Buying a condo in Burnaby in 2025 means navigating BC's property transfer tax. The good news: most Burnaby condos at typical price points qualify for first-time buyer exemptions on new construction. The bad news: resale condos rarely qualify. This guide explains exactly what you'll pay — and how to minimize it.
Burnaby Condo PTT Calculator
Burnaby Condo PTT by Neighbourhood and Buyer Type
| Area / Condo Type | Typical Price | PTT General | PTT FTB New | PTT FTB Resale |
|---|---|---|---|---|
| Brentwood studio (new) | $580,000 | $9,600 | $0 | $9,600 |
| Brentwood 1-bed (new) | $720,000 | $12,400 | $0 | $12,400 |
| Metrotown 1-bed (new) | $750,000 | $13,000 | $0 | $13,000 |
| Metrotown 2-bed (new) | $900,000 | $16,000 | ~$14,700 | $16,000 |
| Lougheed 1-bed (resale) | $650,000 | $11,000 | $0 (if new) | $11,000 |
| Burnaby Heights older condo | $520,000 | $8,400 | $0 (if new) | ~$8,400 |
New Construction vs. Resale: The PTT Case
The PTT difference between buying new and resale can be dramatic for first-time buyers in Burnaby:
- New $750,000 condo (FTB): $0 PTT
- Resale $750,000 condo (FTB): $13,000 PTT
- Savings by buying new: $13,000
That $13,000 represents almost half a year of mortgage payments on a typical Burnaby condo mortgage. The PTT exemption alone is a compelling reason for first-time buyers to prioritize new construction in Burnaby, all else being equal.
What Counts as "New Construction" for PTT?
BC defines new construction for PTT purposes as a newly built home that has never been occupied as a place of residence. This includes:
- Pre-sale condos purchased directly from the developer (on completion)
- Newly completed buildings that haven't had a prior registered owner-occupant
- Substantially renovated homes (specific criteria apply)
It does NOT include assignment sales (where a pre-sale contract is sold before completion — PTT is generally payable at assignment), or condos that have previously been occupied even if relatively new.
GST on New Burnaby Condos
New condos also attract 5% GST. On a $750,000 new condo, GST is $37,500. A partial New Housing Rebate applies for homes under $450,000 (reducing GST to ~3.6%) — but most Burnaby condos far exceed this threshold, meaning the full 5% applies. Budget accordingly: new condo in Burnaby means $0 PTT but $37,500 in GST for a $750,000 unit.
Save on Banking as a Burnaby Condo Buyer
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Get KOHO Free — Use Code BREMO2026Smart Financial Setup for Burnaby Condo Buyers
- Use a First Home Savings Account (FHSA) — up to $8,000/year tax-deductible, tax-free on withdrawal for first home
- RRSP Home Buyers' Plan — withdraw up to $35,000 tax-free from your RRSP
- Keep down payment savings in EQ Bank at 4%+ — saves $1,200+/year on $30,000 vs. big bank
- Get mortgage pre-approval from Westminster Savings CU or Prospera CU — often 0.15–0.25% below big bank rates
- Switch to KOHO for daily spending now — save $180–$360/year in bank fees before you even buy
- Budget $25,000–$45,000 in closing costs on top of your down payment for a typical Burnaby condo purchase