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 402 2295 PANDORA ST in Vancouver.
Top floor, 1 bedroom condo across from Pandora Park in the up and coming East Village neighborhood. The suite is move-in ready in a solid, well run building which has been fully rain screened. Some features include in-suite laundry, gas fireplace, and an open concept renovated kitchen, updated floors and bathroom. Exceptional west facing mountain/harbour views from just outside your front door and the east facing balcony overlooks character homes on a tree lined street. This is a great central location just a short walk to transit, coffee shops, stores like Donald’s Market, trendy restaurants and bars, only a short drive to Downtown. Sneak peek Thursday, November 3rd, 5:30-6:30pm. Open house Saturday/Sunday, November 5th/6th, 1:00-3:00pm
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Please visit our Open House at 402 2295 PANDORA ST in Vancouver.
Open House on Thursday, November 3, 2016 5:30PM - 6:30PM Sneak peek
Top floor, 1 bedroom condo across from Pandora Park in the up and coming East Village neighborhood. The suite is move-in ready in a solid, well run building which has been fully rain screened. Some features include in-suite laundry, gas fireplace, and an open concept renovated kitchen, updated floors and bathroom. Exceptional west facing mountain/harbour views from just outside your front door and the east facing balcony overlooks character homes on a tree lined street. This is a great central location just a short walk to transit, coffee shops, stores like Donald’s Market, trendy restaurants and bars, only a short drive to Downtown. Sneak peek Thursday, November 3rd, 5:30-6:30pm. Open house Saturday/Sunday, November 5th/6th, 1:00-3:00pm
Read Full Story
Please visit our Open House at 402 2295 PANDORA ST in Vancouver.
Open House on Saturday, November 5, 2016 1:00PM - 3:00PM Open House
Top floor, 1 bedroom condo across from Pandora Park in the up and coming East Village neighborhood. The suite is move-in ready in a solid, well run building which has been fully rain screened. Some features include in-suite laundry, gas fireplace, and an open concept renovated kitchen, updated floors and bathroom. Exceptional west facing mountain/harbour views from just outside your front door and the east facing balcony overlooks character homes on a tree lined street. This is a great central location just a short walk to transit, coffee shops, stores like Donald’s Market, trendy restaurants and bars, only a short drive to Downtown. Sneak peek Thursday, November 3rd, 5:30-6:30pm. Open house Saturday/Sunday, November 5th/6th, 1:00-3:00pm
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Sunday, October 23, 2016 2:00PM - 3:00PM
A solidly built, well maintained bungalow on a generous 9156.6 sq.ft lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has four bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is partially finished, with a guest bedroom and bathroom, a large family area and workshop. The landscaped west facing front yard is ideal for a vegetable garden while the mature back garden is perfect for children and pets and provides ample space for entertaining and relaxing. The home is within walking distance to all levels of schools as well as shopping at Kensington Plaza and recreational facilities such as Kensington ice rink and outdoor pool. Busses to SFU or downtown are only steps away. This is a great home to Buy and Hold. Open House Sunday October 23rd 2-3 pm
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Sunday, October 9, 2016 1:00PM - 3:00PM
A solidly built, well maintained bungalow on a generous 9156.6 sq.ft lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has four bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is partially finished, with a guest bedroom and bathroom, a large family area and workshop. The landscaped west facing front yard is ideal for a vegetable garden while the mature back garden is perfect for children and pets and provides ample space for entertaining and relaxing. The home is within walking distance to all levels of schools as well as shopping at Kensington Plaza and recreational facilities such as Kensington ice rink and outdoor pool. Busses to SFU or downtown are only steps away. This is a great home to Buy and Hold. Open House Sunday October 9th 1-3 pm.
Read Full Story
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