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 listed a new property at 207 3736 COMMERCIAL ST in Vancouver.
The Elements, A boutique townhouse complex with only 7 units. 2 bedroom, 1.5 baths, designed with a post-modern aesthetic in mind. This stylish townhouse features a private entertaining size roof top deck, with panoramic views and is the envy of the neighbourhood! The upscale kitchen complete with gas stove, quartz counters and a SW facing window. A sunny patio is off the kitchen where you can BBQ year round and grow your own vegetables and herbs. The open layout and large windows allow for abundant natural light to flood into the rooms. This home will check all of your boxes! Located off "The Drive" and close to Trout lake community centre, walking distance to good elementary schools, famous foods and skytrain. Be a part of this family oriented community! Sneak Peek Thursday February 16th 5-6 pm Open House Saturday February 18th 2-4 pm.
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Please visit our Open House at 207 3736 COMMERCIAL ST in Vancouver.
Open House on Thursday, February 16, 2017 5:00PM - 6:00PM Sneak Peek
The Elements, A boutique townhouse complex with only 7 units. 2 bedroom, 1.5 baths, designed with a post-modern aesthetic in mind. This stylish townhouse features a private entertaining size roof top deck, with panoramic views and is the envy of the neighbourhood! The upscale kitchen complete with gas stove, quartz counters and a SW facing window. A sunny patio is off the kitchen where you can BBQ year round and grow your own vegetables and herbs. The open layout and large windows allow for abundant natural light to flood into the rooms. This home will check all of your boxes! Located off "The Drive" and close to Trout lake community centre, walking distance to good elementary schools, famous foods and skytrain. Be a part of this family oriented community! Sneak Peek Thursday February 16th 5-6 pm Open House Saturday February 18th 2-4 pm.
Read Full Story
Please visit our Open House at 207 3736 COMMERCIAL ST in Vancouver.
Open House on Saturday, February 18, 2017 2:00PM - 4:00PM
The Elements, A boutique townhouse complex with only 7 units. 2 bedroom, 1.5 baths, designed with a post-modern aesthetic in mind. This stylish townhouse features a private entertaining size roof top deck, with panoramic views and is the envy of the neighbourhood! The upscale kitchen complete with gas stove, quartz counters and a SW facing window. A sunny patio is off the kitchen where you can BBQ year round and grow your own vegetables and herbs. The open layout and large windows allow for abundant natural light to flood into the rooms. This home will check all of your boxes! Located off "The Drive" and close to Trout lake community centre, walking distance to good elementary schools, famous foods and skytrain. Be a part of this family oriented community! Sneak Peek Thursday February 16th 5-6 pm Open House Saturday February 18th 2-4 pm.
Read Full Story
I have sold a property at 4630 Baldwin ST in vancouver.
Must see!! Don't miss out on this well-constructed owner-built house on an RT-11 (duplex) corner lot. Tucked away in a quiet neighborhood, across the street from General Brock Park, this property enjoys mountain and park views and gives you options to buy and live, use as a holding property, or build up to a 2846 sqft Duplex (to be verified by city). Come view this beautiful well-kept home which features 3 bedrooms and 2 bathrooms upstairs, and a mortgage-helper suite and 2-car garage on the ground floor. This property is in an excellent location with a great walk-score, 5 minutes from the skytrain as well as various shops on Kingsway. Open Houses on Thurs. May 26th 6-7:30pm, and Sat-Sun May 28th-29th 1-4pm.
Read Full Story
I have listed a new property at 4630 Baldwin ST in vancouver.
Must see!! Don't miss out on this well-constructed owner-built house on an RT-11 (duplex) corner lot. Tucked away in a quiet neighborhood, across the street from General Brock Park, this property enjoys mountain and park views and gives you options to buy and live, use as a holding property, or build up to a 2846 sqft Duplex (to be verified by city). Come view this beautiful well-kept home which features 3 bedrooms and 2 bathrooms upstairs, and a mortgage-helper suite and 2-car garage on the ground floor. This property is in an excellent location with a great walk-score, 5 minutes from the skytrain as well as various shops on Kingsway. Open Houses on Thurs. May 26th 6-7:30pm, and Sat-Sun May 28th-29th 1-4pm.
Read Full Story
Please visit our Open House at 4630 Baldwin ST in vancouver.
