Carol Palfrey Associate Broker
" The Eastside is my Neighbourhood "

1 (604) 818-7422

Carol Palfrey Associate Broker
Cell:1 (604) 818-7422
Office :1 (604) 263-1911

Why Sign Up?

  • Save your Listing Searches
  • Email Alerts on new Listings
  • See new listings sooner
  • Tag your Favourites for later

Already A Member?

Vancouver Metro Area

Your East Side Specialist.


Your real estate needs are important to me. What sort of neighbourhood will best meet your expectations? Every neighbourhood has a story…

 

Charisma

A diversity of people and a blend of housing and land use make this one of the cities most charismatic locales.
You Gotta Have Heart...
 

It is my pleasure to provide you with information about Vancouver’s neighbourhoods. If you are looking for cosmopolitan appeal, the East Side has plenty to offer. The mix of housing adds to the personality of the area.


↓Click on the link below to read up on the top new restaurats↓                                


          <best new vancouver restaurants of 2014>

 

 

 

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%