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%

 

 

 
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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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.
Read Full Story
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.
Read Full Story
I have sold a 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.
Read Full Story
Please visit our Open House at 402 2295 PANDORA ST in Vancouver.
Open House on Sunday, November 6, 2016 1:00PM - 3:00PM Open House
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
Read Full Story
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
Read Full Story
Please visit our Open House at 402 2295 PANDORA ST in Vancouver.
Open House on Thursday, November 3, 2016 5:30PM - 6:30PM Sneak peek
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
Read Full Story
Please visit our Open House at 402 2295 PANDORA ST in Vancouver.
Open House on Saturday, November 5, 2016 1:00PM - 3:00PM Open House
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
Read Full Story
I have sold a property at 303 885 SALSBURY DR in Vancouver.
Located at the foot of COMMERCIAL DRIVE close to great shopping, coffee shops, restaurants, transit nearby and 10 min drive to downtown. This condo has all the desired features: quartz countertops in the kitchen, whirlpool stainless appliances and an upgraded marble bathroom vanity with plenty of storage and a deep soaker tub. Custom built in-suite storage, sleek roller blinds, alarm system and in suite whirlpool 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. Come see for yourself!
Read Full Story
I have listed a new property at 303 885 SALSBURY DR in Vancouver.
Located at the foot of COMMERCIAL DRIVE close to great shopping, coffee shops, restaurants, transit nearby and 10 min drive to downtown. This condo has all the desired features: quartz countertops in the kitchen, whirlpool stainless appliances and an upgraded marble bathroom vanity with plenty of storage and a deep soaker tub. Custom built in-suite storage, sleek roller blinds, alarm system and in suite whirlpool 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. Come see for yourself! Open House Saturday October 17th 1-3 pm, Sunday October 18th 1-3 pm.
Read Full Story
Please visit our Open House at 303 885 SALSBURY DR in Vancouver.
Open House on Saturday, October 17, 2015 1:00 PM - 3:00 PM
Located at the foot of COMMERCIAL DRIVE close to great shopping, coffee shops, restaurants, transit nearby and 10 min drive to downtown. This condo has all the desired features: quartz countertops in the kitchen, whirlpool stainless appliances and an upgraded marble bathroom vanity with plenty of storage and a deep soaker tub. Custom built in-suite storage, sleek roller blinds, alarm system and in suite whirlpool 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. Come see for yourself! Open House Saturday October 17th 1-3 pm, Sunday October 18th 1-3 pm.
Read Full Story
I have sold a property at 108 2215 DUNDAS ST in Vancouver.
Affordable one bedroom unit in East Hastings area. Conveniently located, close to shopping, transit, restaurants, amenities on Hastings, Commercial Drive & Downtown. Secured parking & storage; shared laundry. Rentals allowed, pets allowed with restrictions. Call for private viewing. All measurements are approximate and to be verified by buyer. Secured ground floor unit (no outdoor space). Tenanted, please allow time for showings.
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I have sold a property at 309 2141 Hastings.
The Oxford is a collection of 38 modern brick residents located in the heart of the East Village. This efficient designed and well thought out studio will feature a gourmet kitchen with gas burner stove, premium stainless steel appliance package, custom soft closing cabinets, and solid quartz countertops and backsplash. This home will feature ample storage throughout with two large entry closets .Spa like bathrooms offer seamless glass showers, and ample storage .
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I have sold a property at 1739 FRANCES ST in Vancouver.
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Price reduced to $699,900!
Read Full Story
Please visit our Open House at 1739 FRANCES ST in Vancouver.
Open House on Saturday, July 12, 2014 1:00 pm - 3:00 pm
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Price reduced to $699,900!
Read Full Story
Please visit our Open House at 1739 FRANCES ST in Vancouver.
Open House on Sunday, July 6, 2014 2:00 pm - 4:00 pm
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Price reduced to $699,900!
Read Full Story
Please visit our Open House at 1739 FRANCES ST in Vancouver.
Open House on Sunday, June 22, 2014 2:00 pm - 4:00 pm
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Open House Sunday June 22 2-4 pm
Read Full Story
Please visit our Open House at 1739 FRANCES ST in Vancouver.
Open House on Saturday, June 14, 2014 2:00 pm - 4:00 pm
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Open Thursday , June 12 6-7 pm; Saturday June 14 2-4 pm
Read Full Story
I have listed a new property at 1739 FRANCES ST in Vancouver.
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Open Thursday , June 12 6-7 pm; Saturday June 14 2-4 pm
Read Full Story
Please visit our Open House at 1739 FRANCES ST in Vancouver.
Open House on Thursday, June 12, 2014 6:00 pm - 7:00 pm
Spacious 3 level heritage style Townhome in a 4 plex Just around the corner from Commercial Drive, Nicks Spaghetti house, the York Theatre and the new No Frills Supermarket. Nice open plan with Crown moldings and brazilian hardwood floors. 2 bedrooms and den upstairs. Separate entrance to lower level that features a family room, another large bedroom and full bath. Open Thursday , June 12 6-7 pm; Saturday June 14 2-4 pm
Read Full Story
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