Carol Palfrey Associate Broker " The Eastside is my Neighbourhood "

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Cell:1 (604) 818-7422
Office :1 (604) 263-1911
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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%

 

 

 
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, October 1, 2017 3:30PM - 4:30PM Open House
Southlands, one of the prettiest neighbourhoods in Vancouver. Enjoy this countryside setting, close to the Fraser River, Pacific Spirit Park and golf courses. Large 74.25 x 132 Lot. ( 9,800 sq ft) Perfect to build your dream home or renovate this West Coast contemporary! This home is very unique and has all of your living space on one level. The skylights bring the outdoors inside and the house is very much immersed in the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west facing private backyard. Close to top schools: St. George's, Crofton House, Southlands Elementary, Point Grey Secondary School. Direct transit to UBC's main campus is two blocks away. Dunbar & Kerrisdale shopping close by. Open house October 1st 3:30 to 4:30 pm.
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Sunday, October 1, 2017 2:00PM - 4:00PM Open House
A solidly built, well maintained bungalow on a generous 9,156 sq. ft. lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has five bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is finished with a brand new two bedroom suite that will assist with your mortgage. 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. Open House Sunday October 1st 2-4 pm
Read Full Story
I have listed a new property at 305 1206 14TH AVE W in Vancouver.
Boutique building with only 7 units, TOP floor 2 bedroom 2 full baths with skylights. Very Spacious at 1,066 sq. ft. Excellent layout and ?great use of space, Views of the mountains, city and trees! This would be a fun renovation project! Light exposure on 3 sides. Wood burning fireplace. Complete with 1 parking and 1 storage locker. Exceptional value for this generous sized condo.Open House on Tuesday September 26th 10:30 - noon. Open House Thursday September 28th 5:30 to 6:30 pm. Open House Sunday October 1st 1-3 pm.
Read Full Story
Please visit our Open House at 305 1206 14TH AVE W in Vancouver.
Open House on Tuesday, September 26, 2017 10:30AM - 12:00PM Open House
Boutique building with only 7 units, TOP floor 2 bedroom 2 full baths with skylights. Very Spacious at 1,066 sq. ft. Excellent layout and ?great use of space, Views of the mountains, city and trees! This would be a fun renovation project! Light exposure on 3 sides. Wood burning fireplace. Complete with 1 parking and 1 storage locker. Exceptional value for this generous sized condo.Open House on Tuesday September 26th 10:30 - noon. Open House Thursday September 28th 5:30 to 6:30 pm. Open House Sunday October 1st 1-3 pm.
Read Full Story
Please visit our Open House at 305 1206 14TH AVE W in Vancouver.
Open House on Thursday, September 28, 2017 5:30PM - 6:30PM Open House
Boutique building with only 7 units, TOP floor 2 bedroom 2 full baths with skylights. Very Spacious at 1,066 sq. ft. Excellent layout and ?great use of space, Views of the mountains, city and trees! This would be a fun renovation project! Light exposure on 3 sides. Wood burning fireplace. Complete with 1 parking and 1 storage locker. Exceptional value for this generous sized condo.Open House on Tuesday September 26th 10:30 - noon. Open House Thursday September 28th 5:30 to 6:30 pm. Open House Sunday October 1st 1-3 pm.
Read Full Story
Please visit our Open House at 305 1206 14TH AVE W in Vancouver.
Open House on Sunday, October 1, 2017 1:00PM - 3:00PM Open House
Boutique building with only 7 units, TOP floor 2 bedroom 2 full baths with skylights. Very Spacious at 1,066 sq. ft. Excellent layout and ?great use of space, Views of the mountains, city and trees! This would be a fun renovation project! Light exposure on 3 sides. Wood burning fireplace. Complete with 1 parking and 1 storage locker. Exceptional value for this generous sized condo.Open House on Tuesday September 26th 10:30 - noon. Open House Thursday September 28th 5:30 to 6:30 pm. Open House Sunday October 1st 1-3 pm.
Read Full Story
I have listed a new property at 6637 DUNBAR ST in Vancouver.
Southlands, one of the prettiest neighbourhoods in Vancouver. Enjoy this countryside setting, close to the Fraser River, Pacific Spirit Park and golf courses. Large 74.25 x 132 Lot. ( 9,800 sq ft) Perfect to build your dream home or renovate this West Coast contemporary! This home is very unique and has all of your living space on one level. The skylights bring the outdoors inside and the house is very much immersed in the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west facing private backyard. Close to top schools: St. George's, Crofton House, Southlands Elementary, Point Grey Secondary School. Direct transit to UBC's main campus is two blocks away. Dunbar & Kerrisdale shopping close by. Open house Saturday September 23rd 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, September 23, 2017 1:00PM - 3:00PM Open House
