1103 2607 PEAR STREET

Terrace · MLS® R3155983

2 bed · 1 bath · 800 sq ft

Condo · Single Family · built 1982 · 54 days on market

Listed by John Bailey, Royal LePage Aspire Realty (Terr)

Realtor's description

For those with mobility issues or anyone looking to get into the market, here is a great low maintenance option! This 2-bedroom, ground-floor unit in Summit Square Apartments offers an accessible option close to the hospital, schools and parks in a managed complex. The updated kitchen and flooring offer the start of what could be a tidy little unit for years to come.

Property details

Type: Condo, Single Family
Bedrooms: 2
Bathrooms: 1
Living area: 800 sq ft
Parking: 0
Year built: 1982
Property tax: $1,557 / yr
Days on market: 54
MLS®: R3155983

Features

Refrigerator
Stove

Price check

2026 assessment: $157,800 · asking is +36%

An estimate from public BC Assessment records, registered sales and the listings for sale right now, not an appraisal. Condition, renovations, views and lot all move real value.

Property insights

On market 54 days · no price changes so far

The market here

Listed now: 19 days; median for 4 condos for sale; this one 54 days

Condos in Terrace. Sale prices register 1 to 3 months after a sale closes.

Monthly cost

$1,067/mo

Mortgage $937 · Tax $130

20% down at 4.34% fixed (Ratehub.ca), 25 years; tax from the listing.

estimated payment

$937/ monthly

loan $172,000

25-year amortization

down payment20% · $43,00020%+ down: no mortgage insuranceinterest rate4.34%Rates from Ratehub.ca (best 5-year fixed and variable), checked Oct 7, 2026. Semi-annual compounding; your lender's rate may differ.amortizationpayment frequency

total interest: $109,020
property transfer tax: $2,300; BC general rate
cash to close: $45,300; down + PTT
total paid: $281,020

Estimates only. Rates change daily and lenders qualify at the stress-test rate; first-time-buyer and newly-built PTT exemptions aren't applied. Talk to a mortgage broker before you offer.

If you rented it out

Rent: $1,205/mo
After all costs: $7/mo
Cap rate: 5.3%; yearly net rent ÷ price

Rent / moDown payment %Rate %

Costs: mortgage $937 · tax $130 · insurance ~$35 · vacancy 3% · upkeep 5%.

Rent starts at CMHC's average for a 2-bedroom in Terrace (CMHC Rental Market Survey, October 2025). Averages include long-time tenants, so new leases usually ask more; houses usually rent for more than apartments. 25-year mortgage; rental purchases need at least 20% down.

BC rules for landlords

Short-term rentals are limited to the host's principal residence in most communities. gov.bc.ca
Rent increases are capped once a year at the province's set amount. gov.bc.ca
The speculation and vacancy tax applies in many areas to homes not lived in or rented out. gov.bc.ca
Selling within two years of buying can trigger the BC home flipping tax. gov.bc.ca