Under your rent
45
$109,900
$153/sqft
2 bd · 1 ba · 720 sqft
#104, 1120 Shawnigan Mill Bay Road
Mill Bay · Single Family
~$521/mo
Listed by Royal LePage Coast Capital - ChattertonMLS® 1047984
Rent vs own
What your rent could own in Mill Bay.
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
- $1,085,950
- Homes at or under it
- 6
Source: Current MLS® listings.
Your rent
$
a month
The price your rent could cover
$527,000
20% down assumed ($105,000). 6 homes listed at or under it in Mill Bay.
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.
- A $2,500 rent carries
- $527,000
- Median asking
- $1,085,950
- Homes at or under it
- 6
Source: Current MLS® listings.
What each rent buys
In Mill Bay, a $2,500 rent carries the mortgage on a home priced around $527,000. That is $558,950 under Mill Bay's $1,085,950 median home price. 6 homes are listed at or under it. Figures use 5.19% over 25 years with 20% down.
Mill Bay homes around a $2,500 rent
6 active listings
Under your rent
42
$499,900
$438/sqft
2 bd · 2 ba · 1,141 sqft
#213, 2777 Barry Road
Mill Bay · Single Family
~$2,369/mo
Listed by Pemberton Holmes Ltd. (Cow Vall)MLS® 1048569
Under your rent
39
$444,900
$339/sqft
2 bd · 2 ba · 1,311 sqft
1071 Bourban Road
Mill Bay · Single Family
~$2,109/mo
Listed by Royal LePage Nanaimo Realty LDMLS® 1048590
Under your rent
25
$349,900
$315/sqft
3 bd · 1 ba · 1,110 sqft
#33C, 1120 Shawnigan-Mill Bay Road
Mill Bay · Single Family
~$1,658/mo
Listed by RE/MAX Island Properties (DU)MLS® 1048050
Under your rent
5
$434,900
Lot 6 Lodgepole Road
Mill Bay · Vacant Land
~$2,061/mo
Listed by RE/MAX CamosunMLS® 1049519
Under your rent
71
$424,900
$452/sqft
1 bd · 1 ba · 940 sqft
#207, 2777 Barry Road
Mill Bay · Single Family
~$2,014/mo
Listed by Pemberton Holmes Ltd. (Cow Vall)MLS® 1046979
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).
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 Mill Bay
Listings and market data for Mill Bay.
Nearby cities
Compare Mill Bay with other markets in the region.
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.