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 4630 Baldwin ST in vancouver.
Must see!! Don't miss out on this well-constructed owner-built house on an RT-11 (duplex) corner lot. Tucked away in a quiet neighborhood, across the street from General Brock Park, this property enjoys mountain and park views and gives you options to buy and live, use as a holding property, or build up to a 2846 sqft Duplex (to be verified by city). Come view this beautiful well-kept home which features 3 bedrooms and 2 bathrooms upstairs, and a mortgage-helper suite and 2-car garage on the ground floor. This property is in an excellent location with a great walk-score, 5 minutes from the skytrain as well as various shops on Kingsway. Open Houses on Thurs. May 26th 6-7:30pm, and Sat-Sun May 28th-29th 1-4pm.
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Please visit our Open House at 4630 Baldwin ST in vancouver.
OPEN HOUSE: Thursday May 26th 6:00 pm to 7:30 pm
Must see!! Don't miss out on this well-constructed owner-built house on an RT-11 (duplex) corner lot. Tucked away in a quiet neighborhood, across the street from General Brock Park, this property enjoys mountain and park views and gives you options to buy and live, use as a holding property, or build up to a 2846 sqft Duplex (to be verified by city). Come view this beautiful well-kept home which features 3 bedrooms and 2 bathrooms upstairs, and a mortgage-helper suite and 2-car garage on the ground floor. This property is in an excellent location with a great walk-score, 5 minutes from the skytrain as well as various shops on Kingsway. Open Houses on Thurs. May 26th 6-7:30pm, and Sat-Sun May 28th-29th 1-4pm.
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1)       Fill pipe: This is a 2 inch galvanized steel pipe that has either a lockable flip cap or a brass cap that screws into a galvanized steel collar. These pipes may be flush with the ground or they may stick up several inches. Fill pipes are typically within twelve feet of the house foundation and go directly down into the tank. Because fill pipes commonly stick up above the ground surface, many property owners have removed or cut off these pipes below the ground surface when the tank is taken out-of-use.


2)     Vent pipe: This is a 1 to 2 inch galvanized pipe that has a mushroom shaped cap on the open end (top) of the pipe. Usually the vent pipe is plumbed away from the tank and set next to the house foundation. Vent pipes typically stick up 6 inches to a foot and a half above the ground surface. Vent pipes were not always installed on underground tanks. In rare occasions the vent pipe is constructed of PVC.


3)     An old oil furnace or parts of an oil furnace in or under the house: Glass and metal oil filter housings are commonly left usually attached to the fuel supply lines (copper)


4)     Two Copper Tubing Lines (¼ inch) in the crawl space or basement: After the tank is taken out of service, the old fuel supply lines are often left under the house even if the old oil furnace is removed.


5)     A furnace chimney: Many 1950's houses have a small (1 foot by 1 foot) furnace chimney. Occasionally, a furnace chimney is routed into a fire place chimney. If so, there will be two flues coming out of the top of the brick chimney. Examine the top of your chimney.

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