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 6425 ADERA ST in Vancouver.
Beautiful level lot offering over 72' of frontage in one of Vancouver's prime locations - South Granville (N of W 49th). Well positioned being far away enough from W 49th - quiet, plus the feature of a lovely west facing back yard. Minimal trees, but predominantly along the property's south edge, so ideal if for redevelopment. Great RS-3 zoning back lane & still very livable home. With 4 lovely bedrooms up, beautiful main principal rooms offering a large hall, Living room Dining Room plus a Family room or den with a fireplace in that room as well. Has been in the family since 1965. Public Open House March 5th, 2017 2:00PM to 4:00PM
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I have listed a new property at 207 3736 COMMERCIAL ST in Vancouver.
The Elements, A boutique townhouse complex with only 7 units. 2 bedroom, 1.5 baths, designed with a post-modern aesthetic in mind. This stylish townhouse features a private entertaining size roof top deck, with panoramic views and is the envy of the neighbourhood! The upscale kitchen complete with gas stove, quartz counters and a SW facing window. A sunny patio is off the kitchen where you can BBQ year round and grow your own vegetables and herbs. The open layout and large windows allow for abundant natural light to flood into the rooms. This home will check all of your boxes! Located off "The Drive" and close to Trout lake community centre, walking distance to good elementary schools, famous foods and skytrain. Be a part of this family oriented community! Sneak Peek Thursday February 16th 5-6 pm Open House Saturday February 18th 2-4 pm.
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Please visit our Open House at 207 3736 COMMERCIAL ST in Vancouver.
Open House on Thursday, February 16, 2017 5:00PM - 6:00PM Sneak Peek
The Elements, A boutique townhouse complex with only 7 units. 2 bedroom, 1.5 baths, designed with a post-modern aesthetic in mind. This stylish townhouse features a private entertaining size roof top deck, with panoramic views and is the envy of the neighbourhood! The upscale kitchen complete with gas stove, quartz counters and a SW facing window. A sunny patio is off the kitchen where you can BBQ year round and grow your own vegetables and herbs. The open layout and large windows allow for abundant natural light to flood into the rooms. This home will check all of your boxes! Located off "The Drive" and close to Trout lake community centre, walking distance to good elementary schools, famous foods and skytrain. Be a part of this family oriented community! Sneak Peek Thursday February 16th 5-6 pm Open House Saturday February 18th 2-4 pm.
Read Full Story
Please visit our Open House at 207 3736 COMMERCIAL ST in Vancouver.
Open House on Saturday, February 18, 2017 2:00PM - 4:00PM
The Elements, A boutique townhouse complex with only 7 units. 2 bedroom, 1.5 baths, designed with a post-modern aesthetic in mind. This stylish townhouse features a private entertaining size roof top deck, with panoramic views and is the envy of the neighbourhood! The upscale kitchen complete with gas stove, quartz counters and a SW facing window. A sunny patio is off the kitchen where you can BBQ year round and grow your own vegetables and herbs. The open layout and large windows allow for abundant natural light to flood into the rooms. This home will check all of your boxes! Located off "The Drive" and close to Trout lake community centre, walking distance to good elementary schools, famous foods and skytrain. Be a part of this family oriented community! Sneak Peek Thursday February 16th 5-6 pm Open House Saturday February 18th 2-4 pm.
Read Full Story
Please visit our Open House at 4445 WALDEN ST in Vancouver.
Open House on Saturday, February 11, 2017 1:00PM - 2:30PM
Located in the highly desirable Main street corridor, this livable home is perfect for re development. The upper floor features 2 bedrooms and a den, and the kitchen has been remodeled with new cabinets and granite counters. Lower floor has 1 bedroom and bath and would be easy to suit. Walk to shopping, Riley Park community centre, Q.E park, schools and transportation. Build your dream home in the heart of one of Vancouver's best family neighbourhoods! Open House Saturday February 11th 1:00 to 2:30
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