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 6637 DUNBAR ST in Vancouver.
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 June 25th 1-3 pm
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I have listed a new property at PH 11 760 KINGSWAY ST in Vancouver.
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open house Saturday May 27th 1-3 pm or by appointment.
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I have listed a new property at 205 756 GREAT NORTHERN WAY in Vancouver.
Large Studio condo in a concrete building. Great location close to Main Street, Commercial Drive and the up and coming False Creek Flats : Minutes to downtown, bike path across the street and 2 blocks to Skytrain/Bus. Parking, storage locker and Murphy bed included. Building updates: curaflow system for piping, double pane windows, updated lobby. Mountain views (on a clear day), pets allowed (with restrictions) and rentals allowed (at max) currently tenanted until the end of May. Call for your private appointment.
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I have listed a new property at 6637 DUNBAR ST in Vancouver.
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday April 30th 1-3 pm
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I have listed a new property at 222 7531 MINORU BLVD in Richmond.
CYPRESS POINT. This is one of Richmond’s most popular buildings! Rainscreened building, 951 sq. ft. 2 bedrooms 1 bath. Tasteful renovations which include new kitchen cabinets, quartz counters & stainless steel appliances, new bathroom vanity, quartz counters, taps & lighting. Fabulous layout ... with a cozy wood burning fireplace & peaceful courtyard - mountain views. lnsuite laundry & good size storage locker too. Enjoy the facilities: club house, exercise room, pool, sauna & hot tub. Great Catchment School: Ferris Elementary and Richmond High. All minutes from Richmond Centre Shopping, Canada Line & Minoru Park. Rentals allowed. Sorry...no dogs. Reviewing offers as they come.
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I have listed a new property at 401 5325 BOULEVARD BLVD W in Vancouver.
Boulevard Private Residences, This brand new, never lived in 2 bedroom 2 bath top floor condo is on the quiet side of the building. The contemporary living space offers, 9 “ ceilings, huge windows, a 158 sq. ft. balcony ,Fisher & Paykel appliances, engineered hardwood floors, Caesarstone countertops, gas cooktop and a top of the line air conditioning system. The quaint charm of Kerrisdale provides boutiques, restaurants and coffee shops all within an easy walk. Built by renowned builder, Redekop development. The 2-5- 10 warranty is in place for your peace of mind. Call for a private showing or attend the open house Sunday April 9th 1-3 pm
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I have listed a new property at 201 885 SALSBURY DR in Vancouver.
885 Off The Drive is designed to complement its surroundings while embracing contemporary design and Green Living. Situated on a quiet side street at the foot of COMMERCIAL DRIVE, a half block off the bike route and within walking distance of every imaginable amenity, it offers water and energy efficient appliances and fixtures and low-E windows. Great shopping, coffee shops, restaurants, and transit are around the corner, and downtown is only a 10 minute drive away. This 1 BR condo has all the modern features and finishings including: floor to ceiling windows, laminate floors, stainless steel appliances, quartz counter tops, under cabinet lighting, custom roller blinds and in suite front loader washer and dryer. The spectacular rooftop deck offers stunning views of the downtown skyline and the mountains. Built in 2012 this boutique building offers peace of mind with warranties still in place. Pets and rentals welcome. Sneaky Peek Thurs March 9th 5:00 to 6:30 pm, Open House Saturday, March 11th, 1-3 pm.
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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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I have listed a new property at 4445 WALDEN ST in Vancouver.
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!
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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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I have listed a new property at 7272 INLET DR in Burnaby.
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 September 18th 2-4 pm.
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I have listed a new property at 1832 WOODLAND DR in Vancouver.
Prime location on Woodland Drive two blocks from Commercial at 2nd. Cozy but dated home waiting for someone to restore its character; perhaps raise the house and add another floor, or a developer could build a duplex (RM-4). Right next door to all the shops, restaurants, and coffee spots on the Drive. Commercial-Broadway Skytrain, 84, and 99B are all a 10 minute walk away . Gorgeous spring garden.
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I have listed a new property at 1642 GRANT ST in Vancouver.
Do Not Miss Out on this large townhouse located half a block from Commercial Drive. Three bedrooms, three bathrooms 1347 Sq. ft. Great flow with an open plan living room ,dinning area and spacious kitchen with a gas stove for the chef in the house! A nice home for a family or someone who likes to entertain. Upstairs offers two good sized bedrooms with a walk in closet in the master bedroom and ensuite bathroom. Your top floor can be used as a bedroom , office or family room. An awesome complex with super friendly neighbours! 2 parking and lots of storage. Open house Thursday July 21st 6-7 pm July 23/34 Saturday and Sunday 1-3 pm.
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I have listed a new property at 7272 INLET DR in Burnaby.
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 July 10th 2-4 pm.
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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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I have listed a new property at 3736 PANDORA ST in Burnaby.
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
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I have listed a new property at 259 32ND AVE E in Vancouver.
Character home in one of Vancouver's most family friendly neighbourhoods. South facing renovated charmer. Verandah to enjoy the sunshine and visits with friends and family. This block has a real sense of community with many social events and very friendly neighbours. Upstairs has 3 bedrooms, a large master and two kids rooms. The Main floor has a spacious living room/dining room with built in cabinetry and large windows. Enter the Kitchen and be drawn to the Stained glass window, maple cabinets, and views to the secure and private backyard with mature landscaping. Downstairs can easily be converted back to a suite. Your new neighborhood is one of the most sought after and convenient places to live. You can walk to everything, schools, shopping and transit. Sneak peek March 3rd 5:30- 6:30 or by appt. Open House March 5th /6th 1-3 pm.
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I have listed a new property at 215 4811 53 STREET ST in Ladner.
STROLL TO EVERYTHING! A spacious 2 level, end unit townhome with 3 bedrooms, 2 bathrooms, 2 parking spots, a large fenced private patio and two other decks, there is a long list of updates. The perfect package for today’s lifestyle with low maintenance carefree living in a rain-screened building. Privacy, security and convenience with an easy stroll to everything Ladner has to offer. Low Upkeep, Big Value! Open House Saturday February 6th and Sunday February 7th 2-4 pm.
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