Buying your first condo in Burnaby can be a practical way to enter the Metro Vancouver real estate market. Burnaby offers a broad selection of homes, from established low-rise buildings in Edmonds and Burnaby Heights to newer high-rise developments around Brentwood, Metrotown and Lougheed.
The city’s central location and extensive SkyTrain network make it attractive to buyers who need access to Vancouver, New Westminster, Coquitlam or Simon Fraser University. However, choosing the right condo requires more than finding an appealing unit near transit. First-time buyers must understand financing, strata documents, closing costs, building condition and neighborhood-level market differences.
The Metro Vancouver apartment benchmark price was approximately $695,200 in June 2026. That figure provides useful regional context, but the cost of a Burnaby condo can vary substantially according to its neighborhood, building age, size, condition and proximity to transit.
Our team helps buyers evaluate the unit, strata corporation and surrounding neighborhood before preparing an offer. Begin your search with Yinon Filler Real Estate and receive personalized guidance through the Burnaby condo-buying process.
Before You Start: What First-Time Buyers Must Understand
A condo purchase gives you ownership of an individual strata lot and a shared interest in the building’s common property. Common areas may include hallways, elevators, exterior walls, roofs, parking facilities, gardens and amenities.
The strata corporation manages these shared components and collects monthly fees from owners. Those fees help cover building operations, maintenance, insurance and contributions to the contingency reserve fund.
Buying a condo therefore means evaluating two things:
The individual unit: Its layout, condition, view, natural light, parking and storage.
The strata corporation: Its finances, rules, maintenance history, insurance and future repair obligations.
A beautifully renovated unit may still be a risky purchase if the strata corporation has weak reserve funding or major repairs approaching. Conversely, an older unit in a well-managed building may offer greater long-term stability.
Before attending serious viewings, determine:
- Your maximum comfortable monthly payment
- Your available down payment
- Your preferred Burnaby neighborhoods
- Your minimum number of bedrooms
- Your acceptable strata fee
- Your parking and storage requirements
- Your expected ownership period
💡 Pro Tip: Do not spend the maximum amount a lender is willing to approve without considering strata fee increases, property taxes, insurance and future maintenance.
How Much Down Payment Do You Need?
The required down payment depends on the condo’s purchase price and your financing arrangement.
Buyers who put down less than 20% will generally require mortgage default insurance. The premium may be added to the mortgage, but it still increases the total cost of borrowing.
As a general example, a buyer purchasing a $700,000 condo may need a minimum down payment of:
- 5% of the first $500,000: $25,000
- 10% of the remaining $200,000: $20,000
- Total minimum down payment: $45,000
The buyer must also retain enough money for closing costs, legal services, inspections, insurance and moving expenses.
Mortgage pre-approval should be completed before beginning an active property search. It helps establish a realistic budget and can identify financing concerns before the buyer becomes emotionally attached to a particular home.
The Step-by-Step Burnaby Condo Buying Process
A structured buying process can reduce risk and prevent rushed decisions.
Get Mortgage Pre-Approval: Confirm your borrowing range, down payment and estimated monthly costs.
Choose Your Preferred Neighborhoods: Compare Brentwood, Metrotown, Edmonds, Lougheed and other Burnaby areas based on transit, lifestyle and pricing.
Define Your Property Requirements: Establish your minimum space, bedroom count, parking and storage needs.
Review Available Listings: Explore Burnaby condos and other available properties to understand what different budgets can purchase.
Attend Property Viewings: Evaluate the unit, common areas, building condition and surrounding streets.
Analyze Comparable Sales: Review recently sold units in the same building and neighborhood.
Examine the Strata Documents: Investigate finances, insurance, meeting minutes and future maintenance.
Prepare a Strategic Offer: Select an offer price, deposit, dates and appropriate buyer conditions.
Complete Due Diligence: Finalize financing and investigate all outstanding concerns.
Remove Conditions and Complete the Purchase: Proceed only after you are satisfied with the financing, documents and property review.
⚠️ Warning: Removing financing or document-review conditions to compete with another buyer can expose you to substantial legal and financial risk.
Understanding Burnaby Condo Prices
Burnaby is divided into several distinct condo markets. A high-rise unit beside Brentwood Town Centre Station may have a different value from a similarly sized condo near Edmonds or Simon Fraser University.
Important pricing factors include:
- Neighborhood
- Distance from SkyTrain
- Building age
- Construction type
- Floor level
- Direction and view
- Interior condition
- Parking and storage
- Strata fees
- Building amenities
- Strata finances
- Upcoming construction
Burnaby East’s apartment benchmark price was reported at approximately $709,200 in June 2026, while Burnaby South’s apartment benchmark was approximately $739,100. These figures illustrate how values can differ across the city, but they should not replace a building-specific comparable-sales analysis.
