Carol Palfrey Associate Broker " The Eastside is my Neighbourhood "

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Cell:1 (604) 818-7422
Office :1 (604) 263-1911
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4387 Main Street
Vancouver, BC
V5V 3R1 Canada



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%




Sellers need to be informed on the pitfalls of taking offers too quickly.


I was recently working with a buyer who was very interested in a new listing that came on the mls in the Commercial Drive area. I called the agent the first day the property was introduced to the market.  The agent failed to return my call and I was unable to book an appointment to view the property before the open houses.


The open houses were scheduled for Thursday,Saturday and Sunday. I checked back on the listing on Thursday and it said in the Realtor comments that the property was sold!


Had the Realtor showed the property to all interested Buyers they would have exposed the property to more potential buyers and the Seller would have benefited from this exposure of their property. The benefit would have been more money for the Seller or more favourable conditions in the offer.


Realtors who are not marketing your property to all interested Buyers are doing their Sellers a disservice. They are leaving YOUR money on the table! Sellers should make sure that it is in their schedule A of their contract that the property will have x amount of open houses and offers will be accepted on a specific date.


Hope this is helpful!


Carol Palfrey

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Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Sunday, November 17, 2013 2:30 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.Easy to show.
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Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, November 9, 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 November 9th 2-4 pm
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