Burnaby is one of the most searched markets in Metro Vancouver right now, and for good reason. It sits between Vancouver and the Fraser Valley, has three distinct SkyTrain corridors, and still offers price points that are at least somewhat more accessible than Vancouver proper. But "buying in Burnaby" is not one situation. Whether you are looking at a highrise in Brentwood, a stacked townhouse near Edmonds Station, or a resale condo one block from Metrotown, the financing details can shift in meaningful ways. Here is how a working Burnaby mortgage broker would frame the differences.
Metrotown and Brentwood: Presale Condos and What They Mean for Your Financing
Both Metrotown and Brentwood are mid-density towers in active development cycles. If you are purchasing a presale unit in either area, your financing works differently than a resale purchase, and many buyers are caught off guard by this.
With a presale, you typically pay a deposit at signing but do not arrange your mortgage until the building completes, which could be one to three or more years away. That means your approval today is not a locked commitment from a lender. You will need to qualify again at completion, under whatever stress test and lending rules are in effect at that time. The stress test requires you to qualify at the higher of your contract rate plus 2%, or 5.25%, and there is no guarantee which direction rates or qualifying rules will move.
On the positive side, new builds in Burnaby often qualify for the new-build PTT exemption: fully exempt under $750,000, with a partial exemption between $750,000 and $800,000. Given that many Brentwood and Metrotown presale units fall in that range, this exemption can meaningfully reduce your closing costs. For units above $800,000, standard BC Property Transfer Tax applies: 1% on the first $200,000 and 2% on the portion from $200,000 to $2,000,000.
A few practical presale financing checkpoints to keep in mind:
- Confirm whether your deposit structure fits within your liquid savings, since lenders do not count an illiquid presale deposit as an asset in the same way.
- Plan for a gap between your deposit payments and your mortgage activation at completion.
- If the unit qualifies and you are a first-time buyer, the CMHC-insured mortgage cap of $1,500,000 may allow a smaller down payment with a 30-year amortization, which can reduce monthly pressure.
- Assignment clauses vary by developer, so discuss exit options with your lawyer before signing.
Edmonds: A Different Buyer Profile, a Different Set of Numbers
Edmonds is quietly becoming a transition neighbourhood. It is still close enough to the Edmonds SkyTrain Station to attract commuters, but the price points tend to be lower than Metrotown or Brentwood, and the product mix is more varied, including older concrete buildings, newer lowrise wood-frame condos, and some townhouse projects.
This is where minimum down payment rules become especially relevant to plan around. For a purchase price under $1,000,000, the required minimum is 5% on the first $500,000 and 10% on the portion from $500,000 to $999,999. For anything at or above $1,000,000, 20% is required with no CMHC insurance available. Many Edmonds buyers are in that $600,000 to $850,000 range, which means their minimum down payment is a blended calculation, not simply 5%.
Affordability Compared to Vancouver
Buyers priced out of East Vancouver or Mount Pleasant often find that Edmonds or Metrotown offers comparable transit access with more purchasing power. The qualifying math may still be tight under the stress test, but the slightly lower purchase price can bring monthly carrying costs into a more manageable range for many households.
Every Burnaby purchase is a different combination of neighbourhood, building type, purchase price, and buyer profile. If you are trying to figure out which numbers actually apply to your situation, including which exemptions you qualify for and how your down payment should be structured, that is exactly the kind of conversation worth having before you make an offer.