A lower-priced condo may represent good value, but it may also reflect an inferior location, upcoming repairs or weak buyer demand. The reason behind the price must be understood before preparing an offer.
The Best Burnaby Areas for First-Time Condo Buyers
Different Burnaby neighborhoods offer different combinations of price, transportation and lifestyle.
Brentwood
Brentwood offers newer high-rise condos, direct SkyTrain access and extensive shopping and dining options. It may appeal to professionals and couples who want convenient access to Vancouver and other parts of Burnaby.
First-time buyers should consider:
- Higher purchase prices in newer towers
- Strata fees associated with extensive amenities
- Ongoing construction
- Potential changes to views
- Smaller layouts in some recent developments
A compact unit near transit may be practical, but buyers should verify whether the bedroom, storage and living areas are genuinely usable.
Metrotown
Metrotown offers one of Burnaby’s largest selections of condos. Buyers can compare older concrete buildings, newer towers and low-rise properties around Central Park and surrounding residential streets.
The neighborhood provides access to SkyTrain, shopping, restaurants and community services. However, traffic, noise and construction can vary considerably from one block to another.
Metrotown may suit buyers seeking:
- Strong regional transportation
- A broad range of condo buildings
- Immediate access to shopping
- Proximity to Central Park
- Different price points and building ages
Older buildings may offer larger floor plans, while newer towers may provide modern finishes and amenities.
Edmonds
Edmonds offers a mixture of condos, townhouses and detached homes. It may appeal to buyers seeking transit access and community facilities without living in Burnaby’s busiest town centre.
The area includes Edmonds SkyTrain Station and connections to New Westminster, Metrotown and Vancouver.
Buyers should carefully check the walking distance between the building and transit, because properties marketed as being in Edmonds can be spread across a relatively large area.
Lougheed
Lougheed offers access to both the Expo and Millennium SkyTrain lines. This can be valuable for buyers travelling toward Vancouver, Coquitlam, New Westminster or Simon Fraser University.
The neighborhood includes established buildings and extensive newer development. Buyers should research surrounding construction and future projects because the area continues to change.
UniverCity and Simon Fraser University
Condos around Simon Fraser University may offer different pricing and lifestyle conditions from the rest of Burnaby. The area may be suitable for students, university employees and buyers who value access to trails and the Burnaby Mountain campus.
Buyers should consider:
- Travel time to other parts of Metro Vancouver
- Weather and elevation
- Available services
- Resale demand beyond the university community
- Strata rules and building condition
Burnaby Heights and North Burnaby
Burnaby Heights and nearby North Burnaby neighborhoods offer a selection of older low-rise condos and newer multi-family properties. The area provides access to local businesses along Hastings Street and convenient connections to East Vancouver.
Buyers may find larger floor plans in older buildings, but those properties can also have more significant maintenance requirements.
The Strata Documents You Must Review
Strata documents provide critical information about the building and your potential financial obligations.
The Form B Information Certificate includes details about the strata lot, monthly fees, amounts owed by the current owner, parking, storage and the contingency reserve fund. It may also disclose litigation or arbitration involving the strata corporation. The current budget, strata rules and most recent depreciation report should be attached when applicable.
Important documents include:
Form B Information Certificate: Summarizes essential information about the strata lot and corporation.
Meeting Minutes: Show owner concerns, repair discussions, disputes and maintenance issues.
Annual General Meeting Minutes: Record budget approvals, elections, resolutions and special levies.
Special General Meeting Minutes: May contain decisions about major repairs or urgent spending.
Depreciation Report: Estimates the condition and replacement timeline of building components.
Financial Statements: Show revenue, expenses and reserve-fund balances.
Current Budget: Explains how strata fees are being spent.
Insurance Documents: Identify coverage limits, deductibles and owner responsibilities.
Bylaws and Rules: Cover pets, rentals, renovations, smoking and use of common property.
Registered Strata Plan: Helps verify boundaries, parking and storage designations.
✅ Did You Know? Updated lobbies and attractive amenities do not prove that a building is financially healthy. The roof, plumbing, elevators and exterior may require far more significant spending.
How to Read Strata Meeting Minutes
Meeting minutes can reveal patterns that do not appear in a property listing.
Look for repeated references to:
- Water leaks
- Elevator problems
- Building-envelope concerns
- Plumbing failures
- Insurance claims
- Noise complaints
- Security issues
- Legal disputes
- Special levies
- Increasing insurance deductibles
- Delayed maintenance
One isolated complaint may not indicate a serious problem. Repeated references over several meetings deserve closer investigation.
Buyers should also review whether the strata council appears organized and responsive. A building with consistent maintenance planning may be less risky than one where repairs are repeatedly postponed.
Understanding the Depreciation Report
A depreciation report evaluates major building components and estimates when they may require repair or replacement.
