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 3736 PANDORA ST in Burnaby.
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home!
Read Full Story
Please visit our Open House at 3736 PANDORA ST in Burnaby.
Open House on Sunday, April 24, 2016 1:00 PM - 3:00 PM
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
Read Full Story
Please visit our Open House at 3736 PANDORA ST in Burnaby.
Open House on Sunday, April 17, 2016 1:00 PM - 3:00 PM
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
Read Full Story
Please visit our Open House at 3736 PANDORA ST in Burnaby.
Open House on Saturday, April 16, 2016 1:00 PM - 3:00 PM
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
Read Full Story
Please visit our Open House at 3736 PANDORA ST in Burnaby.
Open House on Thursday, April 14, 2016 5:00 PM - 6:00 PM Agents Open
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
Read Full Story
I have listed a new property at 3736 PANDORA ST in Burnaby.
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
Read Full Story
Please visit our Open House at 3736 PANDORA ST in Burnaby.
Open House on Saturday, April 16, 2016 1:00 PM - 3:00 PM
Italian built custom home located in one of Burnaby’s most desirable neighbourhoods. This elegant home features 4 bedrooms upstairs with an amazing master bath and walk in closet. The open plan living provides an entertainers dream layout. Your country style kitchen has top of the line appliances and brick accent wall. Rich hardwood floors, wainscoting, high ceilings, butler’s pantry, and a formal dining room with fireplace. Large office on main floor and built in computer work station upstairs. Deluxe theatre room downstairs, wine cellar and guest bedroom. Stereo speakers throughout the home and an attached 2 car garage! Enjoy entertaining on your south facing covered deck, take in the beautiful landscaping and views. This is truly a magnificent family home! Open house Saturday April 16th & Sunday April 17th from 1-3 pm
Read Full Story
I have sold a property at 112 4272 ALBERT ST in Burnaby.
Rare opportunity to purchase in this welcoming community development. In sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with open concept kitchen w/island and a private sunny cedar deck. Over 3400sqft of common amenities to use as your own including spacious kitchen, lounge w/fireplace, children's play area, office, guest suites, entertainment room, workshop, community garden & much more!! Walk to Confederation Park, Eileen Dailly Pool, Library, Transit & Schools. Steps from local shopping & restaurants that make "The Heights" such a desirable area to live. Strata fee also includes high speed Internet & the pro-active stratas long term goals for the growing CRF. Call Pauline for info.Open House Sat Mar 1 (2-4)
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Please visit our Open House at 112 4272 ALBERT ST in Burnaby.
Open House on Saturday, March 1, 2014 2:00 pm - 4:00 pm
Rare opportunity to purchase in this welcoming community development. In sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with open concept kitchen w/island and a private sunny cedar deck. Over 3400sqft of common amenitiesto use as your own including spacious kitchen, lounge w/fireplace, children's play area, office, guest suites, entertainment room, workshop, community garden & much more!! Walk to Confederation Park, Eileen Dailly Pool, Library, Transit & Schools. Steps from local shopping & restaurants that make "The Heights" such a desirable area to live. Strata fee also includes high speed Internet & the pro-active stratas long term goals for the growing CRF. Call Pauline for info.Open House Sat Mar 1 (2-4)
Read Full Story
Please visit our Open House at 112 4272 ALBERT ST in Burnaby.
Open House on Sunday, February 16, 2014 2:00 pm - 4:00 pm
Rare opportunity to purchase in this welcoming community development. In sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with open concept kitchen w/island and a private sunny cedar deck. Over 3400sqft of common amenitiesto use as your own including spacious kitchen, lounge w/fireplace, children's play area, office, guest suites, entertainment room, workshop, community garden & much more!! Walk to Confederation Park, Eileen Dailly Pool, Library, Transit & Schools. Steps from local shopping & restaurants that make "The Heights" such a desirable area to live. Strata fee also includes high speed Internet & the pro-active stratas long term goals for the growing CRF. Call Pauline for info.Open House Sat Feb 16 (2-4)
Read Full Story
I have listed a new property at 112 4272 ALBERT ST in Burnaby.
Rare opportunity to purchase in this community development. in sought after neighbourhood "The Heights". 3 bdr, 2 bath townhouse with private sunny backyard. Additional shared amenities to use as your own include: children's play area,office, guest suites, entertainment room, workshop, lounge w/fireplace, spacious kitchen, community garden and much more!! Walk minutes to Confederation Park, Eileen Dailly Pool, Library, Transit and Schools. Steps from local shopping and restaurants that make "The Heights" such a desirable area to live. First Open House Saturday February16th (2-4)
Read Full Story
Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Sunday, November 17, 2013 2:30 pm - 4:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home.Easy to show.
Read Full Story
Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Saturday, September 21, 2013 2:00 pm - 4:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Saturday September 21st 2-4pm. Easy to show.
Read Full Story
Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Saturday, September 14, 2013 1:00 pm - 3:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Saturday September 14th 1-3 pm. Easy to show.
Read Full Story
I have listed a new property at 4172 TRIUMPH ST in Burnaby.
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Sunday September 8th 1-3 pm. Easy to show.
Read Full Story
Please visit our Open House at 4172 TRIUMPH ST in Burnaby.
Open House on Sunday, September 8, 2013 1:00 pm - 3:00 pm
Vancouver Heights a sought after neighborhood for good reason! Walk to the local shops, schools and community centre. This CORNER home features two bedrooms on the main floor and a two bedroom mortgage helper. Enjoy the amazing views of the mountains. This home has original hardwood floors, newer roof, windows, furnace, hot water tank, electrical panel upgrade. A perfect starter home. Open House Sunday September 8th 1-3 pm. Easy to show.
Read Full Story
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