Carol Palfrey Associate Broker " The Eastside is my Neighbourhood "

1 (604) 818-7422
Blogs
Posts By Date
Categories
Contact Form
*indicates required fields.
Your Email:*
Your Name:*
Your Telephone:
Subject:
Message:*
Contact Info:
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%

 

 

 
Property Photo: # 235 711 E 6TH AV in Vancouver
I have sold a property at # 235 711 E 6TH AV in Vancouver.
Picasso in the Park! Great South facing 1 bedroom and Den. Good size den currently used as 2nd bedroom. Private patio. Only minutes to Downtown, Chinatown, VCC and UBC campuses & the Skytrain. Good building w/roof & pipes re donealso a new boiler and updated lobby & hallways. In the heart of Mount Pleasant. Pets & rentals OK. Great for an Investor or first time Buyer! Currently tenanted month to month.
Read Full Story
Property Photo: 1017 E 11TH AV in Vancouver
I have sold a property at 1017 E 11TH AV in Vancouver.
Garden Level 2 Bedroom 1/2 Duplex on a quiet tree lined street in Mt Pleasant. This spacious 1,200 sq ft home features newer flooring, open living/dining area, wood burning fireplace, stainless appliances, breakfast bar and island.Entertainment size, private back deck off the kitchen with partial mountain views. French doors open onto your Southern exposed front deck and lawn. Lots of natural light, Plenty of storage in the crawl space and no monthly strata fees. Great Home in a great location!
Read Full Story
Property Photo: # 303 853 E 7TH AV in Vancouver
I have sold a property at # 303 853 E 7TH AV in Vancouver.
Top floor, corner unit, two bedroom & office. Tastefully renovated kitchen & bathroom. Three windows on the main floor offer views of the City & Mountains. Vaulted ceiling opens the space up & a spiral staircase leads to the 2nd bedroom & office. The skylight upstairs provides natural light. Tons of storage in the suite & one locker on the same floor. Wrap around deck is ideal for BBQ & taking in the views & sunshine! Quiet setting close to parks, skytrain & walking distance to Main Street or Commercial Drive. Proactive Strata Council. Roof, plumbing & a newer boiler. Heat & hot water included in your strata fees. Unique space in a solid building. Sneak Peek Thursday Nov 12th, 6-6:30pm. Open House Sat & Sun Nov 14th/15th, 1-3pm.
Read Full Story
Property Photo: # 303 853 E 7TH AV  in Vancouver
Please visit our Open House at # 303 853 E 7TH AV in Vancouver.
OPEN HOUSE: Saturday/Sunday 1-3 pm
Top floor, corner unit, two bedroom & office. Tastefully renovated kitchen & bathroom. Three windows on the main floor offer views of the City & Mountains. Vaulted ceiling opens the space up & a spiral staircase leads to the 2nd bedroom & office. The skylight upstairs provides natural light. Tons of storage in the suite & one locker on the same floor. Wrap around deck is ideal for BBQ & taking in the views & sunshine! Quiet setting close to parks, skytrain & walking distance to Main Street or Commercial Drive. Proactive Strata Council. Roof, plumbing & a newer boiler. Heat & hot water included in your strata fees. Unique space in a solid building. Sneak Peek Thursday Nov 12th, 6-6:30pm. Open House Sat & Sun Nov 14th/15th, 1-3pm.
Read Full Story
Property Photo: 1017 E 11TH AV  in Vancouver
Please visit our Open House at 1017 E 11TH AV in Vancouver.
OPEN HOUSE: Price reduced for quick sale! Open House Saturday October 17th 1-3 pm
Garden Level 2 Bedroom 1/2 Duplex on a quiet tree lined street in Mt Pleasant. This spacious 1,200 sq ft home features newer flooring, open living/dining area, wood burning fireplace, stainless appliances, breakfast bar and island.Entertainment size, private back deck off the kitchen with partial mountain views. French doors open onto your Southern exposed front deck and lawn. Lots of natural light, Plenty of storage in the crawl space and no monthly strata fees. Great Home in a great location!
