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Rent vs own

What your rent could own in Mayne Island.

Enter your rent to see the home price it could cover and homes listed at that price.

A $2,500 rent carries
$527,000
Median asking
$849,900
Homes at or under it
12

Source: Current MLS® listings.

Your rent

$

a month

The price your rent could cover

$527,000

20% down assumed ($105,000). 12 homes listed at or under it in Mayne Island.

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.

See these homes
A $2,500 rent carries
$527,000
Median asking
$849,900
Homes at or under it
12

Source: Current MLS® listings.

What each rent buys

In Mayne Island, a $2,500 rent carries the mortgage on a home priced around $527,000. That is $322,900 under Mayne Island's $849,900 median home price. 12 homes are listed at or under it. Figures use 5.19% over 25 years with 20% down.

What each rent buys in Mayne Island
Monthly rentHome price it carriesHomes listed
$1,500/mo$316,0007
$1,800/mo$380,0008
$2,000/mo$422,00011
$2,200/mo$464,00011
$2,500/mo$527,00012
$3,000/mo$633,00020
$3,500/mo$738,00026
$4,000/mo$844,00030

Mayne Island homes around a $2,500 rent

12 active listings

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).

See all $2,500/mo matches

Renting or owning: what changes

  • One-time costs

    Buying adds transfer tax, legal fees and an inspection, paid on closing.

  • Monthly costs past the mortgage

    Property tax, strata and insurance are on top of the mortgage. Compare the total with your rent.

  • Flexibility

    A lease is easier to leave. Owning suits staying put for some years.

To see the year owning starts to cost less than renting, try rent or buy.

Assumptions

Rate
5.19%, the posted five-year fixed rate. Illustrative, not a quote.
Amortization
25 years
Down payment
20% ($105,000 on $527,000)
Property tax
3.50 per $1,000 of value
Strata
$320 a month, an estimate
Insurance
$62 a month, an estimate

An estimate, not a mortgage approval or financial advice. Change the rate, down payment or amortization in the calculator and the figures update.

More ways to explore Mayne Island

Listings and market data for Mayne Island.

Mayne Island homes for sale

Narrow Mayne Island homes by feature

Mayne Island market report

Presales and new construction in Mayne Island

New listings in Mayne Island

Nearby cities

Compare Mayne Island with other markets in the region.

Rent vs mortgage in Nanaimo

Rent vs mortgage in Saanich

Rent vs mortgage in Langford

Rent vs mortgage in Victoria

Rent vs mortgage in Campbell River

Rent vs mortgage in Sooke

Related pages

Prepared by

Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.

Data

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).

CorrectionsReport a correction
A mortgage broker can confirm what you qualify for.