Carol Palfrey Associate Broker " The Eastside is my Neighbourhood "

1 (604) 818-7422
Blogs
Posts By Date
Categories
Contact Form
*indicates required fields.
Your Email:*
Your Name:*
Your Telephone:
Subject:
Message:*
Contact Info:
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 sold a property at 112 4272 ALBERT ST in Burnaby.
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 amenities to 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)
Read Full Story
I have listed a new property at 3576 MARSHALL ST in Vancouver.
Stunning, renovated 3 level character home just steps to Trout Lake in Commercial Drive! Maybe the most mechanically sound home we've ever sold! Taken back to studs, home boasts large living/dining, dream kitchen, stylish bath, foyer & 1 b/r on main. Gorgeous kitchen has 5 burner gas cooktop, wall oven, custom maple cabinets, copper backsplash, quartz counters etc. With dining room just off kitchen leading to huge covered deck, it's perfect for entertaining. Top floor has 2 large bedrooms with maple hardwood floors, sleeping loft, skylights, mountain views etc. Hydronic/radiant heat throughout with custom Euro radiators. Ground floor has 2 beautiful 1 b/r suites rented $875 & $925/mo + extra studio space for owner.
Read Full Story
I have sold a property at 1853 6TH AVE E in Vancouver.
Stunning, rare fully renovated Craftsman character home on beautiful tree-lined street in Commercial Drive. Main floor has a large open living & dining room with 10' ceilings, crown mouldings, cherry floors, antique fireplace & charming French doors. Sparkling, sunny kitchen with s/s appliances leads to private deck overlooking McSpadden Park with gorgeous garden & views to the mountains. Upper level boasts 3 bright bdrms; master with walk-in closet. Below has a lovely, bright 1 bedroom suite. In a row of stunning character homes, this beauty is just a short stroll from the best shops of The Drive. Opportunity to own a great home on a close-knit block in a vibrant, family oriented neighborhood close to parks, school & transit.
Read Full Story
I have sold a property at 3241 11TH AVE W in Vancouver.
Kitsilano "One of a kind" character home with many upgrades including metal roof, fir windows, iron and wood fencing, garage with attic storage and attached workshop. Both wood and gas fireplaces, French doors, hardwood floors and bonus ..fully developed basement to help reduce those mortgage payments! Walking distance to all levels of schools, daycare, parks, shopping and bus transportation. Just minutes to UBC and downtown.
Read Full Story
Categories: Brighouse South, Richmond Real Estate | Cambie, Vancouver West | Cambie, Vancouver West Real Estate | Capitol Hill BN, Burnaby North | Capitol Hill BN, Burnaby North Real Estate | Central Lonsdale, North Vancouver | Collingwood VE, Vancouver East Real Estate | Downtown NW, New Westminster Real Estate | Fraser VE, Vancouver East | Fraser VE, Vancouver East Real Estate | Fraserview VE, Vancouver East | Fraserview VE, Vancouver East Real Estate | Glenwood PQ, Port Coquitlam | Grandview VE, Vancouver East | Grandview VE, Vancouver East Real Estate | Guildford, North Surrey Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Hawthorne, Ladner Real Estate | Howe Sound, West Vancouver | Keats Island, Sunshine Coast Real Estate | Kerrisdale, Vancouver West Real Estate | Killarney VE, Vancouver East Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Knight, Vancouver East Real Estate | Main, Vancouver East Real Estate | Metrotown, Burnaby South | Mid Meadows, Pitt Meadows | Middlegate BS, Burnaby South | Mount Pleasant VE, Vancouver East | Mount Pleasant VE, Vancouver East Real Estate | Out of Town, Out of Town | Oxford Heights, Port Coquitlam | Point Grey, VANCOUVER Real Estate | Queensborough, New Westminster | Renfrew Heights, Vancouver East Real Estate | Renfrew VE, Vancouver East Real Estate | Roche Point, North Vancouver Real Estate | Sapperton, New Westminster Real Estate | Saturna Island, Islands-Van. & Gulf Real Estate | Seafair, Richmond Real Estate | Seymour, North Vancouver Real Estate | Simon Fraser Hills, Burnaby North | South Granville, Vancouver West Real Estate | Southlands, Vancouver West Real Estate | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate | Victoria VE, Vancouver East Real Estate | West End VW, Vancouver West Real Estate | Westridge BN, Burnaby North Real Estate