If Vancouver feels out of reach but you still want SkyTrain access, walkable neighbourhoods, and a real downtown core, Burnaby is the obvious answer. It sits right in the middle of Metro Vancouver — bordering Vancouver to the west, Coquitlam to the east, and the Fraser River to the south — and offers prices that, while not cheap, stretch a Vancouver budget meaningfully further. Here's what Canadian buyers need to know about financing a home in Burnaby in 2026. Why Burnaby Works for Buyers Priced Out of Vancouver The math is straightforward. A detached home that runs $2.3M in Vancouver's east side often runs $1.6M to $1.9M in Burnaby. A two-bedroom condo at Brentwood or Metrotown is typically $200,000 to $400,000 less than a comparable unit in Vancouver's West End — with newer construction, larger floor plans, and more parking. You give up some of Vancouver's prestige, but you gain: Three SkyTrain lines (Expo, Millennium, and the new extension) Two true downtown cores at Metrotown and Brentwood SFU on Burnaby Mountain and BCIT in central Burnaby Lower property taxes than Vancouver proper More new construction — which means more inventory and less bidding war pressure Burnaby Neighbourhoods at a Glance Burnaby is bigger and more varied than most outsiders realize. The four main quadrants each have a different price profile and a different buyer. Metrotown / South Burnaby Dense high-rise condo market built around BC's largest shopping centre. Most affordable entry point for first-time buyers — one-bedrooms in newer towers in the $550K-$700K range. SkyTrain access is excellent. Brentwood / North Burnaby The newer of the two condo cores. Aggressive recent development means lots of pre-construction and resale supply. Two-bedrooms typically $850K-$1.1M. Strong rental demand from SFU students. Burnaby Heights / North Burnaby East Established residential area along Hastings Street. Detached homes in the $1.5M-$2.0M range. Quieter than the towers but slower commute to downtown Vancouver. Burnaby South / Big Bend / Edmonds Mix of older detached homes and newer townhouse developments. Townhouses in the $900K-$1.3M range — often the best value in Metro Vancouver for families who need three bedrooms and a yard. What You'll Actually Need to Buy in Burnaby Burnaby's price points push most buyers into either insured (high-ratio) or insurable (20%+) mortgage territory, depending on the property. For a $750,000 condo: Minimum down: $50,000 (5% on first $500K + 10% on next $250K) CMHC premium: ~$28,000 (added to mortgage) Closing costs (incl. BC Property Transfer Tax): ~$15,000-$22,000 Total cash needed at closing: roughly $65,000-$72,000 For a $1,500,000 detached home: Minimum down: $300,000 (20% — no CMHC available above $1.5M) Closing costs (incl. BC PTT): ~$30,000-$40,000 Total cash needed: roughly $330,000-$340,000 The BC Property Transfer Tax is the biggest closing-cost surprise for out-of-province buyers. First-time buyers can claim a partial or full exemption up to $500,000 (or $835,000 with the new threshold), but most Burnaby properties exceed that. [cta-mid title="See What You Can Afford in Burnaby" subtitle="Free BC pre-approval — rate held for 120 days." button_text="Get My Pre-Approval" button_link="/apply/"] Mortgage Quirks That Matter in Burnaby A few BC-specific points trip up buyers from Ontario or Alberta: Strata fees count against your GDS ratio. A $550K Metrotown condo might have $400-$550 monthly strata fees. Lenders include 50% of those fees in your housing costs, which can shrink your maximum mortgage by $50,000+. Always factor this in before you fall in love with a unit. Special levies are flagged at underwriting. If the strata has an upcoming special levy on the depreciation report, lenders may reduce the loan amount or require you to escrow the levy. Get the Form B and depreciation report reviewed before removing financing conditions. Properties over $1.5M lose CMHC eligibility. That's most Burnaby detached homes. You'll need 20% down and a five-year fixed insured rate is no longer available — pricing typically jumps 0.20-0.40% versus an insured equivalent. Foreign buyer ban remains in effect through 2027. Permanent residents and citizens are unaffected; non-citizens are not eligible to purchase residential property in most cases. The Best Move for Burnaby Buyers in 2026 With BoC rates trending down and BC inventory at multi-year highs in some pockets, Burnaby is a market where shopping the entire lender landscape pays off. Insured five-year fixed rates from monolines are running 0.30-0.50% below big-bank posted rates, and that spread compounds over a 25-year amortization to well over $30,000 in interest savings on a $700K mortgage. Use a broker who works with both monolines and credit unions. The latter often have better products for self-employed Burnaby buyers and for properties with rental suites — both common in the city. Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions Is Burnaby cheaper than Vancouver? Yes — typically 15-25% less per square foot for comparable property type and condition. Detached homes show the largest discount; ultra-luxury condos the smallest. What is the BC Property Transfer Tax on a Burnaby home? 1% on the first $200K, 2% from $200K-$2M, 3% from $2M-$3M, and 5% above $3M. On a $1.5M home, that's $28,000. Can I buy in Burnaby with 5% down? Yes, on properties up to $500K. Above that, the tiered rule applies (5% on first $500K, 10% on the next, 20% on anything above $1.5M). Are Burnaby condos a good investment? Long-term appreciation in Metrotown and Brentwood has tracked Vancouver closely with lower entry prices. Strata health is the variable — always pull the depreciation report and minutes before buying.
