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%

 

 

 
Please visit our Open House at 3230 20TH AVE E in Vancouver.
Open House on Saturday, October 5, 2013 1:00 pm - 3:00 pm
A GREAT starter home in Renfrew Heights, move in ready condition. Two bedrooms on the main floor, original hardwood under the carpets, wood burning fireplace and very unique custom teak cabinets in the kitchen. Downstairs you have one bedroom, rec room, sauna and washroom. Easily suited for a mortgage helper. Newer furnace, washer, dryer and hot water tank. The garage has power and the gardens are mature and the backyard faces south. Close to transit, schools and shopping. Sneak Peek Thursday October 3rd 6-7 pm Open House Saturday October 5th 1-3 pm Sunday October 6th 2-4 pm
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I have listed a new property at 3230 20TH AVE E in Vancouver.
A GREAT starter home in Renfrew Heights, move in ready condition. Two bedrooms on the main floor, original hardwood under the carpets, wood burning fireplace and very unique custom teak cabinets in the kitchen. Downstairs you have one bedroom, rec room, sauna and washroom. Easily suited for a mortgage helper. Newer furnace, washer, dryer and hot water tank. The garage has power and the gardens are mature and the backyard faces south. Close to transit, schools and shopping. Sneak Peek Thursday October 3rd 6-7 pm Open House Saturday October 5th 1-3 pm Sunday October 6th 2-4 pm
Read Full Story
Please visit our Open House at 3230 20TH AVE E in Vancouver.
Open House on Thursday, October 3, 2013 6:00 pm - 7:00 pm
A GREAT starter home in Renfrew Heights, move in ready condition. Two bedrooms on the main floor, original hardwood under the carpets, wood burning fireplace and very unique custom teak cabinets in the kitchen. Downstairs you have one bedroom, rec room, sauna and washroom. Easily suited for a mortgage helper. Newer furnace, washer, dryer and hot water tank. The garage has power and the gardens are mature and the backyard faces south. Close to transit, schools and shopping. Sneak Peek Thursday October 3rd 6-7 pm Open House Saturday October 5th 1-3 pm Sunday October 6th 2-4 pm
Read Full Story
I have sold a property at 3455 WORTHINGTON DR in Vancouver.
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Saturday June 23rd 3:00pm to 4:30pm
Read Full Story
Please visit our Open House at 3455 WORTHINGTON DR in Vancouver.
OPEN HOUSE: Saturday June 23rd 3:00 to 4:30
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Saturday June 23rd 3:00pm to 4:30pm
Read Full Story
Please visit our Open House at 3455 WORTHINGTON DR in Vancouver.
OPEN HOUSE: Saturday June 9th 2-4 pm
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Saturday June 9th & Sunday Jun 10, 2-4pm
Read Full Story
Please visit our Open House at 3455 WORTHINGTON DR in Vancouver.
OPEN HOUSE: Sunday June 10th 2-4 pm
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Saturday June 9th & Sunday Jun 10, 2-4pm
Read Full Story
Please visit our Open House at 3455 WORTHINGTON DR in Vancouver.
OPEN HOUSE: Saturday June 9th 2-4 pm
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Saturday June 9th & Sunday Jun 10, 2-4pm
Read Full Story
Please visit our Open House at 3455 WORTHINGTON DR in Vancouver.
OPEN HOUSE: Sunday June 10th 2-4 pm
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Saturday June 9th & Sunday Jun 10, 2-4pm
Read Full Story
I have listed a new property at 3455 WORTHINGTON DR in Vancouver.
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Sunday Jun 10, 2-4pm
Read Full Story
Please visit our Open House at 3455 WORTHINGTON DR in Vancouver.
Open House on Sunday, June 10, 2012 2:00 pm - 4:00 pm
This immaculate Renfrew Heights home boasts an amazing number of features including granite entryway, hardwood floors, crown mouldings, radiant heating, new bedroom carpets and a superior kitchen with stainless steel appliances & granite countertops. Well laid-out floor plan with 3 bedrooms up & 2 mortgage helper suites below. Larger 41' x 110' lot allows a 3 car garage in the back & a spacious yard in the front. Located on a quiet street, home is close to Falaise Park, VC & Renfrew elementary schools, and many shopping choices nearby. With new paint on the walls, this home is move-in ready for its new homeowner! Don't wait, call today for a showing appointment! Open House Sunday Jun 10, 2-4pm
Read Full Story
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