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 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.
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.
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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
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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
Please visit our Open House at 401 5325 WEST BOULEVARD in Vancouver.
Open House on Sunday, April 9, 2017 1:00PM - 3:00PM Open House
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. Call for a private showing or attend the open house Sunday April 9th 1-3 pm
Read Full Story
I have listed a new property at 401 5325 BOULEVARD BLVD W 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. Call for a private showing or attend the open house Sunday April 9th 1-3 pm
Read Full Story
Please visit our Open House at 401 5325 BOULEVARD BLVD W in Vancouver.
Open House on Wednesday, April 5, 2017 10:30AM - 12:00PM Agents open and bring your clients
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. Call for a private showing or attend the open house Sunday April 9th 1-3 pm
Read Full Story
I have sold a property at 202 4028 KNIGHT ST in Vancouver.
Welcome to King Edward Village. Quiet corner unit facing South & East, cool in summer & warm in winter. Newly painted, crown mouldings, 8'10" high ceiling, new laminate flooring. 2 bedrooms, 2 baths, den with windows. Insuite storage & laundry, open living / dining & kitchen, perfect for entertaining. Spacious kitchen with granite counter tops and a breakfast bar. Owner occupied, shows very new. Just neat & clean. 1 underground parking & storage locker. Pets & rentals allowed. Very central location, steps to Save On & library, Kingsway shopping & restaurants. Transit to Downtown or UBC just at door. Easy access to Richmond and airport. Open house on Saturday (Feb 25) 2 - 4 pm.
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I have listed a new property at 201 885 SALSBURY DR in Vancouver.
885 Off The Drive is designed to complement its surroundings while embracing contemporary design and Green Living. Situated on a quiet side street at the foot of COMMERCIAL DRIVE, a half block off the bike route and within walking distance of every imaginable amenity, it offers water and energy efficient appliances and fixtures and low-E windows. Great shopping, coffee shops, restaurants, and transit are around the corner, and downtown is only a 10 minute drive away. This 1 BR condo has all the modern features and finishings including: floor to ceiling windows, laminate floors, stainless steel appliances, quartz counter tops, under cabinet lighting, custom roller blinds and in suite front loader washer and dryer. The spectacular rooftop deck offers stunning views of the downtown skyline and the mountains. Built in 2012 this boutique building offers peace of mind with warranties still in place. Pets and rentals welcome. Sneaky Peek Thurs March 9th 5:00 to 6:30 pm, Open House Saturday, March 11th, 1-3 pm.
Read Full Story
Please visit our Open House at 201 885 SALSBURY DR in Vancouver.
Open House on Thursday, March 9, 2017 5:00PM - 6:30PM Sneak Peek
885 Off The Drive is designed to complement its surroundings while embracing contemporary design and Green Living. Situated on a quiet side street at the foot of COMMERCIAL DRIVE, a half block off the bike route and within walking distance of every imaginable amenity, it offers water and energy efficient appliances and fixtures and low-E windows. Great shopping, coffee shops, restaurants, and transit are around the corner, and downtown is only a 10 minute drive away. This 1 BR condo has all the modern features and finishings including: floor to ceiling windows, laminate floors, stainless steel appliances, quartz counter tops, under cabinet lighting, custom roller blinds and in suite front loader washer and dryer. The spectacular rooftop deck offers stunning views of the downtown skyline and the mountains. Built in 2012 this boutique building offers peace of mind with warranties still in place. Pets and rentals welcome. Sneaky Peek Thurs March 9th 5:00 to 6:30 pm, Open House Saturday, March 11th, 1-3 pm.
Read Full Story
Please visit our Open House at 201 885 SALSBURY DR in Vancouver.
Open House on Saturday, March 11, 2017 1:00PM - 3:00PM Open House
885 Off The Drive is designed to complement its surroundings while embracing contemporary design and Green Living. Situated on a quiet side street at the foot of COMMERCIAL DRIVE, a half block off the bike route and within walking distance of every imaginable amenity, it offers water and energy efficient appliances and fixtures and low-E windows. Great shopping, coffee shops, restaurants, and transit are around the corner, and downtown is only a 10 minute drive away. This 1 BR condo has all the modern features and finishings including: floor to ceiling windows, laminate floors, stainless steel appliances, quartz counter tops, under cabinet lighting, custom roller blinds and in suite front loader washer and dryer. The spectacular rooftop deck offers stunning views of the downtown skyline and the mountains. Built in 2012 this boutique building offers peace of mind with warranties still in place. Pets and rentals welcome. Sneaky Peek Thurs March 9th 5:00 to 6:30 pm, Open House Saturday, March 11th, 1-3 pm.
Read Full Story
Please visit our Open House at 6425 ADERA ST in Vancouver.
Open House on Thursday, March 2, 2017 10:30AM - 12:00PM Agents open
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. Public Open House March 5th, 2017 2:00PM to 4:00PM
Read Full Story
Please visit our Open House at 6425 ADERA ST in Vancouver.
Open House on Sunday, March 5, 2017 2:00PM - 4:00PM Public Open
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. Public Open House March 5th, 2017 2:00PM to 4:00PM
Read Full Story
I have listed a new 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. Public Open House March 5th, 2017 2:00PM to 4:00PM
Read Full Story
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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