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%

 

 

 
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 25, 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 June 25th 1-3 pm
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Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 18, 2017 1:00PM - 3:00PM open house
Biggest lot for the lowest price on the west side! 74.25x132 lot! Like a Gulf Island retreat without the ferry ride, this artist’s hide-away is a 10 minutes walk from the river and a golf course. It’s a 15 minutes 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, also a workshop/studio, playhouse, and a wine cellar. This house could rent for $5000 a month! Open House Sunday June 18th 1-3 pm
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Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 11, 2017 1:00PM - 3:00PM Open House
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 you can watch eagles wheel above while hummingbirds nest in your rhododendron shrubs.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 June 11th 1-3 pm
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Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Saturday, June 3, 2017 1:00PM - 3:00PM Open House
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 Sunday June 3rd 1-3 pm or Showings by appointment .
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Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, June 4, 2017 1:00PM - 3:00PM Open House
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 June 4th 1-3 pm
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Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, May 28, 2017 1:00PM - 3:00PM Open House
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 May 21st 1-3 pm
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Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Thursday, May 25, 2017 5:00PM - 6:30PM
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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Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Saturday, May 27, 2017 1:00PM - 3:00PM Open House
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.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, May 20, 2017 1:00PM - 3:00PM open house
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 Saturday May 20th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, May 13, 2017 1:00PM - 3:00PM Open House
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 Saturday May 13th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, May 6, 2017 1:00PM - 3:00PM
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 Saturday May 6th 1-3 pm
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Please visit our Open House at 205 756 GREAT NORTHERN WAY in Vancouver.
Open House on Thursday, May 4, 2017 5:00PM - 6:00PM Agents open
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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Please visit our Open House at 205 756 GREAT NORTHERN WAY in Vancouver.
Open House on Sunday, May 7, 2017 1:00PM - 3:00PM Public Open
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.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Wednesday, April 26, 2017 10:30AM - 12:00PM Agents open
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
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, April 30, 2017 1:00PM - 3:00PM Open House
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
Read Full Story
Please visit our Open House at 401 5325 WEST BOULEVARD in Vancouver.
Open House on Sunday, April 9, 2017 1:00PM - 3:00PM Open House
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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Please visit our Open House at 401 5325 BOULEVARD BLVD W in Vancouver.
Open House on Wednesday, April 5, 2017 10:30AM - 12:00PM Agents open and bring your clients
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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Please visit our Open House at 201 885 SALSBURY DR in Vancouver.
Open House on Thursday, March 9, 2017 5:00PM - 6:30PM Sneak Peek
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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Please visit our Open House at 201 885 SALSBURY DR in Vancouver.
Open House on Saturday, March 11, 2017 1:00PM - 3:00PM Open House
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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Please visit our Open House at 6425 ADERA ST in Vancouver.
Open House on Thursday, March 2, 2017 10:30AM - 12:00PM Agents open
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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