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 sold a property at 205 756 GREAT NORTHERN WAY in Vancouver.
Large Studio condo in a concrete building. Great location close to Main Street, Commercial Drive and the up and coming False Creek Flats : Minutes to downtown, bike path across the street and 2 blocks to Skytrain/Bus. Parking, storage locker and Murphy bed included. Building updates: curaflow system for piping, double pane windows, updated lobby. Mountain views (on a clear day), pets allowed (with restrictions) and rentals allowed (at max) currently tenanted until the end of May.
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I have listed a new property at 205 756 GREAT NORTHERN WAY in Vancouver.
Large Studio condo in a concrete building. Great location close to Main Street, Commercial Drive and the up and coming False Creek Flats : Minutes to downtown, bike path across the street and 2 blocks to Skytrain/Bus. Parking, storage locker and Murphy bed included. Building updates: curaflow system for piping, double pane windows, updated lobby. Mountain views (on a clear day), pets allowed (with restrictions) and rentals allowed (at max) currently tenanted until the end of May. Call for your private appointment.
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Please visit our Open House at 205 756 GREAT NORTHERN WAY in Vancouver.
Open House on Thursday, May 4, 2017 5:00PM - 6:00PM Agents open
Large Studio condo in a concrete building. Great location close to Main Street, Commercial Drive and the up and coming False Creek Flats : Minutes to downtown, bike path across the street and 2 blocks to Skytrain/Bus. Parking, storage locker and Murphy bed included. Building updates: curaflow system for piping, double pane windows, updated lobby. Mountain views (on a clear day), pets allowed (with restrictions) and rentals allowed (at max) currently tenanted until the end of May. Call for your private appointment.
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Please visit our Open House at 205 756 GREAT NORTHERN WAY in Vancouver.
Open House on Sunday, May 7, 2017 1:00PM - 3:00PM Public Open
Large Studio condo in a concrete building. Great location close to Main Street, Commercial Drive and the up and coming False Creek Flats : Minutes to downtown, bike path across the street and 2 blocks to Skytrain/Bus. Parking, storage locker and Murphy bed included. Building updates: curaflow system for piping, double pane windows, updated lobby. Mountain views (on a clear day), pets allowed (with restrictions) and rentals allowed (at max) currently tenanted until the end of May. Call for your private appointment.
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I have sold a property at 211 774 GREAT NORTHERN WAY in Vancouver.
Perfect for 1st time buyers or small space city lovers!Situated close to DT Vancouver without all the DT headaches, this renovated STUDIO features stainless appliances, granite counters, butcher block island eating bar, space for queen size bed & study desk, laminate floors & mountain views. Open floor plan seems larger than actual square footage. Minutes to Skytrain, VCC, Emily Carr, BCIT & downtown. Secure parking & storage included, pets are welcome! NEXT OPEN HOUSE: Sat. February 21st 2-4pm
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I have sold a property at 211 774 GREAT NORTHERN WAY in Vancouver.
Perfect for 1st time buyers or small space city lovers!Situated close to DT Vancouver without all the DT headaches, this renovated STUDIO features stainless appliances, granite counters, butcher block island eating bar, space for queen size bed & study desk, laminate floors & mountain views. Open floor plan seems larger than actual square footage. Minutes to Skytrain, VCC, Emily Carr, BCIT & downtown. Secure parking & storage included, pets are welcome!
Read Full Story
I have sold a property at 211 774 GREAT NORTHERN WAY in Vancouver.
Perfect for 1st time buyers or small space city lovers!Situated close to DT Vancouver without all the DT headaches, this renovated STUDIO features stainless appliances, granite counters, butcher block island eating bar, space for queen size bed & study desk, laminate floors & mountain views. Open floor plan seems larger than actual square footage. Minutes to Skytrain, VCC, Emily Carr, BCIT & downtown. Secure parking & storage included, pets are welcome!
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I have sold a property at 608 251 7TH AVE E in Vancouver.
The District on Main. This fantastic open plan 2 bed, 2 full baths plus open den, is complete with hardwood floors, stainless steel appliances, ceasar-stone countertops, and spacious view balcony. Fabulously located in Mount Pleasant/Main Street with its lively and vibrant trendy cafes, shops & services. Just steps to the Community Centre and transit, and only minutes to the seawall and downtown. The building offers great amenities including gorgeous view roof top deck complete with outdoor fireplace and barbecue, well equipped fitness centre, meeting rooms, and bike rooms. Suite comes with secured underground parking and a large storage locker. Pets and rentals allowed.
