Burnaby Mortgage Broker | BC Mortgages Online

Q: What should I know about buying a condo in Metrotown or Brentwood?

Key considerations include pre-sale vs. resale pricing, strata fee impact on mortgage qualification, and rental restriction bylaws for investment buyers. Some newer buildings require specific lender approvals.

Q: Can I get a mortgage if I'm new to Canada and buying in Burnaby?

Yes. Permanent residents, work permit holders, and some temporary residents can qualify through newcomer mortgage programs that accept international credit history and foreign income documentation.

Q: How does the BC speculation tax affect Burnaby property owners?

Canadian citizens and PRs living in the property are exempt. Investment properties must be rented at least 6 months/year to avoid the tax. Foreign nationals face a higher rate.

Q: What's the difference between pre-sale and resale condos for mortgage purposes?

Pre-sale requires deposit stages during construction and no mortgage until completion (2-4 years). Resale requires immediate financing. Pre-sale includes 5% GST on new construction.

Q: How far is your office from Burnaby?

About 18 km from Metrotown, approximately 20 minutes via Lougheed Highway. Virtual consultations via Zoom are also available.

Burnaby Market Overview

Burnaby: Metro Vancouver's Most Dynamic Real Estate Market

Burnaby is undergoing a transformation unlike any other city in the region. The Metrotown and Brentwood town centres are seeing billions in new high-rise development, creating thousands of new condos and rental units annually. Meanwhile, established neighbourhoods like Burnaby Heights, Capitol Hill, and Deer Lake retain their character-home charm and family appeal. This duality creates a complex mortgage landscape where buyers need knowledgeable guidance.

The condo market dominates Burnaby transactions. Pre-sale condos at Metrotown typically start around $500,000 for studios and $650,000 for one-bedrooms, while resale units in established buildings can offer entry points from approximately $450,000. Townhomes generally range from $900,000 to $1.4M depending on area, and detached homes in sought-after neighbourhoods like Burnaby Heights and Parkcrest can command $1.8M to well over $2M. Investment properties near SkyTrain stations continue to attract strong rental demand.

Burnaby's multicultural population means unique mortgage needs: newcomer programs for recent immigrants, foreign income documentation, international credit history considerations, and multi-generational family purchasing strategies. With 20 years of experience and access to lenders who specialize in these programs, I understand the nuances that major bank advisors often miss.

Neighbourhoods We Serve

Burnaby Neighbourhoods

From high-density Metrotown to single-family Burnaby Heights, I've helped buyers across every Burnaby neighbourhood.

Metrotown Brentwood Lougheed Edmonds Burnaby Heights Capitol Hill Deer Lake Parkcrest Willingdon Heights Highgate South Slope Burnaby Lake Brentwood Park

Mortgage Services in Burnaby

How I Help Burnaby Buyers & Investors

Burnaby's diverse market and population require specialized mortgage expertise. Here are the services most relevant to Burnaby clients.

Investment Properties

SkyTrain-adjacent condos offer strong rental yields and appreciation

New to Canada

Specialized programs for newcomers, foreign income, and international credit

Home Purchase

From Metrotown condos to Burnaby Heights character homes

First-Time Buyers

Condos from $450K make Burnaby accessible for first-time buyers

Refinancing

Leverage Burnaby's strong appreciation to access equity

Self-Employed

Flexible documentation for Burnaby's entrepreneurial community

Burnaby Mortgage Questions

Frequently Asked Questions

What should I know about buying a condo in Metrotown or Brentwood?

Metrotown and Brentwood are Burnaby's most active condo markets with dozens of new towers under construction. Key considerations include: pre-sale vs. resale pricing (pre-sale offers newer finishes but comes with GST), strata fee impact on mortgage qualification (high-amenity buildings can have $400-600/month fees), and rental restriction bylaws for investment buyers. Some newer buildings require specific lender approvals. I know which lenders are comfortable with Burnaby's major developments and can guide you through the process.

Can I get a mortgage if I'm new to Canada and buying in Burnaby?

Yes, and Burnaby's multicultural community means many lenders have strong newcomer programs. If you've been in Canada for less than 5 years, you may qualify for newcomer mortgage programs that accept international credit history, foreign income documentation, and reduced down payment requirements. Permanent residents, work permit holders, and even some temporary residents can qualify. I work with lenders who specialize in these programs and understand the documentation requirements for various countries of origin.

Is Burnaby a good market for investment properties?

Burnaby is one of the strongest investment markets in Metro Vancouver. Condos near SkyTrain stations (Metrotown, Brentwood, Lougheed, Edmonds) have excellent rental demand from transit-dependent tenants, students at BCIT and SFU, and young professionals. Cap rates for well-located Burnaby condos typically range from 3.5-5%. For investment mortgages, you'll generally need 20% down and will qualify at a slightly higher rate. I help investors analyze cash flow projections and structure financing for single or multiple properties.

How does the BC speculation tax affect Burnaby property owners?

Burnaby is within the BC speculation and vacancy tax zone. If you're a Canadian citizen or permanent resident living in the property as your principal residence, you're exempt. If you're buying an investment property, you'll need to ensure it's rented out for at least 6 months of the year to avoid the tax. For foreign nationals, the tax rate is higher. I factor these considerations into the financial analysis when helping clients evaluate investment purchases in Burnaby.

What's the difference between pre-sale and resale condos for mortgage purposes?

Pre-sale condos (buying before construction is complete) require a deposit schedule during construction (typically 5-20% in stages) and you don't need a mortgage until completion, which could be 2-4 years away. The risk is that your financial situation or market conditions may change. Resale condos require immediate financing. Pre-sale also includes 5% GST on the purchase price (new construction), though some buyers may qualify for a GST rebate. I help clients plan for both scenarios and can start the pre-approval process well before your pre-sale completion date.

How far is your office from Burnaby?

My office at 205-2571 Shaughnessy St in Port Coquitlam is approximately 18 km from central Burnaby (Metrotown area), about a 20-minute drive via Lougheed Highway or Highway 1. I also offer virtual consultations via Zoom or phone, which many of my Burnaby clients prefer. For in-person meetings, I can also arrange to meet at a convenient Burnaby location by appointment.

Milka Lukacevic

Award-Winning Mortgage Broker

Helping Burnaby buyers and investors for 20 years. Top 1% mortgage broker in Canada with access to 50+ lenders.

4.9 rating (82 reviews)

Book Free Consultation Call (604) 340-7673

Office Location

205-2571 Shaughnessy St
Port Coquitlam, BC V3C 3G3

Hours: Mon-Sun 8AM-10PM

Drive from Burnaby: ~20 min

Virtual: Zoom available by appointment

Burnaby Mortgage Broker — Condos, Investment, and Beyond.

Burnaby: Metro Vancouver's Most Dynamic Real Estate Market

Burnaby Neighbourhoods

How I Help Burnaby Buyers & Investors

Frequently Asked Questions

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