Burnaby, BC — Banking Guide 2026

Best Banks in Burnaby, BC

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Tax Deadline: April 30, 2026

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Metro Vancouver's second-largest city. Population ~250,000. SFU, BCIT, Metrotown, Brentwood, Burnaby Mountain — updated 2026 guide.

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Banking & Property Taxes in Burnaby, BC

BC Property Transfer Tax (PTT) — Burnaby, BC Rates

  • 1% on the first $200,000
  • 2% on $200,001 to $2,000,000
  • 3% on $2,000,001 to $3,000,000
  • 5% on amounts above $3,000,000
First-Time Buyer Exemption: Full exemption on new home purchases up to $835,000 / resale up to $500,000. Partial exemption: new homes $835,001–$860,000, resale $500,001–$525,000. Must be a Canadian citizen or PR, never owned a principal residence anywhere, and occupy within 92 days of registration.
Burnaby, BC PTT Example: On a $1,100,000 home, the PTT for a general buyer is $18,000. First-time buyers on new homes under $835K pay $0 PTT.

Burnaby is Metro Vancouver's second-largest city, home to Simon Fraser University on Burnaby Mountain, the British Columbia Institute of Technology (BCIT), Metrotown Shopping Centre (Metro Vancouver's largest), and the rapidly redeveloping Brentwood and Lougheed Town Centre districts. Burnaby's central location — directly east of Vancouver — and extensive SkyTrain coverage (Expo and Millennium lines) make it the most transit-accessible municipality outside Vancouver proper.

Burnaby home prices average around $1,100,000 for detached properties, with a massive and diverse condo market driven by SFU, BCIT, and Metrotown/Brentwood development. New high-rise condos near SkyTrain stations frequently qualify for the BC first-time buyer PTT exemption on new construction under $835,000, representing some of Metro Vancouver's best PTT exemption opportunities. EQ Bank and KOHO are ubiquitous among Burnaby's enormous student and young professional population.

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Top 6 Banks for Burnaby, BC

KOHO
$100 Bonus + Cash Back
$100
Sign-up bonus with code BREMO2026
Monthly fee: $0
  • $100 sign-up bonus (code BREMO2026)
  • No monthly fees
  • Cash back on groceries & transit
  • Credit building features
  • Instant virtual card
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EQ Bank
Best High-Interest Savings
3.00%
Savings Plus Account (everyday rate)
Monthly fee: $0
  • No fees on any account
  • Free unlimited e-Transfers
  • GIC rates up to 4.5%
  • TFSA & RRSP savings accounts
  • CDIC insured deposits
Envision Financial (Valley First CU)
Fraser Valley Credit Union
Local
Fraser Valley community banking
Monthly fee: Low/waivable
  • Fraser Valley-focused lending
  • Agricultural & rural mortgages
  • Community-owned credit union
  • Member profit sharing
  • Local mortgage specialists
TD Bank
Full-Service Branch Banking
TD
Full-service branch banking
Monthly fee: $10.95–$29.95
  • First-time buyer mortgage support
  • TD Direct Investing platform
  • RESP & RRSP services
  • 24/7 phone & app banking
  • Student banking programs
RBC Royal Bank
Full-Service Branch Banking
RBC
Full-service branch banking
Monthly fee: $11.95–$30.00
  • Avion travel rewards
  • Wealth management services
  • Business banking & lending
  • RBC InvestEase robo-advisor
  • First home buyer programs
Scotiabank
Full-Service Branch Banking
Scotia
Full-service branch banking
Monthly fee: $11.95–$30.95
  • Scene+ rewards program
  • Mortgage specialists on-site
  • RRSP, TFSA, RESP products
  • Business banking available
  • International wire transfers

Side-by-Side Comparison

BankMonthly FeeSavings RateSign-up BonusFraser Valley BranchNo-Fee Option
KOHO$0—$100Digital only✓
EQ Bank$03.00%—Digital only✓
Envision Financial (Valley First CU)Low/waivableCompetitiveVariesFraser ValleySome accounts
TD Bank$10.95–$29.950.01%VariesMajor locationsLimited
RBC Royal Bank$11.95–$30.000.01%VariesMajor locationsLimited
Scotiabank$11.95–$30.950.01%VariesMajor locationsLimited

Burnaby, BC BC Property Transfer Tax Calculator

Frequently Asked Questions

What is the BC PTT in Burnaby for 2026?
On a $1,100,000 Burnaby detached home, a general buyer pays $18,000 PTT. New condos near SkyTrain under $835,000 qualify for $0 PTT for first-time buyers — these are among the most accessible PTT-exempt new construction opportunities in Metro Vancouver. Brentwood and Metrotown new pre-sales frequently offer qualifying price points.
Is Burnaby a good city for SFU and BCIT students?
Burnaby is ideal for SFU and BCIT students — direct SkyTrain access, the largest campus in BC (SFU), excellent multi-family housing supply near Metrotown and Brentwood, and the most competitive rental market relative to cost in Metro Vancouver. KOHO's no-fee banking and $100 sign-up bonus (code BREMO2026) is extremely popular across both campuses.
What are the best banks for Burnaby residents?
Burnaby has comprehensive banking across all neighbourhoods — TD, RBC, Scotiabank, BMO all have major branch presence at Metrotown, Brentwood, and Lougheed. For no-fee banking with $100 sign-up bonus, KOHO (code BREMO2026) leads. EQ Bank (3.00% savings) is the top savings account for Burnaby's large down payment accumulation demographic. Envision Financial Credit Union also serves Metro Vancouver residents.
How do I qualify for the BC first-time buyer PTT exemption?
To qualify for the BC first-time buyer PTT exemption you must: be a Canadian citizen or permanent resident; have never owned a principal residence anywhere in the world; have lived in BC for at least 12 consecutive months immediately before purchase OR filed at least 2 BC income tax returns in the last 6 years; purchase at fair market value at or below $835,000 (new construction) or $500,000 (resale); and plan to occupy the property as your principal residence within 92 days of registration.

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