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%

 

 

 
I have listed a new property at PH 11 760 KINGSWAY ST in Vancouver.
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open house Saturday May 27th 1-3 pm or by appointment.
Read Full Story
Please visit our Open House at PH 11 760 KINGSWAY ST in Vancouver.
Open House on Saturday, May 27, 2017 1:00PM - 3:00PM Open House
Penthouse living! 2 Bedroom 2 Bathroom in one of East Van's most up and coming neighbourhoods. Steps to transit, schools, parks, shopping, great new restaurants, and coffee shops: Sal y Limon, Los Cuervos, Les Faux Bourgeois, Savio Volpe, to name a few, and only minutes away from Main Street and downtown. Move-in ready with a huge master bedroom and walk in closet, in-suite laundry, lots of storage, all new appliances, cozy fireplace, plus North Shore Mountain views! Parking and storage are included in this pet-friendly building. Open house Saturday May 27th 1-3 pm or by appointment.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, May 20, 2017 1:00PM - 3:00PM open house
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Saturday May 20th 1-3 pm
Read Full Story
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.
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, May 13, 2017 1:00PM - 3:00PM Open House
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Saturday May 13th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Saturday, May 6, 2017 1:00PM - 3:00PM
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Saturday May 6th 1-3 pm
Read Full Story
I have sold a property at 58 15355 26 AVE in Surrey.
Location, Location, Location! The sought after SOUTHWIND complex is family friendly and offers plenty of room to spread out. Main floor kitchen / family room features access to fenced backyard. Separate dining & living room with gas fireplace and powder room all on the main. Upstairs offers 3 bedrooms, 2 full baths + BONUS loft with big media room AND 4th bedroom with private deck with great mountain view. Good storage in tandem garage. Complex features clubhouse, playground. Close to Sunnyside Park, tennis, shopping, restaurants, transit, fwy and border. OPEN HOUSE SATURDAY AND SUNDAY 2:00 - 4:00!
Read Full Story
I have sold a property at 1980 19TH AVE E in Vancouver.
Thoughtfully redesigned for family life, entertaining, maintaining character and maximizing the view, this beautiful house was renovated to the studs in 2007. Bright open main with cofferred ceilings, crown molding, marmoleum floors and a truly gorgeous view of Trout Lake & mountains. 4 bdrms, 3 baths include a full master floor up, 2nd lg bdrm on main great for 2 kids to share + 2 bdrms down. Lovely garden & private yard perfect for summer barbeques! The best of Vancouver living with the lake, park, Farmers Market & Community Centre literally at your doorstep plus vibrant Commercial Dr so close by. Quick walk to buses & 2 skytrains, minutes to Hwy, short drive DT. Close to all levels of schools, public & private. A superb home! Open Thurs 04/06 5-7 Sat/Sun 8/9 2-4
Read Full Story
I have sold a property at 2102 850 ROYAL AVE in New Westminster.
Exquisite Pent-house 3 bed+ 2 bath @ The Royalton. Completely updated with high end fixtures throughout. Tile foyer meets hardwood flooring that flows thru the living/dining room to expansive views South & West. 2 balconies on both side of the suite extends your living space in the warm months. Updated light fixtures, Kitchen with new sink, faucet, stainless appliances on a tile floor and hot water tank are only few of the many upgrades. The master shares the same river view with floor to ceiling windows plus a 5 piece ensuite. On the opposite side of the home, a 3 piece main bathroom is shared by 2 more bdrms. Within this well kept tower you can take advantage of the well equipped gym & common area party room available to rent for family events.
Read Full Story
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.
Read Full Story
I have listed a new property at .
Read Full Story
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.
Read Full Story
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.
Read Full Story
I have sold a property at 222 7531 MINORU BLVD in Richmond.
CYPRESS POINT. This is one of Richmond’s most popular buildings! Rainscreened building, 951 sq. ft. 2 bedrooms 1 bath. Tasteful renovations which include new kitchen cabinets, quartz counters & stainless steel appliances, new bathroom vanity, quartz counters, taps & lighting. Fabulous layout ... with a cozy wood burning fireplace & peaceful courtyard - mountain views. lnsuite laundry & good size storage locker too. Enjoy the facilities: club house, exercise room, pool, sauna & hot tub. Great Catchment School: Ferris Elementary and Richmond High. All minutes from Richmond Centre Shopping, Canada Line & Minoru Park. Rentals allowed. Sorry...no dogs.
Read Full Story
I have listed a new property at 6637 DUNBAR ST in Vancouver.
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday April 30th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Wednesday, April 26, 2017 10:30AM - 12:00PM Agents open
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday April 30th 1-3 pm
Read Full Story
Please visit our Open House at 6637 DUNBAR ST in Vancouver.
Open House on Sunday, April 30, 2017 1:00PM - 3:00PM Open House
West Coast contemporary in the quiet part of Southlands. 74.25 x 132 lot. Perfect for a renovation or to build your dream home. This house is unique and is virtually all on one level. Built by an architect as his own home, it has intriguing angles, balconies and a variety of living spaces which range from large to cozy. The many skylights bring the outdoors in, and the house is very much one with the natural setting. Four bedrooms, 2 bathrooms, gas fireplace, air conditioning and west-facing backyard. Open House Sunday April 30th 1-3 pm
Read Full Story
I have sold a property at 6425 ADERA ST in Vancouver.
Beautiful level lot offering over 72' of frontage in one of Vancouver's prime locations - South Granville (N of W 49th). Well positioned being far away enough from W 49th - quiet, plus the feature of a lovely west facing back yard. Minimal trees, but predominantly along the property's south edge, so ideal if for redevelopment. Great RS-3 zoning back lane & still very livable home. With 4 lovely bedrooms up, beautiful main principal rooms offering a large hall, Living room Dining Room plus a Family room or den with a fireplace in that room as well. Has been in the family since 1965.
Read Full Story
I have sold a property at 401 5325 WEST BOULEVARD in Vancouver.
Boulevard Private Residences, This brand new, never lived in 2 bedroom 2 bath top floor condo is on the quiet side of the building. The contemporary living space offers, 9' ceilings, huge windows, a 158 sq. ft. balcony ,Fisher & Paykel appliances, engineered hardwood floors, Caesarstone countertops, gas cooktop and a top of the line air conditioning system. The quaint charm of Kerrisdale provides boutiques, restaurants and coffee shops all within an easy walk. Built by renowned builder, Redekop development. The 2-5- 10 warranty is in place for your peace of mind.
Read Full Story
I have listed a new property at 222 7531 MINORU BLVD in Richmond.
CYPRESS POINT. This is one of Richmond’s most popular buildings! Rainscreened building, 951 sq. ft. 2 bedrooms 1 bath. Tasteful renovations which include new kitchen cabinets, quartz counters & stainless steel appliances, new bathroom vanity, quartz counters, taps & lighting. Fabulous layout ... with a cozy wood burning fireplace & peaceful courtyard - mountain views. lnsuite laundry & good size storage locker too. Enjoy the facilities: club house, exercise room, pool, sauna & hot tub. Great Catchment School: Ferris Elementary and Richmond High. All minutes from Richmond Centre Shopping, Canada Line & Minoru Park. Rentals allowed. Sorry...no dogs. Reviewing offers as they come.
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 | Fairview VW, Vancouver West 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