If you’ve ever wondered what a home with a cheap mortgage looks like in Vancouver, we’ve found a few listed properties that might serve as good examples.
Each home mentioned in this post has a monthly mortgage estimate based on a five-year fixed rate with a 20% down payment. Mortgage rates for all the homes work out to under $2,000 per month.
It may not surprise you that all of the homes featured in this post are small one-bedroom suites because 99.9% of the time in Vancouver, that’s the kind of home you’ll be getting into if you’re hoping for a cheap mortgage.
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Homes at 138 East Hastings Street
Re/Max Performance Realty
Two of the three homes we’re looking at in this post come from the same building at 138 East Hastings Street. The location is likely a reason why the prices are so low.
Unit 605
Re/Max Performance Realty
Unit 605 is a one-bedroom penthouse unit featuring 443 sq ft of space. The building is just nine years old, so the home is in excellent condition. It’s listed for $385,000 and has had quite a lot of activity on the market in recent years. BC Assessment values this home at $364,000.
Re/Max Performance Realty
It was last sold in 2021 for $369,000 before being listed again in April 2024. That listing was cancelled before the current listing was posted last October.
The listing states that the home features views of the North Shore mountains and is steps away from Vancouver’s Gastown. A garden with farming plots is also available for residents to rent, and furniture is included.
Zealty’s mortgage estimator says that with a $77,000 down payment, you’d be looking at around $1,700 in monthly mortgage payments for this Vancouver home.
Unit 214
Royal LePage Westside Klein Group
Unit 214 is listed for $360,000 and is ever-so-slightly bigger than Unit 605. It features 447 sq ft and has been on the market since November last year.
Royal LePage Westside Klein Group
“Perfect investment property or for a first-time home buyer,” the Royal LePage Westside Klein Group listing states.
Royal LePage Westside Klein Group
The home is also pet and rental-friendly.
Royal LePage Westside Klein Group
According to Zealty’s mortgage calculator, a 20% down payment would be $72,000, and your monthly mortgage payments would be roughly $1,600.
305-36 East 14th Avenue
Re/Max Treeland Realty
Ever wanted to own a home in Mount Pleasant without winning the lottery? Well, here’s one option for you.
Re/Max Treeland Realty
One of the reasons this home is so cheap is because there’s a pre-paid leasehold on it until 2078. Which technically means you’re not the actual owner.
Re/Max Treeland Realty
Unit 305 at 36 East 14th Avenue is listed for $399,000. It features 484 sq ft of space with one bedroom and one bathroom. It’s an older building, 57 years old, to be exact.
Re/Max Treeland Realty
A 20% down payment on this Vancouver home would be just under $80,000, and your monthly mortgage would be around $1,800.
Would you consider any of these homes as a first-time property?