Under your rent
25
$160,000
~$758/mo
i#19 – 171 Tripp Road
Salt Spring · Land
0 bd
0 ba
MLS® 1040668
RE/MAX Salt Spring
Rent vs mortgage
$2,000 a month in rent buys a $422,000 home in Salt Spring
That is what a 2000-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 $315,000. Here are the 10 Salt Spring homes on the market at or under it right now.
Purchase price
$422,000
Down payment
$84,000
All-in monthly
$2,505/mo
Matching homes
10
Salt Spring homes your $2,000 rent could own
Under your rent
8
$289,000
~$1,370/mo
iSL 22 Bishops Walk Road
Salt Spring · Land
0 bd
0 ba
MLS® 1047105
Macdonald Realty Salt Spring Island
Under your rent
49
$329,000
~$1,559/mo
i#2053 – 135 Brinkworthy Road
Salt Spring · Residential
2 bd
1 ba
938 sqft
$351/sqft
Built 1981
MLS® 1038904
Pemberton Holmes - Salt Spring
Under your rent
9
$399,000
~$1,891/mo
i171 Northern Way
Salt Spring · Land
0 bd
0 ba
MLS® 1044034
Pemberton Holmes - Salt Spring
Under your rent
20
$139,000
~$659/mo
i#11 – 104 Horel Road
Salt Spring · Residential
3 bd
1 ba
943 sqft
$147/sqft
Built 1972
MLS® 1044157
RE/MAX Salt Spring
Under your rent
18
$139,900
~$663/mo
i#6 – 171 Tripp Road
Salt Spring · Residential
0 bd
0 ba
Built 2007
MLS® 1032402
Macdonald Realty Salt Spring Island
Under your rent
15
$141,900
~$673/mo
iSite 20 – 171 Tripp Road
Salt Spring · Land
0 bd
0 ba
MLS® 1044097
RE/MAX Salt Spring
Under your rent
29
$319,000
~$1,512/mo
i201 Grantville Street
Salt Spring · Land
0 bd
0 ba
MLS® 1026809
Rennie & Associates Realty Ltd.
Under your rent
28
$169,900
~$805/mo
i#11 – 171 Tripp Road
Salt Spring · Land
0 bd
0 ba
MLS® 1039592
RE/MAX Salt Spring
Under your rent
24
$349,000
~$1,654/mo
iCabin 3 – 1136 North End Road
Salt Spring · Residential
1 bd
1 ba
360 sqft
$969/sqft
Built 1960
MLS® 1037013
RE/MAX Salt Spring
See all on the map (10 active listings)
Other rents in Salt Spring
$1,500/mo · $1,800/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 3.50 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 $2,000 a month in rent buy in Salt Spring?
At a 5.19% rate with 20% down over 25 years, $2,000/mo carries the mortgage on a home priced around $422,000. Covering tax, strata and insurance inside the same budget, the matching price is about $315,000.
How much do I need for a down payment?
On a $422,000 home at 20% down, the down payment is $84,000. 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 $505/mo in tax, strata and insurance, so the honest all-in monthly on a $422,000 home is closer to $2,505.
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.