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%

 

 

 
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Steps to The Drive, this two bedroom, two bathroom 1052 square foot ground level townhouse has two outdoor spaces perfect for entertaining. Updated with hardwood floors and new carpet in the bedrooms. Entertain guests while you cook on your gas rangegas range in this open concept unit. Cozy up by the gas fireplace on those cold winter nights. The extra large master will accommodate a king sized with extra room to spare. Perfect for a young family or the down-sizer with large furniture and has ample storage. Low strata fees and a pro-active strata add to this units appeal.
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I have sold a 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!
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I have sold a property at 2880 GRANT ST in Vancouver.
This home ticks all the boxes! 3 bedrooms plus bath upstairs, spacious living, dining, and den on main floor with restored fir floors, and a 2 BR garden suite. Nothing to do but move in and enjoy the south facing garden and large yard from your custom deck. Modern kitchen with stainless appliances. Garage converted to a home office/studio with two-car driveway, an ideal space for a laneway house. This is a really nice family neighbourhood near Clinton Park with many other parks, schools and shopping close by. Open House Saturday April 12th 1-3 pm.
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I have sold a property at 3516 GLADSTONE ST in Vancouver.
Pride of ownership is evident in every element of this 4 bedroom & Den, 2 bath Bungalow. Main floor features original inlaid oak floors finished to gleaming perfection. New Roof, Hot Water Tank, Windows and Perimeter Drain just a few itemsfrom long list of improvements. Gourmet Kitchen - Fisher-Paykel appliances, Quartz Countertops & Bamboo Cabinets - bonus: heated tiled floor. Master Bedroom easily fits King Size bed and features French Doors to Veranda. Fully Finished Full Height basement offers large family room, full bath, spectacular laundry room,1 bedroom and a den. The garage features a new door and is insulated! See Realtor's website for features list. Sneak Peek Thurs Apr 17th 6-7 PM Open Sat & Sun 2-4 pm.
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