Talk about million-dollar homes comes hardly surprising in Vancouver.
In a place as expensive as this city, many properties typically exceed that price.
But what if one can only afford half?
How much house can $500,000 buy?
RBC’s online mortgage calculator shows what a 25-year mortgage of $500,000 with an interest rate of 2.29 percent means.
For a borrower, the monthly payment comes to $2,187.88.
In the last two weeks, a number of Vancouver condo units sold at or below $500,000, based on tracking by real-estate site fisherly.com.
One is 304- 989 Beatty Street in Yaletown, which was listed by Oakwyn Realty Downtown Ltd.
The 471-square-foot studio unit sold for exactly $500,000.
A buyer picked up the unit at the Nova condo development of Bosa Properties on August 28.
It was listed originally and eight days earlier for $529,000.
A West End-area condo unit at The Californian development sold for less than $500,000.
The 309-1080 Pacific Street property went for $488,700 on August 31.
The transaction came five days after Stilhavn Real Estate Services listed the property on August 26 for $448,000.
The condo unit measures 520 square feet.
On the East Side of Vancouver, a condo unit in the Collingwood neighbourhood sold for less than $500,000.
RE/MAX Select Properties listed 2703-5380 Oben Street on August 27 for $499,000.
The penthouse unit sold four days later on August 31 for $490,000.
The same property was previously listed in 2018 for $528,000.
The 556-square-feet condo is part of the Urba condo development by Bosa Properties.
Current rules provide that a purchase of $500,000 or less requires a five percent downpayment.
In addition to a monthly mortgage, a condo buyer needs to pay strata fees.