Craig Johnston Personal Real Estate Corporation · Brokerage: Royal LePage Elite West
For buyers setting a budget. Most people plan for the mortgage and forget everything else. Here is the full monthly picture for a condo, a townhome and a detached home: property tax, strata fees, insurance, utilities and a maintenance reserve, so a “comfortable” budget actually stays comfortable.
Reviewed: October 29, 2026 · Market data: GVR September 2026 · BCFSA Licence: 187645 · Brokerage: Royal LePage Elite WestUsing illustrative numbers at a 4.5% mortgage rate with 20% down, the total runs roughly $4,600 a month for a $700,000 condo, $7,000 for a $1.1 million townhome and $10,800 for a $1.8 million detached home. That includes the mortgage, property tax at Coquitlam’s 2026 rate, strata fees, insurance, utilities and a maintenance reserve.
The mortgage is the headline, but the lines buyers miss most are maintenance, special levies and the Home Owner Grant. Replace every assumption with real numbers from your broker, the Form B and the seller’s bills before you remove subjects.
The mortgage and property tax lines are calculated. The strata, insurance and utility lines are assumptions to replace with the actual Form B strata fee, an insurance quote and the seller’s utility bills for the home you’re considering.
| Monthly line item | $700K condo | $1.1M townhome | $1.8M detached |
|---|---|---|---|
| Mortgage, principal and interest (20% down, 4.5%, 25 years) | $3,099 | $4,871 | $7,970 |
| Property tax (Coquitlam 2026 rate, $3.852 per $1,000 of assessed value) | $225 | $353 | $578 |
| Strata fee (assumption; use the Form B) | $480 | $420 | $0 |
| Home insurance (assumption; get a quote) | $55 | $110 | $240 |
| Utilities: hydro, gas, water and sewer (assumption) | $180 | $320 | $490 |
| Maintenance reserve (1% of value a year, divided by 12) | $583 | $917 | $1,500 |
| Illustrative monthly total | $4,622 | $6,991 | $10,778 |
Mortgage payments use Canadian semi-annual compounding at an illustrative 4.5% rate; your rate will differ, so ask your mortgage broker for a current quote. Property tax is shown before the Home Owner Grant. Assessed value and purchase price are treated as equal for simplicity.
Run your own numbers: the mortgage calculator and affordability calculator let you change the price, rate and down payment. For one-time costs on purchase day, see the closing costs guide.
First-time buyers under-budget this line most often. Roof, furnace, hot water tank, deck and landscaping costs arrive in lumps, not monthly. Setting aside 1% of the home’s value a year is a common planning rule of thumb, not a quote. Skipping it doesn’t save money; it moves the cost into year three as a lump sum.
A weak depreciation report can lead to a significant special levy. Before you offer on any condo or townhome, I pull the current depreciation report and the last two years of AGM minutes, because levies are often foreshadowed in the minutes well before the vote. See how I review strata documents.
A principal residence assessed under the provincial threshold ($2,075,000 in 2026) qualifies for the Home Owner Grant: $570 off property tax in Metro Vancouver, or $845 for seniors 65 and over, veterans and people with disabilities. You apply every year with the Province; apply by the property tax due date to avoid late-payment penalties. I flag it for every client in the year they complete.
For first-time buyers: the full carrying-cost worksheet, with the property tax formula, CMHC premium table, closing-cost stack and a 90-day cash-flow forecast, is in my First-Time Buyer Starter Kit. Free download.
Work backwards from the monthly total you’re comfortable carrying after tax, strata, insurance, utilities and maintenance. A pre-approval tells you the most a lender will lend, not what fits your life.
Get the strata fee from the Form B, an insurance quote for the specific home, and the seller’s recent utility bills. Check the assessed value on BC Assessment for the property tax line.
Ask your broker what the payment would be at renewal if rates were a point or two higher. If that number breaks the budget, the home is a stretch.
Set your ceiling on paper before the first showing, so a bidding situation doesn’t set it for you. See the pre-approval sequence.
Benchmark prices from Greater Vancouver REALTORS®. A benchmark describes a typical home, so your home’s price, and its monthly cost, will differ.
Source: Greater Vancouver REALTORS® MLS® HPI and monthly statistics, September 2026.
“We had such a great experience working with Craig to buy our home! He was incredibly knowledgeable, patient, and always available whenever we needed him. He made us feel supported throughout the entire process and was always willing to answer our questions and take the time to make sure we felt comfortable and confident in our decisions. We never felt pressured or rushed.”
“Craig worked with my wife and me for over 3 years to find the perfect home. He was endlessly patient with us through the process. Eventually, we found our perfect home and he moved fast to execute on our behalf. He negotiated fairly and thoroughly with the sellers and was our advocate all throughout our first home purchase.”
