Under your rent
25
$480,000
$750/sqft
1 bd · 1 ba · 640 sqft
#510, 7831 Westminster Highway
Richmond · Apartment/Condo
~$2,275/mo
Listed by Royal Regal Realty Ltd.MLS® R3173913
Rent vs own
What your rent could own in Richmond.
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
- $1,004,800
- Homes at or under it
- 248
Source: Current MLS® listings.
Your rent
$
a month
The price your rent could cover
$527,000
20% down assumed ($105,000). 248 homes listed at or under it in Richmond.
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
- $1,004,800
- Homes at or under it
- 248
Source: Current MLS® listings.
What each rent buys
In Richmond, a $2,500 rent carries the mortgage on a home priced around $527,000. That is $477,800 under Richmond's $1,004,800 median home price. 248 homes are listed at or under it. Figures use 5.19% over 25 years with 20% down.
Richmond homes around a $2,500 rent
248 active listings
Under your rent
34
$343,000
$510/sqft
1 bd · 1 ba · 673 sqft
#505, 9320 Parksville Drive
Richmond · Apartment/Condo
~$1,626/mo
Listed by Sutton Group Seafair RealtyMLS® R3163525
Under your rent
28
$498,000
$921/sqft
1 bd · 1 ba · 541 sqft
#610, 6951 Elmbridge Way
Richmond · Apartment/Condo
~$2,360/mo
Listed by RE/MAX Crest RealtyMLS® R3170079
Under your rent
10
$378,000
$500/sqft
1 bd · 1 ba · 756 sqft
#1306, 6651 Minoru Boulevard
Richmond · Apartment/Condo
~$1,792/mo
Listed by Sutton Centre RealtyMLS® R3132470
Under your rent
30
$438,800
$544/sqft
1 bd · 1 ba · 807 sqft
#1504, 6631 Minoru Boulevard
Richmond · Apartment/Condo
~$2,080/mo
Listed by 1NE Collective Realty Inc.MLS® R3174343
Under your rent
21
$525,000
$890/sqft
1 bd · 1 ba · 590 sqft
#656, 6288 No. 3 Road
Richmond · Apartment/Condo
~$2,488/mo
Listed by RE/MAX WestcoastMLS® R3171187
Under your rent
25
$399,000
$395/sqft
2 bd · 2 ba · 1,009 sqft
#216, 8400 Ackroyd Road
Richmond · Apartment/Condo
~$1,891/mo
Listed by Royal Pacific Realty Corp.MLS® R3173014
Under your rent
14
$149,000
$235/sqft
1 bd · 1 ba · 634 sqft
#203, 7280 Lindsay Road
Richmond · Apartment/Condo
~$706/mo
Listed by Macdonald Realty WestmarMLS® R3174227
Under your rent
17
$308,000
$583/sqft
1 bd · 1 ba · 528 sqft
#225, 8120 Colonial Drive
Richmond · Apartment/Condo
~$1,460/mo
Listed by RE/MAX WestcoastMLS® R3174180
Under your rent
20
$520,000
$505/sqft
2 bd · 2 ba · 1,030 sqft
#305, 8760 No. 1 Road
Richmond · Apartment/Condo
~$2,465/mo
Listed by Multiple Realty Ltd.MLS® R3174293
Under your rent
39
$509,900
$759/sqft
1 bd · 1 ba · 672 sqft
#102, 23222 Gilley Road
Richmond · Apartment/Condo
~$2,417/mo
Listed by RE/MAX WestcoastMLS® R3162650
Under your rent
38
$499,900
$776/sqft
1 bd · 1 ba · 644 sqft
#313, 23200 Gilley Road
Richmond · Apartment/Condo
~$2,369/mo
Listed by RE/MAX WestcoastMLS® R3132821
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 Richmond
Listings and market data for Richmond.
Neighbourhoods in Richmond
Narrow your search to a specific Richmond neighbourhood.
Nearby cities
Compare Richmond 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.