Under your rent
32
$595,000
~$2,820/mo
i#6 – 235 Park Drive
Salt Spring · Residential
2 bd
2 ba
1,359 sqft
$438/sqft
Built 2004
MLS® 1028413
Macdonald Realty Salt Spring Island
Rent vs mortgage
$3,000 a month in rent buys a $633,000 home in Salt Spring
That is what a 3000-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 $513,000. Here are the 23 Salt Spring homes on the market at or under it right now.
Purchase price
$633,000
Down payment
$127,000
All-in monthly
$3,567/mo
Matching homes
23
Salt Spring homes your $3,000 rent could own
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
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
24
$549,000
~$2,602/mo
i307 Maliview Drive
Salt Spring · Residential
2 bd
2 ba
1,619 sqft
$339/sqft
Built 1977
MLS® 1039076
Macdonald Realty Salt Spring Island
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
32
$599,000
~$2,839/mo
i#8 – 130 Corbett Road
Salt Spring · Residential
2 bd
2 ba
1,459 sqft
$411/sqft
Built 1992
MLS® 1028151
Pemberton Holmes - 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
17
$575,000
~$2,725/mo
i#3 – 130 Corbett Road
Salt Spring · Residential
2 bd
2 ba
1,425 sqft
$404/sqft
Built 1990
MLS® 1028954
RE/MAX Salt Spring
Under your rent
38
$549,000
~$2,602/mo
i155 Liberty Hall Lane
Salt Spring · Land
0 bd
0 ba
MLS® 1014473
Pemberton Holmes - Salt Spring
Under your rent
19
$449,000
~$2,128/mo
i215 Long Harbour Road
Salt Spring · Land
0 bd
0 ba
MLS® 1043600
Macdonald Realty Salt Spring Island
See all on the map (23 active listings)
Other rents in Salt Spring
$1,500/mo · $1,800/mo · $2,000/mo · $2,200/mo · $2,500/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 $3,000 a month in rent buy in Salt Spring?
At a 5.19% rate with 20% down over 25 years, $3,000/mo carries the mortgage on a home priced around $633,000. Covering tax, strata and insurance inside the same budget, the matching price is about $513,000.
How much do I need for a down payment?
On a $633,000 home at 20% down, the down payment is $127,000. 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 $567/mo in tax, strata and insurance, so the honest all-in monthly on a $633,000 home is closer to $3,567.
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.