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 520 COLLINGWOOD RD in Keats Island.
Waterfront! Have you always dreamed of having a waterfront getaway on an Island? This waterfront cottage can make those dreams come true. Keats Island is easily accessible by BC Ferries, water taxi or your own boat. Approximately 1 hour from Horseshoe Bay. This Idyllic Island offers beaches, scenic walks and a community of friendly families. The house offers two bedrooms, full kitchen and bathroom. The deck provides unobstructed water views, watch the boats go by and forget about City life... Just relax and enjoy! There is road access,water, electricity and septic in place. Come and view this waterfront cottage!
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I have sold a property at 520 Collingwood.
Waterfront! Have you always dreamed of having a waterfront getaway on an Island? This waterfront cottage can make those dreams come true. Keats Island is easily accessible by BC Ferries, water taxi or your own boat. Approximately 1 hour from Horseshoe Bay. This Idyllic Island offers beaches, scenic walks and a community of friendly families.The house offers two bedrooms, full kitchen and bathroom. The deck provides unobstructed water views, watch the boats go by and forget about City life... Just relax and enjoy! There is road access, water, electricity and septic in place. Come and view this waterfront cottage!
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I have sold a property at 492 Collingwood.
Thinking of building that Dream getaway cabin....this is a site that will provide enjoyment for years to come. The setting is very private, the lot is sunny and level & sits just above a protected small strip of land and beach. This is walking distance from the goverment dock at Eastbourne. Easily accessed directly from Horseshoe Bay in 30 min, or approx an hours travel via Langdale sailing from Horseshoe Bay. Keats Island has been a favorite get away for years, Vancouvers best kept secret and one of the most affordable and easily accessed Gulf Islands.
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I have listed a new property at LOT 18 COLLINGWOOD RD in Keats Island.
Easy access to this great ocean view building site! Lot 18 is a super sunny lot. Let your imagination run wild with your dream of building your own cottage. Situated just across the road from the water, the dramatic elevation gives spectacular ocean views and vistas of Bowen Island. Nestle your cottage into mature trees, or use them to build! The approach to your land is a short walk from Eastbourne public dock. Once you arrive at the base of the property, look up to where the sun shines on the bluff ... this will be your cottage sundeck! Keats Island is so close to Vancouver! 30 minutes from Horseshoe Bay by water taxi or take BC Ferries. The perfect island retreat!
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I have listed a new property at 520 COLLINGWOOD RD in Keats Island.
Waterfront! Have you always dreamed of having a waterfront getaway on an Island? This waterfront cottage can make those dreams come true. Keats Island is easily accessible by BC Ferries, water taxi or your own boat. Approximately 1 hour from Horseshoe Bay. This Idyllic Island offers beaches, scenic walks and a community of friendly families. The house offers two bedrooms, full kitchen and bathroom. The deck provides unobstructed water views, watch the boats go by and forget about City life... Just relax and enjoy! There is water, electricity and septic in place. Come and view this waterfront cottage!
Read Full Story
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