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I have sold a property at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
Great opportunity to stop paying rent! With 5% down, your monthly payment is only $1,279. A solid, well-run concrete building in very central Mount Pleasant. Close to transit, Main Street and Downtown, the condo has a modern bathroom and sleek kitchen, freshly painted with nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Your storage locker is right across the hall and heat and hot water are included in the low strata fee.
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Please visit our Open House at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
Open House on Saturday, October 11, 2014 1:00 pm - 3:00 pm
Great opportunity to stop paying rent! With 5% down, your monthly payment is only $1,279. A solid, well-run concrete building in very central Mount Pleasant. Close to transit, Main Street and Downtown, the condo has a modern bathroom and sleek kitchen, freshly painted with nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Your storage locker is right across the hall and heat and hot water are included in the low strata fee. Open House Saturday October 11th 1-3 pm.
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Please visit our Open House at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
Open House on Saturday, September 27, 2014 2:00 pm - 4:00 pm
Great opportunity to stop paying rent! With 5% down, your monthly payment is only $1,279. A solid, well-run concrete building in very central Mount Pleasant. Close to transit, Main Street and Downtown, the condo has a modern bathroom and sleek kitchen, freshly painted with nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Your storage locker is right across the hall and heat and hot water are included in the low strata fee. Open House Saturday September 27th 2-4 pm.
Read Full Story
Please visit our Open House at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
Open House on Sunday, September 21, 2014 2:00 pm - 4:00 pm
Great opportunity to stop paying rent! With 5% down, your monthly payment is only $1,279. A solid, well-run concrete building in very central Mount Pleasant. Close to transit, Main Street and Downtown, the condo has a modern bathroom and sleek kitchen, freshly painted with nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Your storage locker is right across the hall and heat and hot water are included in the low strata fee. Open House September 21st 2-4 pm.
Read Full Story
Please visit our Open House at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
Open House on Saturday, September 13, 2014 1:00 pm - 3:00 pm
First time Buyers take notice of this great opportunity to stop paying rent and purchase your own home! With 5% down your monthly payment is only $1,279. Picture yourself living in a concrete building in a very central location. The condo has a modern bathroom and sleek kitchen, freshly painted and nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Heat and Hot water are included in your strata fees. Open House Saturday September 13th 1-3 pm.
Read Full Story
I have listed a new property at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
First time Buyers take notice of this great opportunity to stop paying rent and purchase your own home! With 5% down your monthly payment is only $1,279. Picture yourself living in a concrete building in a very central location. The condo has a modern bathroom and sleek kitchen, freshly painted and nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Heat and Hot water are included in your strata fees. Open House Saturday September 6th 1-3 pm.
Read Full Story
Please visit our Open House at 204 756 GREAT NORTHERN WAY WAY in Vancouver.
Open House on Saturday, September 6, 2014 1:00 pm - 3:00 pm
First time Buyers take notice of this great opportunity to stop paying rent and purchase your own home! With 5% down your monthly payment is only $1,279. Picture yourself living in a concrete building in a very central location. The condo has a modern bathroom and sleek kitchen, freshly painted and nothing to do but move in! The office space is a bonus and could be used as a 2nd bedroom. Heat and Hot water are included in your strata fees. Open House Saturday September 6th 1-3 pm.
Read Full Story
I have sold a property at 324 711 6 AVE in Vancouver.
Top floor 1 bedroom with fabulous city and mountain views. New Kitchen complete with stainless appliances, quartz countertops and cherry cabinetry. New bathroom with contemporary vanity, tiled floors and glass backsplash. Roof, boiler, pipes and balconies all done. Pets and rentals allowed. Low strata fees that include heat and hot water.
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Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Sunday, September 15, 2013 2:00 pm - 4:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Abundant amount of storage allows you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Call for a private showing.
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Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Sunday, September 8, 2013 2:00 pm - 4:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Abundant amount of storage allows you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
Please visit our Open House at 2268 ST GEORGE ST in Vancouver.
Open House on Saturday, September 7, 2013 2:00 pm - 4:00 pm
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Abundant amount of storage allows you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
I have listed a new property at 2268 ST GEORGE ST in Vancouver.
Welcome to the Vantage, a collection of heritage style townhomes and home to a respectful community. This one level the bedroom and two bath home offers an enormous amount of natural light. The open plan layout makes for a versatile space, and is perfect for entertaining. Enjoy morning coffee or an evening cocktail on your gorgeous patio while taking in the view of the mountains. Ample storage will allow you to live in a clutter-free environment. This townhouse is perfect for someone downsizing or young families. Close to all the amenities of Main Street and major transit routes. Sneak peek Thursday September 5th 5-6PM, Open house Saturday September 7th, Sunday September 8th from 2-4PM.
Read Full Story
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