If you are comparing Burnaby condo listings, the purchase price is only one part of the cash and qualification calculation. Minimum down payment, closing costs, mortgage default insurance, lender underwriting and any program eligibility all affect the result.

I am a mortgage broker based in Port Coquitlam, and I help buyers across Burnaby compare mortgage options and understand this math. 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.

Start with the current listing, not a city-wide price

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.

Prices vary by unit, building, condition and date. Use the actual listing and recent comparable sales for the property you are considering. If you want a deeper look at property and financing questions by area, read the Burnaby condo market guide.

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 purchase price
  • 10% on the portion above $500,000 for an eligible home priced below $1.5 million
  • Homes priced at $1.5 million or more generally require at least 20% down because mortgage loan insurance is not available

These are general minimums; the borrower, property, lender, and mortgage insurer must also qualify. Confirm the current rules in the Financial Consumer Agency of Canada down-payment guidance.

Eligible owner-occupied financing with less than 20% down generally requires mortgage default insurance. Property, insurer and lender rules apply, and the premium depends on the loan-to-value ratio and program.

Worked example: a $550,000 Burnaby condo

For an illustrative eligible purchase price of $550,000:

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

The tiered calculation produces a $30,000 minimum down payment in this example. It does not include closing costs, and the borrower, property and mortgage must still qualify. A larger down payment can reduce the mortgage and insurance premium, but the best use of available cash depends on the buyer's complete plan.

Closing costs people forget

The down payment is not the only cash needed on completion day. Prepare an itemized estimate with the legal professional and mortgage adviser for the actual transaction. Closing costs may 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

Also plan for the property's actual strata fee. It is not a closing cost, but lenders include some or all of it in qualification calculations. Verify the current fee, what it covers and any approved or proposed changes.

Government programs that lower your out-of-pocket

Several federal and provincial programs may help eligible first-time buyers. Review each program separately because definitions, contribution rules and property limits differ:

  • First Home Savings Account (FHSA) — You can contribute up to $8,000 per year, to a $40,000 lifetime maximum. Contributions may be deductible and qualifying withdrawals can be tax-free. Opening the account also starts a maximum participation period, so discuss timing and tax effects with a qualified adviser.
  • 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 program — For qualifying registrations on or after April 1, 2024, a home at or below $835,000 may receive an exemption on tax otherwise payable on the first $500,000 of value. A proportional exemption may apply above $835,000 and below $860,000. Other eligibility rules apply; verify the Province's current program details.
  • 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 with the down payment available, the mortgage qualifying rate is one input in lender underwriting. For many federally regulated applications, the qualifying rate is the higher of the contract rate plus 2%, or 5.25%. Income, debts, credit, property, insurer and lender policy also affect the decision, so passing one calculation does not guarantee approval.

The qualifying calculation can produce a different range than a payment estimate at the contract rate. Strata fees are also included in debt-service calculations according to lender and insurer rules. Request a conditional pre-approval and confirm the specific property before relying on a purchase budget.

Talk to a local Burnaby broker before you shop

The cash and financing required depend on income, debts, credit, down payment, the specific building, lender rules and program eligibility. A broker can organize those inputs, compare suitable lender options and prepare a property-specific estimate.

Through my Burnaby mortgage broker services, we can estimate a conditional working budget and potential upfront costs using the specific property and available documents. Final approval and cash required depend on the borrower, property, lender and program eligibility.

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.