House on Saturday, July 27, 2013 2:00 pm - 4:00 pm
Welcome home to the Heatherstone! A fully rainscreened building, centrally located near the shops and restaurants of Cambie Village. This fantastic top-floor, open-concept condo offers 2 bedrooms plus a den. The large master bedroom offers enough space for your king-sized bed and the skylights flood the space with natural light. This home is move-in ready. Walking distance to the skytrain, and minutes from downtown, you will love this convenient location. Parking and storage is included. Open House Saturday & Sunday, July 27th & 28th, 2:00-4:00PM.
Read Full Story
I have listed a new property at 110 3575 EUCLID AVE in Vancouver.
Gorgeous 8 year old condo in just like new condition. Make this suite your home, or rent it out. It has new flooring and has just been professionally painted. Includes in-suite laundry, and stainless appliances and has a lovely outlook ontothe gardens. The oversized patio is great for entertaining, BBQ's or pets. Close to shopping, schools, and the skytrain and buses are just around the corner. The suite also comes with one parking spot and a huge storage locker. Call today to view. Open House, Saturday July 13, 2:00-4:00PM.
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Saturday, July 13, 2013 2:00 pm - 4:00 pm
Gorgeous 8 year old condo in just like new condition. Make this suite your home, or rent it out. It has new flooring and has just been professionally painted. Includes in-suite laundry, and stainless appliances and has a lovely outlook ontothe gardens. The oversized patio is great for entertaining, BBQ's or pets. Close to shopping, schools, and the skytrain and buses are just around the corner. The suite also comes with one parking spot and a huge storage locker. Call today to view. Open House, Saturday July 13, 2:00-4:00PM.
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Saturday, July 13, 2013 2:00 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, Saturday July 13, 2:00-4:00PM
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I have sold a property at 3584 MARSHALL ST in Vancouver.
"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
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I have sold a property at 2306 GRAVELEY ST in Vancouver.
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.
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I have sold a property at 101 1429 WILLIAM ST in Vancouver.
Enjoy summer beverages on your 224 sq.ft. private, fenced, south facing patio or stroll to enjoy the amenities of The Drive. Steps from the library, swimming pool, skating rink, community centre and the newly renovated Grandview park! Live with confidence in this completely renovated Landmark building in this 830 sq.ft. 2bed + office ground level corner unit.. Renos include: all new exterior including balconies, windows, sliding door and cedar fencing (BONUS: gate to yard = private entrance). This pro-active and friendly strata has recently updated the common areas including washer and dryers and installed a new intercom. This pet friendly building will allow you to have up to 3 dogs or cats.
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I have sold a property at 3584 MARSHALL ST in Vancouver.
Ideal for a contractor or a person looking for a project! This Character home has tons of potential and needs a new owner that sees the value in restoring the home. The house has original stained glass windows, hardwood floors, claw foot bathtub, wainscoting and a wood burning fireplace. The master bedroom upstairs has a loft feel and views of the mountains. Below is one bedroom and den. There is a separate studio at the back of the house built with permits. 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 Saturday June 15th 2-4 pm
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I have sold a property at 4835 PRINCE EDWARD ST in Vancouver.
Where is the city can you find a 36 x 183 lot? This is truly an urban oasis! You are welcomed to this character home by an English style garden and wisteria draping the front porch. The Main street location adds huge appeal as does the original character features. This meticulously maintained home has two bedrooms on the top floor with skylights bringing in natural light. The main floor has an open plan that includes a master bedroom, family room, dining room, kitchen and a cozy wood burning fireplace. Downstairs is a one bedroom mortgage helper. Lane way architectural plans are included in the sale price. Sneak peek Thursday May 23rd 6:30-7:30 pm. Open house Saturday/Sunday May 25th/26th 2:00-4:00 pm.
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I have sold a property at 3340 FINDLAY ST in Vancouver.
TROUT LAKE Townhome. Two levels with two bedrooms and den upstairs .Open Floor plan on the main floor that open up to your Large fully fenced backyard. Entertain your friends and take advantage of the full sun to grow your own vegetables. Terrific neighbours .Newer roof and windows in complex. Close to Bus and Skytrain. Walking distance to all amenities, including shops, coffee bars, restaurants and recreation.
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