Enter your down payment and household income. We’ll estimate your budget, recommend the property type that fits, factor in a rental suite (mortgage helper) if you’re open to a house, and show you real Richmond listings to view.
HouseRecommended
TownhouseRecommended
CondoRecommended
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It depends on your budget. In Richmond a typical condo is about $680,000, a townhouse about $1,058,900, and a house about $2,288,000. Use the calculator above: enter your down payment and income and it estimates the most you can borrow, then shows which property type that budget realistically buys. Over the long term houses tend to appreciate most (you own the land), followed by townhouses, then condos.
Yes. A legal basement suite (a 'mortgage helper') can bring roughly $2,000 a month, and lenders will typically count about half of that rental income toward your mortgage qualification — which can lift your budget enough to move from a townhouse into a house. Some houses even have two suites. Toggle 'house with a rental suite' in the calculator to see the difference.
As a rule of thumb for Richmond: a condo under 5 years old, a townhouse under 10 years old, and a house under 15 years old. Newer strata properties have fewer looming repair/special-assessment risks; with houses, newer means less deferred maintenance while you still get the land value.
We apply the standard Canadian mortgage stress test (you must qualify at about 2% above your rate, or 5.25%, whichever is higher), a 25-year amortization, and typical lending ratios, plus an allowance for property tax and heating. It's an estimate to guide your choice — a mortgage broker can confirm your exact pre-approval.
Prices are current Richmond medians from active and recently sold MLS® listings and update automatically. The budget estimate uses the standard mortgage stress test and typical lending ratios — it’s a guide, not a pre-approval. Growth figures are long-term historical approximations and are not a guarantee of future returns.