“After searching for several years, I knew exactly what I was looking for—and Craig delivered. We viewed a handful of properties, and the home he ultimately found was exactly what I had been searching for. I couldn't believe how quickly he nailed it.”
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“Craig extended such patience, excitement and professionalism in helping my husband and I buy a townhouse in Port Coquitlam (my hometown!) so we could continue raising our two girls where I also grew up. When we faced a hurdle getting financing approval because of a lien on our desired townhome, Craig worked tirelessly with our broker to get the lien removed.”
“Craig was a pleasure to work with for the purchase of our home. Craig was very patient as we debated between a condo and a townhome. Craig found us a home that ticked all of our boxes plus some! He made the whole process smooth and enjoyable.”
“We had a fantastic experience working with Craig on the purchase of our first home in Coquitlam. He was incredibly friendly and responsive, always quick to answer our messages and questions. Throughout the process, he took the time to walk us through each step so my partner and I always knew exactly what was going on and what to expect next. Craig also gave us honest, helpful opinions on properties we were considering, which really helped guide us toward a place we love. On top of that, he connected us with a great broker and lawyer, making the whole process feel seamless. We're so happy in our new home and couldn't have done it without him. Highly recommend Craig to anyone buying a home!”
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“Craig was patient throughout the entire process. He never pushed us to buy something we weren't sure about, and when we decided to wait six months and save more, he just said ‘good call’ and stayed in touch. When we did finally buy, the math was so much cleaner.”
“Craig was an absolute pleasure to work with. He is extremely friendly, highly knowledgeable, and constantly monitors trends and data so we could make informed decisions. The more time we spent interacting with other agents during our home-buying process, the more pleased we were with choosing Craig.”
“As first-time home buyers, we had a myriad of concerns. Craig immediately put us at ease by taking the time to address each of our questions thoroughly and patiently. At no point did I feel pressured or rushed into making a decision. Instead, Craig empowered us with all the facts and options.”
“We had such a great experience working with Craig to buy our home! He was incredibly knowledgeable, patient, and always available whenever we needed him. He made us feel supported throughout the entire process and was always willing to answer our questions and take the time to make sure we felt comfortable and confident in our decisions. We never felt pressured or rushed.”
“Craig worked with my wife and me for over 3 years to find the perfect home. He was endlessly patient with us through the process. Eventually, we found our perfect home and he moved fast to execute on our behalf. He negotiated fairly and thoroughly with the sellers and was our advocate all throughout our first home purchase.”
As a rough illustration, $1.2 million with 20% down at a 4.5% rate is about $5,300 a month for the mortgage, plus about $385 a month in property tax at the City’s 2026 rate before the Home Owner Grant. Insurance, utilities, maintenance and any strata fee depend on the specific home, so get an insurance quote, ask for recent utility bills and check the Form B before you firm up.
Coquitlam’s 2026 combined residential rate is $3.852 per $1,000 of assessed value. On a $1.2 million assessed home that’s about $4,622 a year, or $385 a month, before the Home Owner Grant. The provincial additional school tax adds 0.2% on the portion of value between $3 million and $4 million, and 0.4% above $4 million. See Coquitlam’s property tax rate.
They vary widely by building, age and unit size, so use the current fee from the listing and confirm it on the strata’s Form B. Newer buildings with more amenities tend to cost more than older walk-ups. The Form B also shows any approved special levies.
Yes. A condo owner’s policy covers your contents, your improvements and your liability, and it should include coverage for the strata’s deductible. The strata’s master policy covers the building itself. Premiums depend on the building, your coverage limits and deductible, so get a quote before you remove subjects.
A common rule of thumb is 1% to 2% of the home’s value a year. On a $1.6 million detached home, that’s $16,000 to $32,000 a year averaged across roof, mechanical, exterior and other work. Big items like a roof, foundation repair or drainage can bunch years of average cost into one.
Owners who live in the home as their principal residence. In Metro Vancouver the basic grant is $570, or $845 for seniors 65 and over, veterans and people with disabilities. Homes assessed above the 2026 threshold of $2,075,000 get a partial grant, reduced by $5 for every $1,000 over it. You apply each year with the Province.
Have a question about a specific home or street? Book a 20-minute call or see what your current home is worth.
I’ve lived in the Tri-Cities for more than 47 years and on Burke Mountain for more than nine. Before my clients write an offer, we look at the full monthly cost of the home, not just the price, so the budget that felt comfortable on paper still feels comfortable two years in.
Written and reviewed by Craig Johnston, REALTOR® (BCFSA Licence #187645), Royal LePage Elite West · Last reviewed October 29, 2026. This page is general information, not mortgage, tax or financial advice. Confirm your numbers with your mortgage professional, insurer and accountant.
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