Southlands, one of the prettiest neighbourhoods in Vancouver. Enjoy this countryside setting, close to the Fraser River, Pacific Spirit Park and golf courses. Large 74.25 x 132 Lot. ( 9,800 sq ft) Perfect to build your dream home or renovate this West Coast contemporary! This home is very unique and has all of your living space on one level. The skylights bring the outdoors inside and the house is very much immersed in the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west facing private backyard. Close to top schools: St. George's, Crofton House, Southlands Elementary, Point Grey Secondary School. Direct transit to UBC's main campus is two blocks away. Dunbar & Kerrisdale shopping close by. Open house Saturday September 23rd 1-3 pm
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Sunday, September 24, 2017 1:00PM - 3:00PM Open House
A solidly built, well maintained bungalow on a generous 9,156 sq. ft. lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has five bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is finished with a brand new two bedroom suite that will assist with your mortgage. 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 or Develop. Open House Saturday/ Sunday September 23rd, 24th 1-3 pm.
Read Full Story
I have listed a new property at 102 2295 PANDORA ST in Vancouver.
Ground level 1 bedroom condo across from Pandora Park in the fantastic East Village neighborhood. The suite is move-in ready in a solid, well run building that has been fully rain screened. Some features include: outdoor deck, in-suite laundry, gas fireplace, an open concept renovated kitchen with Corian counters and stainless appliances, bamboo floors throughout. Exceptional location!, just a short walk to transit, coffee shops, stores like Donald's Market, breweries, trendy restaurants and bars, only a short drive to Downtown or N Van. Pet friendly. Open House Sunday September 24th 1-3 pm.
Read Full Story
Please visit our Open House at 102 2295 PANDORA ST in Vancouver.
Open House on Sunday, September 24, 2017 1:00PM - 3:00PM Open House
Ground level 1 bedroom condo across from Pandora Park in the fantastic East Village neighborhood. The suite is move-in ready in a solid, well run building that has been fully rain screened. Some features include: outdoor deck, in-suite laundry, gas fireplace, an open concept renovated kitchen with Corian counters and stainless appliances, bamboo floors throughout. Exceptional location!, just a short walk to transit, coffee shops, stores like Donald's Market, breweries, trendy restaurants and bars, only a short drive to Downtown or N Van. Pet friendly. Open House Sunday September 24th 1-3 pm.
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Saturday, September 23, 2017 1:00PM - 3:00PM Open House
A solidly built, well maintained bungalow on a generous 9,156 sq. ft. lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has five bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is finished with a brand new two bedroom suite that will assist with your mortgage. 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 or Develop.Open House Saturday September 23rd 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, September 17, 2017 1:00PM - 3:00PM Open House
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard.
Read Full Story
I have listed a new property at 7272 INLET DR in Burnaby.
A solidly built, well maintained bungalow on a generous 9,156 sq. ft. lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has five bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is finished with a brand new two bedroom suite that will assist with your mortgage. 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 or Develop. Open House Saturday September 16th and Sunday September 17th 1-3 pm.
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Saturday, September 16, 2017 1:00PM - 3:00PM Open House
A solidly built, well maintained bungalow on a generous 9,156 sq. ft. lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has five bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is finished with a brand new two bedroom suite that will assist with your mortgage. 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 or Develop. Open House Saturday September 16th and Sunday September 17th 1-3 pm.
Read Full Story
Please visit our Open House at 7272 INLET DR in Burnaby.
Open House on Sunday, September 17, 2017 1:00PM - 3:00PM Open House
A solidly built, well maintained bungalow on a generous 9,156 sq. ft. lot with beautiful views of the North Shore Mountains and Burrard Inlet. This family home has five bedrooms, two updated bathrooms, a renovated kitchen and a large living/dining area. The basement is finished with a brand new two bedroom suite that will assist with your mortgage. 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 or Develop. Open House Saturday September 16th and Sunday September 17th 1-3 pm.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, September 10, 2017 1:00PM - 3:00PM Open House
Priced below BC Assessment. Biggest lot for the lowest price on the west side! 74.25 x 132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minute walk from the river and a golf course. It’s a 15 minute drive from UBC, the best schools, a library, a swimming pool, community centers and riding stables. From your deck, watch eagles wheel above while hummingbirds nest in your rhododendrons. Perfect for a renovation or to build your dream home. This West Coast contemporary in the quiet part of Southlands is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and many skylight, four bedrooms, 2 bathrooms, gas fireplace, air conditioning a west-facing. backyard.Open House Sunday September 10th 1-3 pm.
Read Full Story
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