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Mortgage Payments at Less than Rent?

Did you know that with prime rates at an all time low it is common for Mortgage Payments to be less than rent?

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Killarney Vancouver

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Situated in the faraway southeast intersection of Vancouver – from Boundary Road and Vivian Street to East 41st Avenue and then to the Fraser River – Killarney was the finale district in Vancouver to be fully grown. This at one time rural area has experienced considerable residential growth that started in the 1950s and continues to this day. In the course of the depression of the 1930s, relief laborers were employed clearing land for the Fraserview Golf Course; Vancouver’s earliest public golf course. Before the golf course opened in 1935, cold and hungry general public were given permits to cut firewood and use the land for vegetable gardens.
Average home price $1M is 1800 sq ft, has 4 bedrooms and 2.5 bathrooms. Most homes were built in 1987. Average monthly rent for 1 bedroom is $1,100.