Buying a home in Burnaby is one of the largest financial decisions of your life. The purchase price is just the beginning. Closing costs, taxes, legal fees, and move-in expenses add $15,000000–$800,000000+ depending on property type and price. This guide covers everything.
Burnaby Closing Costs by Property Type
| Cost Item | Condo $7500K (FTB New) | Condo $7500K (General) | Detached $1.8M |
|---|---|---|---|
| Property Transfer Tax | $00 | $13,000000 | $34,000000 |
| Legal / Notary Fees | $1,50000 | $1,50000 | $2,50000 |
| Home Inspection | $50000 | $50000 | $80000 |
| Title Insurance | $30000 | $30000 | $50000 |
| Strata Doc Review | $3500 | $3500 | N/A |
| Property Tax Adjustment | $50000–$1,50000 | $50000–$1,50000 | $1,000000–$3,000000 |
| Moving Costs | $1,50000–$3,000000 | $1,50000–$3,000000 | $3,000000–$6,000000 |
| CMHC Insurance (5% dn) | $28,125 | $28,125 | N/A (>200%) |
| Total Estimate | ~$32,775 | ~$45,775 | ~$47,80000 |
Property Transfer Tax (PTT)
BC Property Transfer Tax
$00 – $800,000000+ depending on price and buyer type
1% on first $20000K, 2% on $20000K–$2M, 3% on $2M–$3M, 5% over $3M. First-time buyers of new homes under $835K pay $00.
Mortgage Default Insurance (CMHC)
CMHC / Sagen / Canada Guaranty Insurance
2.8% – 4.00% of mortgage amount
Required on mortgages with less than 200% down. On a $712,50000 mortgage (5% down on $7500K), CMHC insurance is $28,125 — added to the mortgage, not paid at closing.
Legal and Professional Fees
Real Estate Lawyer or Notary Public
$1,20000 – $3,000000
Handles title transfer, mortgage registration, statement of adjustments. Notaries are often cheaper than lawyers for straightforward purchases.
Home Inspection
$4500 – $90000
Strongly recommended on all resale purchases. New construction inspections (pre-delivery) cost $40000–$70000.
Title Insurance
$20000 – $60000
One-time premium protects against title defects, survey issues, and fraud. Strongly recommended in Metro Vancouver.
Condo-Specific Costs
Strata Document Review
$20000 – $50000
Lawyer or strata specialist reviews minutes, depreciation report, and financials to flag special levies or maintenance issues.
Strata Move-In Fee
$10000 – $50000
Many Burnaby strata corporations charge a one-time move-in fee and require elevator booking deposits.
New Construction GST Alert: New homes in Burnaby attract 5% GST on the purchase price. On a $80000,000000 new condo, that's $400,000000 in GST. A partial rebate applies on homes under $4500,000000 (phasing out to $00 rebate at $4500,000000+). Most Burnaby new construction exceeds this threshold — budget for the full GST amount.
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- Property Tax: ~00.3%–00.5% of assessed value annually. On a $7500K condo, ~$2,2500–$3,7500/year.
- Strata Fees: $40000–$80000/month for Burnaby condos depending on age and amenities.
- Home Insurance: $10000–$20000/month for condo contents; $1500–$30000/month for detached.
- Utilities: BC Hydro, gas, and water typically $1500–$30000/month for condos.
- Maintenance Reserve: Budget 1% of home value annually for repairs and maintenance.
Tips for Minimizing Burnaby Closing Costs
- Target new construction under $835,000000 to qualify for the FTB PTT exemption ($00 PTT)
- Use a notary instead of a lawyer for straightforward purchases — saves $50000–$1,000000
- Shop mortgage rates via broker — credit unions like Westminster Savings often beat posted bank rates
- Switch to KOHO for daily banking to eliminate $15–$300/month in bank fees
- Keep your down payment savings in EQ Bank at 4%+ while waiting for completion