Monthly Mortgage Costs – Greater Vancouver
What is the typical monthly mortgage payment for new condominium apartments across Greater Vancouver? In this article, we present estimates of what you can expect to pay in monthly mortgage payments for a new apartment in different areas across the Greater Vancouver Area.
Busy? Here’s the Coles Notes:
- Expect to pay between $1,800 and $2,200 a month for a new high-rise apartment in Downtown Vancouver, depending on how much you slap down
- That number falls to around $1,200-$1,400 in North Surrey for a new apartment of the same size (750 sq. ft.)
- Low rise apartments show a bit more variance, but we also have data for more areas
- $760-$900 will get you a low-rise apartment in Pitt Meadows
- You should still expect to pay around $1,800-$2,250 for a new low-rise apartment in the Westside of Vancouver
- Mortgage payments are not your only cost. Don’t forget to check the strata fees (they typically make up 12%-18% of your monthly housing costs).
Monthly Mortgage Payments
The sticker price of the average Vancouver detached home is a common headline item. But the reality is that is not what most potential buyers are looking for anymore. Most first time homebuyers are looking at buying an apartment. They are much more affordable and located close to major employment centres and public transit routes.
When considering buying an apartment, the sticker price isn’t the only important thing to look at. If you really want to you know what area you can afford to buy in, you need to know what the monthly mortgage payment would be. Of course, there are other important costs, such as strata fees that should be kept in mind.
To that end, we compiled some recent pricing data on new apartments in the Greater Vancouver Area and ran some quick math to give you, the lovely reader, a quick impression of what kind of costs you might be looking.
For those of you that are curious:
- Pricing data was obtained from Urban Analytics
- We assume a 25 year fixed rate mortgage at 2.76%;
- We assume a 750 sq. ft. apartment
- the rest is pretty much just math.
With prices rising as they have been, the sticker price of a home is increasingly important. While low interest rates have kept monthly payments relatively affordable, down payments are getting bigger and bigger. That being said, when choosing a home, you need to be aware of home much you will be spending every quarter. We slapped this together to give you a quick idea of what you can expect to pay for a new apartment in different areas around Metro Vancouver.