Newly Listed
Under your rent
4
$299,000
~$1,417/mo
i#206 – 3925 Kingsway Street
Burnaby · Residential
1 bd
1 ba
641 sqft
$466/sqft
Built 1974
MLS® R3156328
Royal Pacific Realty (Kingsway) Ltd.
Rent vs mortgage
$1,500 a month in rent buys a $316,000 home in Burnaby
That is what a 1500-a-month rent carries as a mortgage at 5.19%, with 20% down over a 25-year amortization. Covering property tax, strata and insurance inside the same monthly budget, the matching price is about $219,000. Here are the 3 Burnaby homes on the market at or under it right now.
Purchase price
$316,000
Down payment
$63,000
All-in monthly
$1,961/mo
Matching homes
3
Burnaby homes your $1,500 rent could own
Under your rent
22
$309,000
~$1,465/mo
i#106 – 5127 Irving Street
Burnaby · Residential
2 bd
1 ba
855 sqft
$361/sqft
Built 1968
MLS® R3046098
Royal Pacific Realty (Kingsway) Ltd.
Under your rent
$38,800
~$184/mo
iP3-3116 – 6537 Telford Avenue
Burnaby · Residential
0 bd
0 ba
0 sqft
Built 2024
MLS® R2937534
RE/MAX Crest Realty
See all on the map (3 active listings)
Other rents in Burnaby
$1,800/mo · $2,000/mo · $2,200/mo · $2,500/mo · $3,000/mo · $3,500/mo · $4,000/mo
The assumptions behind these numbers
Every figure assumes a 5.19% interest rate, 20% down and a 25-year amortization. Property tax uses the local municipal residential rate of 2.98 per $1,000; strata ($320/mo) and insurance ($62/mo) are estimates, since neither is knowable from rent alone. Change any of these in the calculator and the numbers update in place. This is an estimate for comparison, not a mortgage approval or financial advice. Your rate, down payment and the home's real carrying costs will differ. Confirm with a mortgage professional before you rely on it.
Common questions
What can $1,500 a month in rent buy in Burnaby?
At a 5.19% rate with 20% down over 25 years, $1,500/mo carries the mortgage on a home priced around $316,000. Covering tax, strata and insurance inside the same budget, the matching price is about $219,000.
How much do I need for a down payment?
On a $316,000 home at 20% down, the down payment is $63,000. A smaller down payment raises the monthly cost and may add mortgage insurance.
Is the mortgage really the same as my rent?
The mortgage payment is, by design; that is what this page solves for. Owning also adds roughly $461/mo in tax, strata and insurance, so the honest all-in monthly on a $316,000 home is closer to $1,961.
RR
How these numbers are worked out
I am Ray Rasouli, a licensed REALTOR® with Real Broker B.C. Ltd. The purchase price is your rent solved back through a standard amortized mortgage, and the listings come from live MLS® inventory refreshed hourly, not a static table. The figures are for comparison, not a mortgage approval. Tell me your situation and I will confirm what you actually qualify for.
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Listing data provided by the Real Estate Board of Greater Vancouver and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. Mortgage figures are estimates for comparison only, not financial advice. MLS® and REALTOR® are trademarks of CREA.