Buying a Home in Burnaby, BC in 2025

Average Home Prices in Burnaby (2025)

Burnaby is home to Simon Fraser University (SFU) atop Burnaby Mountain, BCIT, multiple film studios, and significant tech and life sciences employers. Its position between Vancouver and the eastern Fraser Valley makes it a transit hub, with three SkyTrain lines (Expo, Millennium, and planned Broadway extension nearby). 2025 average prices:

Burnaby's city-wide average is approximately $1,060,000 in 2025. The condo market is dominant in areas like Brentwood, Metrotown, and Edmonds — all major SkyTrain hubs undergoing significant high-rise development. Burnaby's condo inventory has grown substantially, giving buyers more options than just a few years ago. Burnaby Heights (North Burnaby) retains a charming commercial strip with older detached homes attracting renovation-minded buyers.

Steps to Buy a Home in Burnaby

1. Identify your target property type. Burnaby's condo market starts around $650K while detached homes average near $2M. Most first-time buyers focus on condos or townhouses in the Brentwood or Metrotown corridors.
2. Determine your down payment. For a $710K Burnaby condo, you need $43,200 minimum (5% on $500K + 10% on $210K). For a $1.98M detached home, 20% minimum means $396,000.
3. Get pre-approved for a BC mortgage. Ensure your mortgage broker understands strata lending — some lenders restrict lending in buildings with rental restrictions, rental caps, or low reserve funds.
4. Research SkyTrain proximity. Brentwood Town Centre, Metrotown, and Edmonds stations all have significant new development. Proximity to stations has shown strong correlation with long-term appreciation in Burnaby.
5. Review strata documents thoroughly. Burnaby has many aging condo buildings (1980s–2000s) with underfunded contingency reserves. A depreciation report and strata financials review is critical.
6. Check for rental restrictions. Some older Burnaby strata buildings restrict rentals to a percentage of units. If you're buying as an investment, confirm rental authorization before purchasing.
7. Secure final mortgage approval. Confirm the bank appraisal supports your purchase price. In fast-moving Burnaby condo markets, appraisals sometimes lag behind purchase prices.
8. Close with a BC professional. A registered BC notary or real estate lawyer completes your closing, registers title, and handles PTT payment.

Best Neighbourhoods to Invest in Burnaby (2025)

• Brentwood Town Centre: Massive redevelopment underway — the Amazing Brentwood mall and tower project is transforming this area. Condo investment with transit-oriented appreciation upside.
• Metrotown: Burnaby's commercial hub. High-density condo market with excellent SkyTrain access and Metropolis at Metrotown retail. Strong rental demand from students and professionals.
• Burnaby Heights (Capitol Hill): Character detached homes and older buildings. Charming Hastings Street commercial strip. More affordable than Vancouver equivalents. Strong appreciation history.
• Deer Lake / Buckingham Heights: Established upscale neighbourhood in South Burnaby. Executive detached homes, Deer Lake park, premium schools. Lower appreciation rate but premium market stability.
• Edmonds / East Burnaby: More affordable Burnaby entry point. Edmonds SkyTrain station and Highgate Village development. Upside tied to ongoing urban intensification.
• SFU / Burnaby Mountain: Student condo market near Simon Fraser University. Consistent rental demand. Unique lifestyle community with spectacular views and on-mountain campus character.

BC Property Transfer Tax Calculator — Burnaby

Best Banks & Lenders in Burnaby