OPEN HOUSE: Thursday May 26th 6:00 pm to 7:30 pm
Must see!! Don't miss out on this well-constructed owner-built house on an RT-11 (duplex) corner lot. Tucked away in a quiet neighborhood, across the street from General Brock Park, this property enjoys mountain and park views and gives you options to buy and live, use as a holding property, or build up to a 2846 sqft Duplex (to be verified by city). Come view this beautiful well-kept home which features 3 bedrooms and 2 bathrooms upstairs, and a mortgage-helper suite and 2-car garage on the ground floor. This property is in an excellent location with a great walk-score, 5 minutes from the skytrain as well as various shops on Kingsway. Open Houses on Thurs. May 26th 6-7:30pm, and Sat-Sun May 28th-29th 1-4pm.
Read Full Story
I have sold a property at 1871 STAINSBURY AVE in Vancouver.
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show!
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, February 23, 2014 2:00 pm - 4:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Sunday February 23rd 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, February 22, 2014 1:00 pm - 3:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Saturday February 22nd 1-3 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, February 15, 2014 1:00 pm - 3:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Saturday February 15th 1-3 pm
Read Full Story
I have listed a new property at 1871 STAINSBURY AVE in Vancouver.
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Sunday February 9th 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, February 9, 2014 2:00 pm - 4:00 pm
A modern & contemporary 2-bedroom townhome that has it all! This property features an open plan layout, a gourmet kitchen with gas stove, stainless appliances; granite counters tops, wide plank flooring, a large private patio and a bonus of 2 parking stalls & 1 locker. Conveniently located minutes away from Trout Lake Park, Community Centre and walking distance to Commercial Drive, skytrain and bus routes. Don't miss this hidden neighbourhood gem! A pleasure to show! Open House Sunday February 9th 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, November 9, 2013 2:00 pm - 4:00 pm
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes. Open House Saturday November 9th 2-4 pm
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, November 3, 2013 2:00 pm - 4:00 pm
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes. Open House Sunday November 3rd 2-4 pm.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Sunday, October 27, 2013 2:00 pm - 4:00 pm
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes. Open House Sunday October 27th 2-4 pm.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, September 21, 2013 2:00 pm - 4:00 pm
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes. Open House Saturday September 21st 2-4 pm.
Read Full Story
Please visit our Open House at 1871 STAINSBURY AVE in Vancouver.
Open House on Saturday, August 24, 2013 1:00 pm - 3:00 pm
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes. Open House Saturday August 24th 1-3 pm
Read Full Story
I have listed a new property at 1871 STAINSBURY AVE in Vancouver.
Wonderful townhouse at The Works, a modern, contemporary complex in a fabulous location. Upgrades This 698 square foot 2 bedroom home include an open plan with a gourmet kitchen including a gas stove, stainless steel appliances, granite counter tops and a breakfast bar.Wide plank flooring, a large private patio, 2 parking stalls and a locker are just a few of the great things this home has to offer. This brilliant location is minutes from Trout Lake Park and the stunning community centre, The Drive, schools, skytrain and bus routes.
Read Full Story
I have sold a property at 3340 FINDLAY ST in Vancouver.
TROUT LAKE Townhome. Two levels with two bedrooms and den upstairs .Open Floor plan on the main floor that open up to your Large fully fenced backyard. Entertain your friends and take advantage of the full sun to grow your own vegetables. Terrific neighbours .Newer roof and windows in complex. Close to Bus and Skytrain. Walking distance to all amenities, including shops, coffee bars, restaurants and recreation.
Read Full Story
Please visit our Open House at 3340 FINDLAY ST in Vancouver.
Open House on Saturday, May 11, 2013 1:00 pm - 3:00 pm
TROUT LAKE Townhome. Two levels with two bedrooms and den upstairs .Open Floor plan on the main floor that open up to your Large fully fenced backyard. Entertain your friends and take advantage of the full sun to grow your own vegetables. Terrific neighbours .Newer roof and windows in complex. Close to Bus and Skytrain. Walking distance to all amenities, including shops, coffee bars, restaurants and recreation. Come to the Sneak Peek Thursday May 9th 6-7 pm or OPEN HOUSE May 11th 1-3pm, and by appointment only Sunday May 12th.
Read Full Story
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