How to Choose the Right Property for Your Budget in Burnaby

by Yinon Filler

Finding a home in Burnaby is an exciting goal. Our city is a wonderful place to live, with beautiful parks like Deer Lake and busy shopping centers like Metrotown. However, because Burnaby is so popular, the prices can be high.

If you are looking for your first condo or a larger family home, you need a smart plan. This guide will help you understand how to pick the best property for the money you have saved.

1. Know Your Real Budget First

Before you look at pictures of houses online, you must know exactly how much you can spend.

Get a Mortgage Pre-Approval

A "pre-approval" is a letter from a bank. it tells you the maximum amount of money they will let you borrow. This helps you narrow down your search so you don't fall in love with a home that costs too much.

Don't Forget the Extra Costs

The price of the home is not the only thing you have to pay for. You should save an extra 2% to 3% of the home price for "closing costs." These include:

Property Transfer Tax: A tax you pay to the government when you buy a home.
Legal Fees: Money for the lawyer who helps with the paperwork.
Home Inspection: A small fee to make sure the house is in good shape.

2. Compare Prices by Property Type

In Burnaby, different types of homes have very different prices. Knowing these "benchmark" prices for 2025 will help you decide what fits your budget.

Condos (Apartments)

Condos are usually the most affordable way to live in Burnaby. They are great for students, young couples, or people who want to live near the SkyTrain.

Average Price: Around $650,000 to $770,000.
Best Areas: Metrotown, Brentwood, and Edmonds.

Townhomes

Townhomes offer more space than a condo and often have a small yard or a garage. They are a "middle ground" for families.

Average Price: Around $1.1 million.
Best Areas: North Burnaby and Burnaby East.

Detached Houses

These are the most expensive properties. They offer the most privacy and a big backyard.

Average Price: Usually $1.8 million or more.
Best Areas: Buckingham Heights, Deer Lake, and Government Road.

3. Look for "Hidden Gem" Neighborhoods

If your favorite area is too expensive, don't worry! Burnaby has many neighborhoods that offer great value for a lower price.

The Edmonds Area

Edmonds is a fantastic choice for people on a budget. It has its own SkyTrain station and a beautiful new community center. You can often find older condos or townhomes here for less money than in Brentwood or Metrotown.

Burnaby Mountain (SFU)

If you don't mind living on a hill, the area around Simon Fraser University has modern condos. This area is very quiet, surrounded by trees, and often has slightly lower prices because it is further from the city center.

Burnaby East

This part of the city is close to New Westminster. It feels more like a suburb and has great parks. It is a smart place to look for family homes that might be a bit cheaper than those in South Burnaby.

4. Think About Your Lifestyle Needs

A "good deal" is only a good deal if the home fits your life. Ask yourself these questions to help choose the right property:

Do I need the SkyTrain? If you work in downtown Vancouver, living near a station will save you money on gas and parking.
Do I need a yard? Yards take a lot of work to mow and clean. If you are busy, a condo balcony might be better.
Am I okay with an older home? Older homes often cost less, but you might need to spend money later to fix the kitchen or the floors.

5. Watch the Market Trends

Real estate prices in Burnaby change every month. In 2025, the market will be "balanced." This means there are enough homes for sale for the number of people who want to buy.

When the market is balanced, you have more time to think. You don't have to rush into a big decision. You can also try to negotiate with the seller to get a slightly better price.

6. Work with a Local Expert

The best way to stay on budget is to work with a Realtor who knows Burnaby like the back of their hand. A good agent will:

Show you homes that are not on the public websites yet.
Tell you if a home is priced too high.
Help you write an offer that protects your money.

Your Burnaby Home is Waiting

Choosing a home within your budget doesn't mean you have to settle for less, it means making a smart plan that sets you up for a happy future. Whether you are looking for a high-rise condo with a view or a quiet townhouse for your growing family, having the right guidance makes all the difference.

Ready to Find Your Match in Burnaby?

Navigating the Burnaby real estate market requires more than just a search filter, it requires an advocate who knows every street from Capitol Hill to Big Bend.

Meet Yinon Filler With a 5.0/5.0 rating and a reputation for "unrivaled marketing" and "deep market expertise," Yinon Filler is the Burnaby Realtor trusted by families and investors alike. Whether you are looking to maximize the value of your sale at Gilmore Place or snag a deal in a new Metrotown development, Yinon’s proactive approach ensures you never leave money on the table. Contact Yinon Filler today!