The Affordability of Home Ownership: Buying -vs- Renting

This table compares the cost of buying a condo to renting a similar home in Victoria, BC.

Renting a 2 bedroom apartment $1,300 - $1,500/month

Buying a 2 bedroom condo*
$250,000 Purchase price

$ 12,500 5% down payment (required)

$ 5,000 Est. closing costs

$ 1,072 Mortgage principal & interest

$ 210 Est. monthly strata fee

$ 154 Est. monthly property taxes

$ 1,436 Est. Total Monthly payment

*Requires a combined gross income of $52,000/year and a good credit history

Renting a 3 or 4 bedroom apartment/house $1,600 - $2,000/month


Buying a 3 or 4 bedroom condo/townhouse**

$400,000 Purchase price

$ 20,000 5% down payment (required)

$ 8,000 Est. closing costs

$ 1,716 Mortgage principal & interest

$ 250 Est. monthly strata fee

$ 210 Est. monthly property taxes

$ 2,176 Est. Total Monthly payment

**Requires a combined gross income of $80,000/year and a good credit history.

From Ian Baker, Beyer Mortgage Services