Rent vs own
At a 5.19% posted rate, 20% down and 25 years. With tax, strata and insurance in the same budget, the price is about $414,000.
Source: Current MLS® listings.
Your rent
$
a month
The price your rent could cover
$527,000
20% down assumed ($105,000). 12,036 homes listed at or under it in BC.
Of the first payment, about $694 goes to the loan itself. Tax, strata and insurance would bring the all-in price closer to $414,000.
Source: Current MLS® listings.
| Rent you pay | $2,500/mo |
|---|---|
| Interest rate | 5.19% |
| Amortization | 25 years |
| Down payment (20%) | $105,000 |
| Mortgage supported | $422,000 |
| Purchase price | $527,000 |
| Tax, strata and insurance | $536/mo |
| All-in monthly | $3,036/mo |
$2,500/mo carries a $527,000 price in every market. What changes is how that compares with the local median and how many homes fall in range.
| City | Median asking | Homes under $527,000 |
|---|---|---|
| Surrey | $999,999 | 714 |
| Vancouver | $1,380,000 | 309 |
| Burnaby | $859,950 | 189 |
| Richmond | $1,004,800 | 248 |
| Kelowna | $789,450 | 534 |
| Langley | $959,900 | 279 |
| Abbotsford | $799,900 | 336 |
| Coquitlam | $956,450 | 175 |
| Chilliwack | $750,000 | 300 |
| North Vancouver | $1,298,000 | 60 |
| Kamloops | $639,750 | 356 |
| Maple Ridge | $1,099,000 | 132 |
An estimate, not a mortgage approval or financial advice. Change the rate, down payment or amortization in the calculator and the figures update.
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).