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 1980 19TH AVE E in Vancouver.
Thoughtfully redesigned for family life, entertaining, maintaining character and maximizing the view, this beautiful house was renovated to the studs in 2007. Bright open main with cofferred ceilings, crown molding, marmoleum floors and a truly gorgeous view of Trout Lake & mountains. 4 bdrms, 3 baths include a full master floor up, 2nd lg bdrm on main great for 2 kids to share + 2 bdrms down. Lovely garden & private yard perfect for summer barbeques! The best of Vancouver living with the lake, park, Farmers Market & Community Centre literally at your doorstep plus vibrant Commercial Dr so close by. Quick walk to buses & 2 skytrains, minutes to Hwy, short drive DT. Close to all levels of schools, public & private. A superb home! Open Thurs 04/06 5-7 Sat/Sun 8/9 2-4
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I have sold a 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 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 sold a 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.
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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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Please visit our Open House at 1642 GRANT ST in Vancouver.
Open House on Thursday, July 21, 2016 6:00PM - 7:00PM
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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Please visit our Open House at 1642 GRANT ST in Vancouver.
Open House on Saturday, July 23, 2016 1:00PM - 3:00PM
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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Please visit our Open House at 1642 GRANT ST in Vancouver.
Open House on Sunday, July 24, 2016 1:00PM - 3:00PM
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 sold a property at 1546 3RD AVE E in Vancouver.
HUGE OPPORTUNITY and RARELY available RM-4 zoned 25 x 127 property located in a desirable pocket of THE DRIVE. This property currently features an original condition Vancouver character old timer with South facing, flat rear yard with lane access. The lot offers the possibility for a DUPLEX or a DUPLEX with COACH HOUSE. Buyer to verify all property information and zoning capabilities with the City of Vancouver. 10 minutes to Downtown, steps to Commercial Drive and so much more! BE QUICK ON THIS ONE!
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I have sold a property at 301 1515 6TH AVE E in Vancouver.
Welcome home to this Commercial Drive 842 sq. ft. 2 bedroom & 2 bath condo. Natural light is abundant in this South/West corner unit and it has a nice treed outlook. This unique design (not cookie cutter) has an extra-large master bedroom with en-suite and two balconies to enjoy! Live in this vibrant community just off Commercial Drive with its restaurants, shops, skytrain, and bike route at your door. Purchase with confidence in a fully rainscreened building with pro-active owners. Open House Sunday May 31st 12- 2 pm.
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I have sold a property at 1924 East 4th AVE in Vancouver.
Stunning from outside in. Beautifully renovated character home offers ideal address: 400 meters to the heart of Commercial Dr, walk to skytrain, parks, schools, etc. Landscaped grounds offer a sunny & secure south facing backyard w/tons of street appeal. Open concept floorplan maximizes space, light & seamlessly blends modern convenience & original charm on hand scraped solid oak floors. Vaulted ceilings in kitchen & SS appliances, gas stove, granite counters, ample cupboards & backsplash. 2 sided fireplace divide living & fam rm & powder rm on main level. Up: 2 big beds & luxurious bath. Down: big 2 bed self contained suite.
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I have listed a new property at 301 1515 6TH AVE E in Vancouver.
Welcome home to this Commercial Drive 842 sq. ft. 2 bedroom & 2 bath condo. Natural light is abundant in this South/West corner unit and it has a nice treed outlook. This unique design (not cookie cutter) has an extra-large master bedroom with en-suite and two balconies to enjoy! Live in this vibrant community just off Commercial Drive with its restaurants, shops, skytrain, and bike route at your door. Purchase with confidence in a fully rainscreened building with pro-active owners. Open House Sunday May 31st 12- 2 pm.
Read Full Story
Please visit our Open House at 301 1515 6TH AVE E in Vancouver.
Open House on Sunday, May 31, 2015 12:00 pm - 2:00 pm
Welcome home to this Commercial Drive 842 sq. ft. 2 bedroom & 2 bath condo. Natural light is abundant in this South/West corner unit and it has a nice treed outlook. This unique design (not cookie cutter) has an extra-large master bedroom with en-suite and two balconies to enjoy! Live in this vibrant community just off Commercial Drive with its restaurants, shops, skytrain, and bike route at your door. Purchase with confidence in a fully rainscreened building with pro-active owners. Open House Sunday May 31st 12- 2 pm.
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I have sold a property at 2045 5th AVE in Vancouver.
Fantastic half duplex in the best area of commercial drive. 1195 sq ft.
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I have sold a property at 2045 5th AVE in Vancouver.
Fantastic half duplex in the best area of Commercial Drive.
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I have sold a property at 2045 5th AVE E in Vancouver.
Fantastic half duplex in the best area of Commercial Drive.
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I have sold a property at 2045 5th AVE in Vancouver.
Fantastic half duplex in the best area of Commercial Drive
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I have sold a property at 2045 5th AVE E in Vanouver.
Fantastic half duplex in the best part of Commercial Drive.
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I have sold a property at 2045 5 AVE in vancouver.
Side by side half duplex set high up off the street in a highly sought after pocket of Commercial Drive.
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I have sold a property at 2040 VENABLES ST in Vancouver.
Custom built 2 bed, 2 bath plus loft home on a quiet tree lined street. This well laid out & artistically designed home features vaulted ceilings, skylights, hardwood floors, gas f/p and custom glass artwork and hand railings by "Studio One" throughout. The main floor has large principal rooms, well laid out for entertaining family and friends. French doors off the living room lead out to a private south-facing yard complete with hot tub. Upstairs you will find 2 generous bedrooms with private decks plus a loft (unauthorized). New roof in 2013. Great tenant at $2400/month. Showings Wed 6 - 8 and Sunday 3 - 5 only with notice. All measurements approx. Buyers to verify if deemed important.
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