If you have been scrolling condo listings in Burnaby and wondering how much cash you actually need to walk through the door, you are asking exactly the right question. The sticker price on a listing is only part of the story. Between the minimum down payment rules, closing costs, mortgage default insurance, and the federal stress test, the real number can be higher — or, thanks to a few government programs, lower — than most first-time buyers expect.

I am a licensed mortgage broker based in Port Coquitlam with 20 years of experience and access to more than 50 lenders, and I help buyers across Burnaby figure out this exact math every week. Let's walk through what it really takes to buy a condo in Burnaby in 2026, in plain English, with a worked example you can follow along with.

What condos actually cost in Burnaby right now

Burnaby is not one market — it is several. Where you buy makes a real difference to your budget:

  • Metrotown — The busiest condo hub, with transit, shopping, and a mix of older resale towers and newer builds.
  • Brentwood — A fast-growing area anchored by newer master-planned developments and pre-sale towers.
  • Lougheed — Another transit-connected node with a growing supply of newer units.
  • Edmonds — Often a relative value pocket for South Burnaby buyers.
  • Burnaby Heights — A more established, low-rise neighbourhood with character and North Burnaby charm.

As of 2026, resale one-bedroom condos in Burnaby typically start somewhere around $450,000 to $550,000, depending on the building, age, and location. Newer pre-sale units at Metrotown or Brentwood typically start from around $600,000 and climb from there with size and finishing. These are moving targets, so treat them as a starting point rather than a guarantee — and always confirm current pricing for the specific building you are considering. If you want a deeper look at neighbourhood trends, my Burnaby condo market guide breaks it down further.

The real minimum down payment (with a worked example)

In Canada, the minimum down payment is set by a tiered federal rule based on the purchase price:

  • 5% on the first $500,000 of the price
  • 10% on the portion between $500,000 and $1,000,000
  • 20% on any amount above $1,000,000

Anytime your down payment is under 20%, you are required to carry mortgage default insurance (often called CMHC-type insurance). That premium is added to your mortgage and is what allows lenders to offer high-ratio financing in the first place. It is not optional below 20%, but it is also what makes buying possible with less cash up front.

Worked example: a $550,000 Burnaby condo

Let's run the numbers on a realistic resale one-bedroom priced at $550,000:

  • 5% of the first $500,000 = $25,000
  • 10% of the remaining $50,000 = $5,000
  • Minimum down payment = around $30,000

So on a $550,000 condo, roughly $30,000 gets you in the door on the down payment side — not the 5% of the whole price ($27,500) that many people assume, and not 20% ($110,000) either. The tiered rule lands you in between. Keep in mind that a larger down payment lowers your insurance premium and your monthly payment, so if you can put down more, it often pays off over time.

Closing costs people forget

The down payment is not the only cash you need on completion day. Closing costs are the extra one-time expenses that come with buying, and a reasonable planning figure is around 1.5% of the purchase price. On our $550,000 example, that is roughly $8,000 to $9,000 to have ready on top of your down payment. Closing costs typically include:

  • Legal or notary fees to handle the conveyance and register the mortgage
  • Property Transfer Tax (PTT) — a provincial tax on the purchase, though first-time buyers may qualify for an exemption (more on that below)
  • Appraisal fees, if your lender requires one
  • Title insurance and adjustments for prepaid property taxes or strata fees

One Burnaby-specific factor to plan for: strata fees. High-amenity towers around Metrotown and Brentwood can run roughly $400 to $600 per month. Strata fees are not a closing cost, but lenders factor them into your qualification, so a building with a pool, concierge, and gym can quietly shrink the mortgage you qualify for. It is worth weighing amenities against buying power before you fall in love with a unit.

Government programs that lower your out-of-pocket

Here is the good news: several federal and provincial programs are designed to help first-time buyers, and used together they can meaningfully reduce the cash you need. These are the ones I walk almost every first-time Burnaby buyer through:

  • First Home Savings Account (FHSA) — You can contribute up to $8,000 per year, to a $40,000 lifetime maximum. Contributions are tax-deductible like an RRSP, and growth and withdrawals for a qualifying home are tax-free like a TFSA. For most first-time buyers, this is the single best account to fill first.
  • RRSP Home Buyers' Plan (HBP) — You can withdraw up to $60,000 per person from your RRSP toward a first home, and you repay it to your RRSP over time. A couple can potentially combine FHSA and HBP for a substantial down payment.
  • BC Property Transfer Tax first-time buyer exemption — Qualifying first-time buyers can receive a full exemption from PTT below a set price threshold, with partial relief just above it. Because that threshold changes, confirm the current figure before you count on it — but for many Burnaby condos it can save thousands.
  • Newly built home PTT exemption — If you are buying a qualifying new or pre-sale condo, a separate exemption may apply, which matters given how much new supply is coming to Brentwood and Metrotown.

Stacking an FHSA and an RRSP Home Buyers' Plan with a PTT exemption is where a lot of buyers find the gap between "someday" and "this year." The catch is that eligibility rules and thresholds shift, so the safest move is to confirm current figures at a consultation before you build your plan around them.

How the stress test caps your budget

Even if you have the down payment, the mortgage stress test decides how much a lender will actually approve. Under the current rules, you must qualify at the higher of your contract rate plus 2%, or 5.25%. In other words, the bank checks that you could still afford your payments if rates were meaningfully higher than what you are actually paying.

This matters for two reasons. First, it means your approved budget is usually lower than what the raw interest rate alone would suggest, so it is smart to get pre-approved before you shop. Second, it is exactly where those Burnaby strata fees come back into play — because they count against your qualifying ratios, a $600-per-month strata fee can reduce your maximum mortgage more than buyers expect. Knowing your real ceiling before you write an offer keeps you from falling for a unit you cannot finance.

Talk to a local Burnaby broker before you shop

Every number in this article is a range or a rule of thumb, because the truthful answer to "how much do I need?" always depends on your income, your credit, the specific building, and which programs you qualify for. The value of working with a broker is that I can pull all of it together, run your real qualifying numbers across 50+ lenders, and tell you the actual out-of-pocket figure for the condo you are eyeing — not a generic estimate.

That is the whole point of my Burnaby mortgage broker services: a straight answer, a pre-approval you can shop with confidently, and a plan that uses every program you are entitled to. Before you spend another weekend at open houses, let's find out exactly what you can afford and how little you might really need up front.

Ready to run your numbers? Call me, Milka Lukacevic at BC Mortgages Online, at (604) 340-7673 for a friendly, no-pressure consultation, and let's map out your path to owning a condo in Burnaby in 2026.