It may cover:
- Roofs
- Windows
- Exterior walls
- Elevators
- Plumbing
- Balconies
- Parking structures
- Heating systems
- Common facilities
The report may also include funding scenarios showing whether current strata fees and reserve contributions are likely to cover future work.
An upcoming project does not automatically make a building a poor purchase. The key questions are:
- Has the repair been planned properly?
- Has sufficient money been saved?
- Has a special levy already been approved?
- Is the expected cost reflected in the purchase price?
What Do Strata Fees Cover?
Monthly strata fees help pay for shared expenses. Depending on the building, they may cover:
- Common-area cleaning
- Landscaping
- Building insurance
- Elevator maintenance
- Waste removal
- Property management
- Caretaker services
- Amenity operations
- Common utilities
- Contributions to the contingency reserve fund
A low strata fee is not always an advantage. It may indicate that the building has limited amenities, but it could also mean that insufficient money is being collected for future repairs.
A higher fee may include utilities, extensive amenities or stronger reserve contributions. Buyers should compare the fee with the building’s services and financial position.
The 5 Most Expensive First-Time Buyer Mistakes
First-time condo buyers often focus on the appearance of the unit while overlooking the building’s financial and physical condition.
Buying at the Maximum Approval Amount: This can leave little room for fee increases or unexpected expenses.
Ignoring Meeting Minutes: Important repair and insurance concerns may be hidden within several months of records.
Choosing Amenities Over Financial Health: A pool or concierge service does not compensate for weak reserve funding.
Assuming Newer Means Better: New buildings can still have construction deficiencies or unexpectedly high operating costs.
Skipping Comparable Sales: Asking prices do not show what similar units have actually sold for.
🏆 Insider Insight: A slightly older condo in a well-managed building may be a safer first purchase than a newer unit with uncertain fees and limited operating history.
Closing Costs Burnaby Buyers Should Budget For
The down payment is only one part of the money required to complete a condo purchase.
Common expenses include:
Property Transfer Tax: Based on the property’s fair market value unless an exemption applies.
Legal or Notary Fees: Required to transfer ownership and register the mortgage.
Home Inspection: Helps identify visible defects within the unit and accessible building areas.
Appraisal Fees: A lender may request an independent appraisal.
Home Insurance: Condo owners generally need insurance for their unit, belongings and personal liability.
Moving Expenses: May include movers, elevator bookings and deposits.
Tax and Strata Adjustments: The buyer may reimburse the seller for prepaid amounts.
Immediate Repairs or Furnishings: New owners may need appliances, window coverings or other essentials.
Buyers should maintain a financial buffer after completion instead of using every available dollar for the down payment.
First-Time Home Buyer Property Transfer Tax Exemption
Eligible first-time buyers in British Columbia may qualify for a full or partial property transfer tax exemption.
For qualifying properties valued at $500,000 or less, the exemption may eliminate the full tax. For homes valued above $500,000 and no more than $835,000, the available exemption is generally $8,000. The exemption is gradually reduced for properties valued above $835,000 and below $860,000.
Eligibility requirements include:
- Canadian citizenship or permanent residence
- Applicable British Columbia residency or tax-filing history
- No previous ownership of a principal residence anywhere in the world
- No previous use of the program
- Use of the property as a principal residence
Buyers must generally move into an existing home within 92 days and maintain it as their principal residence through the first anniversary of registration to retain the full exemption.
Eligibility should be confirmed with a qualified legal or tax professional before the exemption is included in the buying budget.
Newly Built Condo Exemption
A qualifying newly built condo may be eligible for a separate property transfer tax exemption.
The full exemption threshold is currently $1.1 million. A partial exemption may apply to qualifying properties valued above $1.1 million and below $1.15 million.
A new condo may also involve GST, developer adjustments and other contract-specific costs. Buyers should review the purchase agreement carefully and obtain legal advice before committing to a presale or newly completed property.
New Condo Versus Resale Condo
First-time buyers often need to choose between a newer development and an established resale building.
| Buying Factor | New or Presale Condo | Resale Condo |
| Condition | New finishes and systems | Depends on age and maintenance |
| Completion | May involve a long wait | Established completion date |
| Strata History | Limited operating records | Existing minutes and finances |
| Floor Plan | Selected before completion | Can be inspected in person |
| Additional Costs | GST and adjustments may apply | Usually fewer developer charges |
| Deficiencies | New-construction issues possible | Existing condition is visible |
| Neighborhood | May still be developing | Established surroundings |
| Strata Fees | Initial estimates may change | Current fees are known |
New condos may offer modern features and warranties, while resale properties provide more evidence about actual building performance.
Neither option is automatically safer. The purchase should be evaluated according to the specific development, contract, building and price.
How Burnaby’s Growth May Affect Condo Buyers
Burnaby’s 2050 Official Community Plan was adopted in December 2025 and will guide the city’s growth and development for the next 25 years. The plan integrates housing, transportation, land use, community services and economic development.
