Best Banks in Burnaby, BC (2026) — BC Property Transfer Tax & Top Savings Rates

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 45ET55JSYA

Monthly fee: $0

$100 sign-up bonus (code 45ET55JSYA)
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

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

Bank	Monthly Fee	Savings Rate	Sign-up Bonus	Fraser Valley Branch	No-Fee Option
KOHO	$0	—	$100	Digital only	✓
EQ Bank	$0	3.00%	—	Digital only	✓
Envision Financial (Valley First CU)	Low/waivable	Competitive	Varies	Fraser Valley	Some accounts
TD Bank	$10.95–$29.95	0.01%	Varies	Major locations	Limited
RBC Royal Bank	$11.95–$30.00	0.01%	Varies	Major locations	Limited
Scotiabank	$11.95–$30.95	0.01%	Varies	Major locations	Limited

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 45ET55JSYA) 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 45ET55JSYA) 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.

Best Banks in Burnaby, BC

Banking & Property Taxes in Burnaby, BC

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

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Top 6 Banks for Burnaby, BC

Side-by-Side Comparison

Burnaby, BC BC Property Transfer Tax Calculator

Frequently Asked Questions

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