Read Full Story
Property Photo: 1017 E 11TH AV  in Vancouver
Please visit our Open House at 1017 E 11TH AV in Vancouver.
OPEN HOUSE: Saturday October 10th 2-4 pm
Garden Level 2 Bedroom 1/2 Duplex on a quiet tree lined street in Mt Pleasant. This spacious 1,200 sq ft home features newer flooring, open living/dining area, wood burning fireplace, stainless appliances, breakfast bar and island.Entertainment size, private back deck off the kitchen with partial mountain views. French doors open onto your Southern exposed front deck and lawn. Lots of natural light, Plenty of storage in the crawl space and no monthly strata fees. Great Home in a great location!
Read Full Story
Property Photo: 1017 E 11TH AV  in Vancouver
Please visit our Open House at 1017 E 11TH AV in Vancouver.
OPEN HOUSE: Saturday October 3rd 2:00 to 4:00 pm
Garden Level 2 Bedroom 1/2 Duplex on a quiet tree lined street in Mt Pleasant. This spacious 1,200 sq ft home features newer flooring, open living/dining area, wood burning fireplace, stainless appliances, breakfast bar and island.Entertainment size, private back deck off the kitchen with partial mountain views. French doors open onto your Southern exposed front deck and lawn. Lots of natural light, Plenty of storage in the crawl space and no monthly strata fees. Great Home in a great location!
Read Full Story
Property Photo: 1017 E 11TH AV  in Vancouver
Please visit our Open House at 1017 E 11TH AV in Vancouver.
OPEN HOUSE: Saturday and Sunday 2-4 pm
Garden Level 2 Bedroom 1/2 Duplex on a quiet tree lined street in Mt Pleasant. This spacious 1,200 sq ft home features newer flooring, open living/dining area, wood burning fireplace, stainless appliances, breakfast bar and island.Entertainment size, private back deck off the kitchen with partial mountain views. French doors open onto your Southern exposed front deck and lawn. Lots of natural light, Plenty of storage in the crawl space and no monthly strata fees. Great Home in a great location!
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday July 25th 11-12
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: July 4th 2-4 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday June 27th 2 to 4 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday June 20th 2-4 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday June 13th 2-4 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday June 13th 2-4 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters, 9-foot ceilings. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday June 6th 3-5 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters, 9-foot ceilings. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping. First Showing Sun May 31st, 2-4pm.
Read Full Story
Property Photo: 2286 ST GEORGE ST  in Vancouver
Please visit our Open House at 2286 ST GEORGE ST in Vancouver.
OPEN HOUSE: Sunday May 31st 2-4 pm
Vancouver's hottest neighbourhood--Mount Pleasant! One bedroom and den townhome, purchase with confidence with a 2-5-10 warranty. Vantage City homes reflect heritage style; the interiors are nothing short of contemporary urban chic.Stainless steel appliances, granite counters, walnut cabinets. Limestone vanity counters, 9-foot ceilings. Abundant storage. Mobile translucent glass doors separate the den from bedroom. French doors lead you onto your large outdoor courtyard patio. Easy access to the Olympic Village, Downtown, Main Street eateries and shopping.
Read Full Story
Property Photo: 2294 ST GEORGE ST  in Vancouver
I have sold a property at 2294 ST GEORGE ST in Vancouver.
UNBELIEVABLE VALUE!!! "The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1136sqft. Mature Garden/corner unit 150 sqft patio, Southern exposure with lots of natural light. Contemporaryfinishes, gourmet kitchen with gas stove, open concept, an interior designer spared no expense on the upgrades of this home: Walk in California Closets, silk drapes and drapery from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space. LG "steamer" washer and dryer. Shows extremely well! 2-5-10 warranty.
