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 sold a property at 412 2965 HORLEY ST in Vancouver.
TOP FLOOR, west facing PENTHOUSE. Very private, no shared walls with your neighbours. You will love this spacious 2 bedroom plus den home. Beautifully renovated and MOVE IN READY. Bright and open with 10ft vaulted ceiling in the living room, high end finishes throughout including stainless steel appliances, Silestone quartz counter tops, radiant in-floor heating, in-suite laundry, custom closet organizers and a very large private patio. Well maintained building with many updates: new pipes and roof. Bonus, a guest suite in the building! Cats allowed, sorry no dogs. Rentals allowed with restrictions.
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I have listed a new property at 110 3575 EUCLID AVE in Vancouver.
Gorgeous 8 year old condo in just like new condition. Make this suite your home, or rent it out. It has new flooring and has just been professionally painted. Includes in-suite laundry, and stainless appliances and has a lovely outlook ontothe gardens. The oversized patio is great for entertaining, BBQ's or pets. Close to shopping, schools, and the skytrain and buses are just around the corner. The suite also comes with one parking spot and a huge storage locker. Call today to view. Open House, Saturday July 13, 2:00-4:00PM.
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Saturday, July 13, 2013 2:00 pm - 4:00 pm
Gorgeous 8 year old condo in just like new condition. Make this suite your home, or rent it out. It has new flooring and has just been professionally painted. Includes in-suite laundry, and stainless appliances and has a lovely outlook ontothe gardens. The oversized patio is great for entertaining, BBQ's or pets. Close to shopping, schools, and the skytrain and buses are just around the corner. The suite also comes with one parking spot and a huge storage locker. Call today to view. Open House, Saturday July 13, 2:00-4:00PM.
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Saturday, July 13, 2013 2:00 pm - 4:00 pm
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite. Open House, Saturday July 13, 2:00-4:00PM
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Saturday, June 8, 2013 2:00 pm - 4:00 pm
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite.
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Sunday, May 5, 2013 2:00 pm - 4:00 pm
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite. Open House Sunday May 5th 2-4 pm
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Please visit our Open House at 110 3575 EUCLID AVE in Vancouver.
Open House on Sunday, April 14, 2013 2:30 pm - 4:00 pm
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite. OPEN HOUSE: Sun April 14, 2:30-4:00
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I have listed a new property at 110 3575 EUCLID AVE in Vancouver.
Tastefully decorated and just like new condition. You can rent this suite out or move right in! In suite laundry, stainless appliances, new flooring, professionally painted and a lovely outlook onto the gardens. Entertain on your oversized patio, great for BBQ's or pets. Close to shopping, schools, and transportation this suite is a winner!! Call today to see this suite.
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I have sold a property at 102 3551 FOSTER AVE in Vancouver.
FINALE built by Emerson Homes with rainscreen technology. Rarely available bright West facing 1 bedroom plus large den that could be used as a 2nd bedroom. Garden level, facing onto the park. This unit features exceptional finishing: 9 foot ceilings, granite counter tops, rich laminate wood floors, a gourmet kitchen with stainless steel appliances, gas range, and a built in microwave. Generous size patio to entertain your friends and enjoy the park setting. Piece of mind with the balance of the New Home Warranty. Excellent location, walk to Joyce skytrain, community centre, schools, parks, recreation and nearby shopping and restaurants. Parking & Storage included, pets & rentals allowed. Call now to view.
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Property Photo: 102 3551 FOSTER AVE in Vancouver
I have listed a new property at 102 3551 FOSTER AVE in Vancouver.
FINALE built by Emerson Homes with rainscreen technology. Rarely available bright West facing 1 bedroom plus large den that could be used as a 2nd bedroom. Garden level, facing onto the park. This unit features exceptional finishing: 9 foot ceilings, granite counter tops, rich laminate wood floors, a gourmet kitchen with stainless steel appliances, gas range, and a built in microwave. Generous size patio to entertain your friends and enjoy the park setting. Piece of mind with the balance of the New Home Warranty. Excellent location, walk to Joyce skytrain, community centre, schools, parks, recreation and nearby shopping and restaurants. Parking & Storage included, pets & rentals allowed. Call now to view.
Read Full Story
Property Photo: 102 3551 FOSTER AVE in Vancouver
Please visit our Open House at 102 3551 FOSTER AVE in Vancouver.
OPEN HOUSE: Saturday August 6th 2-4 pm
FINALE built by Emerson Homes with rainscreen technology. Rarely available bright West facing 1 bedroom plus large den that could be used as a 2nd bedroom. Garden level, facing onto the park. This unit features exceptional finishing: 9 foot ceilings, granite counter tops, rich laminate wood floors, a gourmet kitchen with stainless steel appliances, gas range, and a built in microwave. Generous size patio to entertain your friends and enjoy the park setting. Piece of mind with the balance of the New Home Warranty. Excellent location, walk to Joyce skytrain, community centre, schools, parks, recreation and nearby shopping and restaurants. Parking & Storage included, pets & rentals allowed. Call now to view.
Read Full Story
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