Mortgage Rates in Burnaby, BC — 2026
Compare live Burnaby mortgage rates. Today's best 5-year fixed is 4.89% — available through licensed BC brokers. Free quotes, no credit check.
Best 5-Yr Fixed
4.89%
Insured rate
Avg Home Price
$1,050,000
Burnaby
Market
Balanced MarketGet Burnaby Mortgage Quotes
Licensed BC brokers — free, no credit check.
Current Burnaby Mortgage Rates — 2026
| Rate Type | Best Rate |
|---|---|
| 5-Year Fixed | 4.89% |
| 5-Year Variable | 5.45% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| 1-Year Fixed | 5.65% |
| HELOC | 6.20% |
*Based on $1,050,000 home price, 20% down ($840,000 mortgage), 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 2026. Best rates available to qualified borrowers with 20%+ down payment.
Bank vs. Broker Rate Comparison — Burnaby
How Big 6 bank posted rates compare to what a licensed Burnaby broker can negotiate for you.
| Lender | Type | 5-Yr Fixed | 3-Yr Fixed | 5-Yr Variable | Action |
|---|---|---|---|---|---|
National Bank | Bank | 4.43% | 4.44% | 4.49% | Get Quote → |
CIBC | Bank | 4.51% | 4.51% | 4.12% | Get Quote → |
RBC Royal Bank | Bank | 4.62% | 4.43% | 3.98% | Get Quote → |
BMO | Bank | 4.76% | 4.67% | 4.12% | Get Quote → |
TD Bank | Bank | 4.96% | 4.72% | 4.31% | Get Quote → |
Scotiabank | Bank | 6.09% | 6.05% | 4.90% | Get Quote → |
TOPTop Broker 🏆 | Broker | 4.89% | 4.74% | 5.45% | Get My Rate → |
Bank rates shown are posted rates sourced from Bank of Canada. Actual rates may vary. Broker rates reflect best available insured rates from 50+ lenders. Last updated: May 25, 2026.
The Burnaby Mortgage Market in 2026
Burnaby sits between Vancouver and the Tri-Cities, offering SkyTrain access, Simon Fraser University, and a mix of condos and detached homes.
REBGV Market Analysis
The Burnaby Mortgage Market — What Buyers Need to Know in 2026
Burnaby occupies the geographic and economic centre of Metro Vancouver, sandwiched between Vancouver to the west and the Tri-Cities and Surrey to the east. It is served by both the Expo and Millennium SkyTrain lines, making it uniquely accessible — downtown Vancouver is under 20 minutes from Metrotown by rapid transit. This centrality, combined with Simon Fraser University on Burnaby Mountain and two of Metro Vancouver's most significant retail and commercial nodes (Metrotown and Brentwood), has made Burnaby one of BC's most actively developing municipalities.
Average prices near $1.05M reflect Burnaby's position in the Metro Vancouver hierarchy — slightly below Vancouver's $1.2M average, but above Surrey and the eastern suburbs. The condo market is the primary action: Metrotown and Brentwood are among the most active tower development zones in Canada, with dozens of new buildings completed or under construction and more in the pipeline. These towers typically range from $700K to $1.1M for typical units, driving significant buyer activity from investors, first-time buyers, and downsizers.
SFU's 30,000-student, 4,000-faculty campus creates permanent rental demand in the Burnaby Heights and Capitol Hill neighbourhoods closest to the mountain. The Lougheed area near SFU's downtown campus and BCIT Burnaby has attracted mixed-use development. Burnaby's industrial employment base — the Still Creek and Marine Way industrial areas house logistics, film production, and light manufacturing — contributes a working-class buyer segment less visible in the condo statistics but active in older attached housing.
The 2024–2025 market has been balanced to slightly soft in the resale condo segment, where pre-construction completions have added supply pressure, but strong in the townhouse and freehold market where supply is limited.
Who's Buying in Burnaby?
Burnaby's buyer base is anchored by Metro Vancouver's large Chinese-Canadian community — both Mandarin and Cantonese speaking — who have historically favoured Burnaby for proximity to Vancouver Chinatown, good schools, and perceived investment stability. Korean-Canadian and South Asian communities are significant secondary buyer groups, particularly around Edmonds and Brentwood. SFU and BCIT faculty and staff represent a professional buyer cohort looking to be near their institutions. Young tech professionals working in Vancouver or Burnaby itself (Electronic Arts, Hootsuite, and gaming studio subsidiaries have Burnaby offices) are active condo buyers near Metrotown and Brentwood stations. Downsizing baby boomers from the Fraser Valley, selling larger homes to buy Metrotown or Brentwood condos with SkyTrain access, are a growing segment.
Burnaby Neighbourhood Affordability Guide
Estimated monthly payments assume 20% down, 25-year amortisation, at the current best 5-year fixed rate. Prices sourced from REBGV benchmark data.
| Neighbourhood | Price Range |
|---|---|
| Metrotown | $650K–$980K |
| Brentwood | $680K–$1.05M |
| Burnaby Heights | $950K–$1.4M |
| South Slope | $1.1M–$1.7M |
| Edmonds | $580K–$860K |
| Capitol Hill | $1.0M–$1.5M |
*Payments are estimates only. Actual payments depend on your rate, down payment, amortisation, and lender. Get a personalised quote below.