Read Full Story
Property Photo: 2294 ST GEORGE ST  in Vancouver
Please visit our Open House at 2294 ST GEORGE ST in Vancouver.
OPEN HOUSE: Saturday March 28th 2-4 pm
UNBELIEVABLE VALUE!!! "The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1136sqft. Mature Garden/corner unit 150 sqft patio, Southern exposure with lots of natural light. Contemporaryfinishes, gourmet kitchen with gas stove, open concept, an interior designer spared no expense on the upgrades of this home: Walk in California Closets, silk drapes and drapery from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space. LG "steamer" washer and dryer. Shows extremely well! 2-5-10 warranty.
Read Full Story
Property Photo: # 303 788 E 8TH AV  in Vancouver
I have sold a property at # 303 788 E 8TH AV in Vancouver.
Corner 2 bedroom unit, Open plan, in suite laundry, Bamboo wood blinds, laminate floors, Bright, clean and quiet neighbourhood. Some mountain View. Quick possession is available. Central area of Mt. Pleasant, near Broadway, Shops andRestaurants, Parks, School and VCC College. 10 Minutes walk to Skytrain. 5 minutes to Downtown. 2 parking, 1 storage locker, and bike room included. It's a great place to call home. Pets and Rentals allowed.
Read Full Story
Property Photo: 2294 ST GEORGE ST  in Vancouver
Please visit our Open House at 2294 ST GEORGE ST in Vancouver.
OPEN HOUSE: March 21 Saturday 2-4 pm
UNBELIEVABLE VALUE!!! "The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. 2 bedrooms, 2 baths, 1136sqft. Mature Garden/corner unit 150 sqft patio, Southern exposure with lots of natural light. Contemporaryfinishes, gourmet kitchen with gas stove, open concept, an interior designer spared no expense on the upgrades of this home: Walk in California Closets, silk drapes and drapery from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space. LG "steamer" washer and dryer. Shows extremely well! 2-5-10 warranty.
Read Full Story
Categories: Brighouse South, Richmond Real Estate | Cambie, Vancouver West | Cambie, Vancouver West Real Estate | Capitol Hill BN, Burnaby North | Capitol Hill BN, Burnaby North Real Estate | Central Lonsdale, North Vancouver | Collingwood VE, Vancouver East Real Estate | Downtown NW, New Westminster Real Estate | Fraser VE, Vancouver East | Fraser VE, Vancouver East Real Estate | Fraserview VE, Vancouver East | Fraserview VE, Vancouver East Real Estate | Glenwood PQ, Port Coquitlam | Grandview VE, Vancouver East | Grandview VE, Vancouver East Real Estate | Guildford, North Surrey Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Hawthorne, Ladner Real Estate | Howe Sound, West Vancouver | Keats Island, Sunshine Coast Real Estate | Kerrisdale, Vancouver West Real Estate | Killarney VE, Vancouver East Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Knight, Vancouver East Real Estate | Main, Vancouver East Real Estate | Metrotown, Burnaby South | Mid Meadows, Pitt Meadows | Middlegate BS, Burnaby South | Mount Pleasant VE, Vancouver East | Mount Pleasant VE, Vancouver East Real Estate | Out of Town, Out of Town | Oxford Heights, Port Coquitlam | Point Grey, VANCOUVER Real Estate | Queensborough, New Westminster | Renfrew Heights, Vancouver East Real Estate | Renfrew VE, Vancouver East Real Estate | Roche Point, North Vancouver Real Estate | Sapperton, New Westminster Real Estate | Saturna Island, Islands-Van. & Gulf Real Estate | Seafair, Richmond Real Estate | Seymour, North Vancouver Real Estate | Simon Fraser Hills, Burnaby North | South Granville, Vancouver West Real Estate | Southlands, Vancouver West Real Estate | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate | Victoria VE, Vancouver East Real Estate | West End VW, Vancouver West Real Estate | Westridge BN, Burnaby North Real Estate