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 112 4272 ALBERT ST in Burnaby.
Open House on Saturday, March 1, 2014 2:00 pm - 4:00 pm
Rare opportunity to purchase in this welcoming community development. In sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with open concept kitchen w/island and a private sunny cedar deck. Over 3400sqft of common amenitiesto use as your own including spacious kitchen, lounge w/fireplace, children's play area, office, guest suites, entertainment room, workshop, community garden & much more!! Walk to Confederation Park, Eileen Dailly Pool, Library, Transit & Schools. Steps from local shopping & restaurants that make "The Heights" such a desirable area to live. Strata fee also includes high speed Internet & the pro-active stratas long term goals for the growing CRF. Call Pauline for info.Open House Sat Mar 1 (2-4)
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Government reduces tax burden on first-time buyers

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000. 

In 2005, the government increased the threshold to $325,000 from $275,000.

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price. 

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Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, February 23, 2014 2:00 pm - 4:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Sunday February 23rd 2-4 pm
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Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, February 22, 2014 1:00 pm - 3:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Saturday February 22nd 1-3 pm
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Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, February 15, 2014 1:00 pm - 3:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Saturday February 15th 1-3 pm
Read Full Story
Please visit our Open House at 112 4272 ALBERT ST in Burnaby.
Open House on Sunday, February 16, 2014 2:00 pm - 4:00 pm
Rare opportunity to purchase in this welcoming community development. In sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with open concept kitchen w/island and a private sunny cedar deck. Over 3400sqft of common amenitiesto use as your own including spacious kitchen, lounge w/fireplace, children's play area, office, guest suites, entertainment room, workshop, community garden & much more!! Walk to Confederation Park, Eileen Dailly Pool, Library, Transit & Schools. Steps from local shopping & restaurants that make "The Heights" such a desirable area to live. Strata fee also includes high speed Internet & the pro-active stratas long term goals for the growing CRF. Call Pauline for info.Open House Sat Feb 16 (2-4)
Read Full Story
I have listed a new property at 1871 STAINSBURY AVE in Vancouver.
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Sunday February 9th 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, February 9, 2014 2:00 pm - 4:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Sunday February 9th 2-4 pm
Read Full Story
I have listed a new property at 112 4272 ALBERT ST in Burnaby.
Rare opportunity to purchase in this community development. in sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with private sunny backyard. Additional shared amenities to use as your own include: children's play area,office, guest suites, entertainment room, workshop, lounge w/fireplace, spacious kitchen, community garden and much more!! Walk minutes to Confederation Park, Eileen Dailly Pool, Library, Transit and Schools. Steps from local shopping and restaurants that make "The Heights" such a desirable area to live. First Open House Saturday February16th (2-4)
Read Full Story
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