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Rent vs own

What your rent could own in Terrace.

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
$479,900
Homes at or under it
79

Source: Current MLS® listings.

Your rent

$

a month

The price your rent could cover

$527,000

20% down assumed ($105,000). 79 homes listed at or under it in Terrace.

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
$479,900
Homes at or under it
79

Source: Current MLS® listings.

What each rent buys

In Terrace, a $2,500 rent carries the mortgage on a home priced around $527,000. That clears Terrace's $479,900 median home price. 79 homes are listed at or under it. Figures use 5.19% over 25 years with 20% down.

What each rent buys in Terrace
Monthly rentHome price it carriesHomes listed
$1,500/mo$316,00043
$1,800/mo$380,00052
$2,000/mo$422,00058
$2,200/mo$464,00067
$2,500/mo$527,00079
$3,000/mo$633,00098
$3,500/mo$738,000112
$4,000/mo$844,000116

Terrace homes around a $2,500 rent

79 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 Terrace

Listings and market data for Terrace.

Terrace homes for sale

Narrow Terrace homes by feature

Terrace market report

Presales and new construction in Terrace

New listings in Terrace

Nearby cities

Compare Terrace with other markets in the region.

Rent vs mortgage in Prince George

Rent vs mortgage in Fort St. John

Rent vs mortgage in Quesnel

Rent vs mortgage in Dawson Creek

Rent vs mortgage in Williams Lake

Rent vs mortgage in 100 Mile House

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.