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%

 

 

 
I have listed a new property at 3230 20TH AVE E in Vancouver.
A GREAT starter home in Renfrew Heights, move in ready condition. Two bedrooms on the main floor, original hardwood under the carpets, wood burning fireplace and very unique custom teak cabinets in the kitchen. Downstairs you have one bedroom, rec room, sauna and washroom. Easily suited for a mortgage helper. Newer furnace, washer, dryer and hot water tank. The garage has power and the gardens are mature and the backyard faces south. Close to transit, schools and shopping. Sneak Peek Thursday October 3rd 6-7 pm Open House Saturday October 5th 1-3 pm Sunday October 6th 2-4 pm
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Please visit our Open House at 3230 20TH AVE E in Vancouver.
Open House on Thursday, October 3, 2013 6:00 pm - 7:00 pm
A GREAT starter home in Renfrew Heights, move in ready condition. Two bedrooms on the main floor, original hardwood under the carpets, wood burning fireplace and very unique custom teak cabinets in the kitchen. Downstairs you have one bedroom, rec room, sauna and washroom. Easily suited for a mortgage helper. Newer furnace, washer, dryer and hot water tank. The garage has power and the gardens are mature and the backyard faces south. Close to transit, schools and shopping. Sneak Peek Thursday October 3rd 6-7 pm Open House Saturday October 5th 1-3 pm Sunday October 6th 2-4 pm
Read Full Story
I have sold a property at 324 711 6 AVE in Vancouver.
Top floor 1 bedroom with fabulous city and mountain views. New Kitchen complete with stainless appliances, quartz countertops and cherry cabinetry. New bathroom with contemporary vanity, tiled floors and glass backsplash. Roof, boiler, pipes and balconies all done. Pets and rentals allowed. Low strata fees that include heat and hot water.
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Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Saturday, September 21, 2013 2:00 pm - 4:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Saturday September 21st 2-4pm. Easy to show.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, September 21, 2013 2:00 pm - 4:00 pm
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes. Open House Saturday September 21st 2-4 pm.
Read Full Story
Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Saturday, September 14, 2013 1:00 pm - 3:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Saturday September 14th 1-3 pm. Easy to show.
Read Full Story
Please visit our Open House at 206 1420 8TH AVE E in Vancouver.
Open House on Sunday, September 15, 2013 2:00 pm - 4:00 pm
This open-concept, 1 bed condo is in great shape and ready for your design ideas. The huge bedroom will fit a king-sized bed and the generous living room is an entertainers dream. Enjoy the pretty outlook from the N-facing balcony onto aquiet, tree-lined street. Two blocks away from fabulous shopping, eateries & Skytrain on The Drive, & 1 block from buses 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 & is pet and rental friendly. Maintained building with newer roof (2008), boilers (approx 2010) & balconies, new windows & doors (2012) throughout. NOTE: Washer & dishwasher possible with prior Strata approval. Open House Sun 15 Sept 2-4PM.
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Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Sunday, September 15, 2013 2:00 pm - 4:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Abundant amount of storage allows you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Call for a private showing.
Read Full Story
Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Sunday, September 8, 2013 2:00 pm - 4:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Abundant amount of storage allows you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
I have listed a new property at 206 1420 8TH AVE E in Vancouver.
This open-concept, 1 bed condo is in great shape and ready for your design ideas. The huge bedroom will fit a king-sized bed and the generous living room is an entertainers dream. Enjoy the pretty outlook from the N-facing balcony onto aquiet, tree-lined street. You're 2 blocks away from the fabulous shopping, eateries and Skytrain on The Drive, and 1 block from buses 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. NOTE: Washer & dishwasher possible with prior Strata approval.
Read Full Story
Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Saturday, September 7, 2013 2:00 pm - 4:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Abundant amount of storage allows you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
I have listed a new property at 2268 ST GEORGE ST in Vancouver.
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Ample storage will allow you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Sneak peek Thursday September 5th 5-6PM, Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
I have listed a new property at 4172 TRIUMPH ST in Burnaby.
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Sunday September 8th 1-3 pm. Easy to show.
Read Full Story
Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Thursday, September 5, 2013 5:00 pm - 6:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Ample storage will allow you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Sneak peek Thursday September 5th 5-6PM, Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Sunday, September 8, 2013 1:00 pm - 3:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Sunday September 8th 1-3 pm. Easy to show.
Read Full Story
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