Vancouver real estate: how much house can $500,000 buy for a monthly amortization of $2,000

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      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

      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.

      Stilhavn Real Estate Services sold this West End condo unit for $488,700.

      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.

      RE/MAX Select Properties sold this Collingwood-area condo property for $490,000.

      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.

      That's $25,000.

      In addition to a monthly mortgage, a condo buyer needs to pay strata fees.