The city plans to focus substantial housing and job growth near frequent transit. It also supports additional townhouses, low-rise apartments and mixed-use neighborhood centres.
For buyers, future development can bring:
- Additional shops and services
- Improved transportation
- More housing supply
- Construction noise
- Traffic changes
- Reduced views
- Greater neighborhood density
Before purchasing, review development applications and community plans around the building. A current view or quiet street may change as the area grows.
When to Work With a Burnaby Realtor
Online listings provide basic property information, but they do not explain the full condition, financial history or market position of a condo.
A local realtor can help buyers:
- Compare recent sales
- Evaluate the asking price
- Review strata concerns
- Investigate future development
- Prepare appropriate offer conditions
- Negotiate with the seller’s representative
- Coordinate the buying process
First-time buyers can learn more about Yinon Filler and the local approach used to evaluate Burnaby properties.
| Buying Decision | Professional Guidance | Searching Alone |
| Property Value | Recent building and neighborhood sales | Reliance on asking prices |
| Strata Review | Risks and follow-up questions identified | Important details may be missed |
| Neighborhood Choice | Transit, lifestyle and development reviewed | General online descriptions |
| Offer Strategy | Price and terms based on competition | Emotional decision-making |
| Due Diligence | Structured investigation | Buyer manages every stage |
| Negotiation | Professional representation | Direct dependence on seller information |
Through professional real estate services for buyers, we evaluate the unit, strata corporation and neighborhood as one complete decision.
Is a Burnaby Condo a Good First Home?
A Burnaby condo can be a good first home for buyers seeking access to Metro Vancouver at a lower entry price than many detached properties. The city offers transit, shopping, parks, employment and a wide range of building types.
However, the right condo must satisfy more than the buyer’s immediate desire to own property.
Before proceeding, ask:
- Can I comfortably afford the total monthly cost?
- Does the layout support my plans for several years?
- Is the building financially stable?
- Are major repairs approaching?
- Do the bylaws fit my lifestyle?
- Is the location convenient for my routine?
- Would the property appeal to future buyers?
The strongest first purchase is one that remains practical and financially manageable after the excitement of moving has passed.
Contact Yinon Filler for a personalized Burnaby condo search and first-time buyer consultation.
Frequently Asked Questions
How much does a Burnaby condo cost in 2026?
Prices vary by neighborhood, building and unit. In June 2026, the Metro Vancouver apartment benchmark was approximately $695,200. Burnaby East’s apartment benchmark was around $709,200, while Burnaby South’s was approximately $739,100.
How much money do I need to buy my first Burnaby condo?
You need enough for the down payment, closing costs and a financial reserve. Buyers should budget for legal fees, property transfer tax, inspection costs, insurance, moving expenses and possible immediate repairs.
What strata documents should I review?
Review the Form B, meeting minutes, financial statements, current budget, depreciation report, insurance documents, bylaws, rules and registered strata plan. These records can reveal upcoming expenses and building-management concerns.
Is Brentwood good for first-time condo buyers?
Brentwood can be suitable for buyers who prioritize SkyTrain access, newer buildings and nearby services. However, newer towers may have higher prices, compact layouts, substantial strata fees and surrounding construction.
Is Metrotown cheaper than Brentwood?
Pricing depends on the specific building and unit. Metrotown offers a broader mixture of older and newer buildings, which can create more price variation. Buyers should compare recent sales rather than relying on general neighborhood assumptions.
Should I buy an older Burnaby condo?
An older condo can be a good purchase when the building has been maintained and the strata corporation has planned adequately for repairs. Older buildings may offer larger layouts but require a more careful review of plumbing, roofing and exterior systems.
What is a special levy?
A special levy is an additional payment charged to owners for a specific expense that is not fully covered by the operating budget or contingency reserve fund. It may be used for a roof, elevator, plumbing or building-envelope project.
Can first-time buyers avoid property transfer tax?
Eligible buyers may qualify for a full or partial exemption. The available benefit depends on the property value, ownership percentage and buyer eligibility.
Is a condo inspection necessary?
An inspection can identify visible problems within the unit and accessible building areas. It should be combined with a thorough strata-document review because an inspector cannot determine the complete financial condition of the building.
Are strata fees likely to increase?
Strata fees can rise as insurance, maintenance, utilities and labour become more expensive. Buyers should review previous budgets and meeting minutes to understand the building’s fee history.
Is a new Burnaby condo safer than an older one?
Not automatically. A new building may have construction deficiencies and uncertain future operating costs. An older building may have a longer maintenance history and established financial records. Each property must be reviewed individually.
How long should I plan to keep my first condo?
A longer ownership period can provide more time to manage transaction costs and changing market conditions. Buyers should choose a condo that is likely to remain suitable for several years rather than purchasing only for immediate needs.
