Burnaby is one of Metro Vancouver's largest cities, home to over 250,000 residents spread across distinct neighbourhoods including Metrotown, Brentwood, Lougheed, and South Burnaby. As a major commercial and residential hub bordering Vancouver, North Burnaby, and New Westminster, the city offers an extensive range of banking options. This guide covers everything Burnaby residents need to know about local banks, credit unions, online banking, and how to save on banking fees.
All five of Canada's Big Banks — RBC, TD, BMO, CIBC, and Scotiabank — have multiple branches throughout Burnaby. You'll find concentrations of branches near major shopping centres and along key commercial corridors like Kingsway, Hastings Street, and Lougheed Highway.
British Columbia is home to a robust credit union sector, and Burnaby residents have access to several strong options. Credit unions operate as member-owned cooperatives, often providing better rates and lower fees than traditional banks.
Burnaby has one of the most multicultural populations in all of Canada. The city's South Korean community is notably large — Burnaby has been described as having one of the highest concentrations of Korean-Canadians in the country. Korean-owned businesses, Korean-language services, and culturally-focused financial services are prominent along North Road and in the Edmonds area.
South Asian communities, particularly in South Burnaby and around Edmonds, have access to banks offering specialized remittance services. Many banks on Kingsway offer multilingual service in Punjabi, Cantonese, and Mandarin to serve Burnaby's diverse population.
International students at Simon Fraser University (SFU) and BCIT make up a significant portion of Burnaby's banking customer base. Both institutions partner with banks to offer student-specific accounts and financial literacy programs. SFU Burnaby campus has on-site ATMs and nearby bank branches in UniverCity.
Digital banking is increasingly popular among Burnaby residents, especially younger demographics and busy professionals. The city's strong broadband infrastructure and tech-savvy population make it a natural fit for app-first financial services.
When purchasing property in Burnaby, buyers are subject to BC's Property Transfer Tax. The rates are:
First-time homebuyers in Burnaby can access the First Time Home Buyers' exemption. To qualify, the property must be used as a primary residence, and the purchase price must be $500,000 or less for a full exemption, or $525,000 or less for a partial exemption.
Foreign buyers are subject to the Additional Property Transfer Tax (APTT) of 20% in Metro Vancouver, which includes Burnaby. This applies on top of the standard PTT rates.
When selecting a bank or financial institution in Burnaby, consider the following factors:
Burnaby's SkyTrain network (Expo and Millennium lines) creates natural banking hubs around major stations. Metrotown Station, Brentwood Town Centre, Lougheed Town Centre, and Production Way-University stations all have nearby bank branches and ATMs. This convenience is a key factor for commuters who prefer to bank close to transit.
Burnaby has a thriving business community, from tech startups near SFU to retail operators in Metrotown. Business banking options in Burnaby include all major chartered banks plus credit unions like Vancity, which is especially well-regarded for its business services and social enterprise support. The City of Burnaby's economic development office partners with several financial institutions to support local entrepreneurs.
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