How Much Mortgage Can I Afford in Burnaby?
Maximum qualifying mortgage based on gross household income, stress test rate of 6.89%, 20% down, 25-year amortization, and an estimated $875/mo in property tax. Assumes no other significant debts (TDS ≤ 44%).
| Household Income | Max Mortgage |
|---|---|
| $60K | $85K |
| $80K | $160K |
| $100K | $235K |
| $120K | $315K |
| $150K | $430K |
| $200K | $620K |
*Monthly payment at current best 5-year fixed rate of 4.89%, 25-year amortization. Qualifying uses stress test rate of 6.89%. Estimates only — talk to a broker for your exact qualifying amount.
First-Time Buyer Programs for Burnaby Residents
Stack federal and provincial programs to reduce your out-of-pocket costs significantly.
First Home Savings Account (FHSA)
Contribute up to $8,000/year, max $40,000 lifetime. Contributions are tax-deductible, withdrawals tax-free for a first home. Combines with the RRSP HBP for maximum benefit.
FHSA guide →RRSP Home Buyers' Plan (HBP)
Withdraw up to $35,000 per person ($70,000/couple) from your RRSP tax-free toward a first home. Must be repaid over 15 years — or included as income.
HBP guide →BC First Home Buyer Exemption
BC first-time buyers are exempt from the Property Transfer Tax on homes up to $500,000. Partial exemption applies on homes $500K–$525K — potentially saving you up to $8,000 at closing.
Ask a local broker →How to Get the Best Mortgage Rate in Burnaby
Six steps that consistently get Burnaby buyers below-market rates.
Use a Licensed Broker
A broker shops 50+ lenders simultaneously — banks, credit unions, and monolines — negotiating volume discounts unavailable to individual buyers. Free service: lenders pay the broker.
Improve Your Credit Score
Scores above 720 typically unlock the best rate tier. Above 760 is ideal. Pay down revolving debt, avoid new credit applications 90+ days before applying.
Save 20%+ Down Payment
A 20% down payment avoids CMHC mortgage insurance (0–4% of your mortgage) and unlocks the best uninsured rates. Every percent above 20% further improves your rate.
Get Pre-Approved First
A pre-approval locks your rate for 90–120 days, protecting you if rates rise while you shop. It also sharpens your offer in competitive markets.
Minimize Other Debts
The stress test considers your total debt service (TDS) ratio. Paying off car loans, student loans, and credit cards before applying expands your maximum qualifying mortgage.
Negotiate Penalty Terms
The lowest rate sometimes carries a restrictive prepayment penalty. Ask your broker to compare the total cost — including IRD penalties — before choosing the cheapest headline rate.
Fixed or Variable Rate in Burnaby? What the Local Market Tells Us
Burnaby's condo-heavy market creates specific fixed-versus-variable dynamics. Pre-construction buyers — who purchase today and take possession 2–4 years hence — have been locking in fixed rates at assignment rather than facing an unknown rate environment at occupancy. For resale condo buyers, the $700K–$950K typical mortgage amount means a 1% rate move adds $580–$770/month — significant enough that most Burnaby buyers should default to a 5-year fixed unless household income is well above $200K. The BC PTT on Burnaby purchases (approximately $19,000 on a $1.05M purchase) depletes upfront cash reserves further. Variable rates are best suited to Burnaby buyers who are refinancing an existing property or have strong equity cushions from prior Metro Vancouver real estate holdings.
Related Resources for Burnaby Buyers
Find a Burnaby Mortgage Broker
Get matched with licensed local brokers who know BC lenders. Free service, no credit check.
Mortgage Payment Calculator
Model your payments using Burnaby's average prices and current best rates from our live rate feed.
Mortgage Stress Test Guide
Understand how the federal stress test affects your maximum purchase price in Burnaby.
Frequently Asked Questions — Mortgage Rates in Burnaby
What are the current mortgage rates in Burnaby?
What is the best mortgage rate in Burnaby today?
Should I choose a fixed or variable rate mortgage in Burnaby?
How much do I need to earn to afford a home in Burnaby?
What is the mortgage stress test rate in Burnaby in 2026?
Is now a good time to buy a home in Burnaby?
How much is land transfer tax in Burnaby?
How do I get the best mortgage rate in Burnaby?
Advertising disclosure: LendGuide.ca may receive compensation when you connect with mortgage professionals through this site. Rates shown are the best available from our lender network and may not reflect every offer in the market. Mortgage rates are subject to change without notice and depend on factors including down payment, credit score, amortization, and lender approval. This is not an offer of credit. Always verify current rates with a licensed mortgage professional before making financial decisions.
Best rate today: 4.89% — Burnaby
5-yr fixed · 50+ lenders · free