Burnaby Real Estate FAQ
Answers to common questions about buying, selling, and owning property in Burnaby, BC.
Does the BC Speculation and Vacancy Tax apply if I live in my Burnaby home?
Burnaby is in a taxable region for BC's Speculation and Vacancy Tax, but the large majority of BC homeowners are exempt because they live in the property as their principal residence — the tax mainly targets vacant homes, foreign owners, satellite families, and Canadians who own a home here without living in or renting it out. For 2026 the rate is generally around 1% for Canadian citizens/permanent residents who don't qualify for an exemption, and 3% for foreign owners and untaxed worldwide earners. Every owner in a taxable area still has to file the annual declaration even if you expect to be exempt, so don't skip that step.
What closing costs should I budget for when buying a home in Burnaby, beyond my down payment?
A good rule of thumb is 1.5–4% of the purchase price on top of your down payment. The biggest piece is usually BC's Property Transfer Tax (1% on the first $200K, 2% up to $2M, with first-time buyers potentially qualifying for a full or partial exemption up to around $835K). On top of that, budget for legal fees and disbursements (roughly $1,800–$3,000), a home inspection ($500–$900), and property tax/utility adjustments at closing — plus GST if you're buying new construction. Your lawyer and realtor can walk through the exact numbers for your specific purchase.
Are there leasehold properties in Burnaby, and how are they different from freehold?
Yes — a well-known example is UniverCity on Burnaby Mountain near SFU, which sits on leasehold rather than freehold land. With leasehold, you own the building/unit for the length of the lease term, but the underlying land belongs to another party, which can affect financing, resale value, and long-term appreciation. It's worth confirming a property's freehold vs. leasehold status early in your search, since it changes the math significantly.
I've owned my Burnaby property for less than two years — will I owe the BC Home Flipping Tax if I sell?
Since January 1, 2025, BC's Home Flipping Tax can apply to income from selling a property owned less than 730 days, on top of federal capital gains rules, with the rate declining the closer you get to the two-year mark. There are exemptions for certain life circumstances (death, divorce, job relocation, and others) and a primary-residence exemption. Because the calculation is situation-specific, it's worth reviewing your exact timeline with your realtor and an accountant before listing.
What's the difference between my home's BC Assessment value and what it might actually sell for?
BC Assessment values reflect an estimated value as of July 1 the prior year, used mainly for property tax purposes, so they often lag behind (or occasionally exceed) current market conditions — especially in a moving market like Burnaby's. Actual sale prices come from recent comparable sales, condition, and buyer demand in that specific neighbourhood, so it's normal for real market value to differ noticeably from the assessment.
What should I check in the strata documents before buying a condo or townhome in Burnaby?
Before removing subjects, it's worth reviewing the strata's meeting minutes (look for recurring maintenance issues or special levies), the depreciation report (the building's long-term repair plan and funding), the contingency reserve fund balance, and any pending or ongoing litigation. These documents can reveal upcoming costs or building-health issues that aren't obvious on a walkthrough.
What's the property transfer tax when buying a home in Burnaby, and is there an exemption for first-time buyers?
In BC, first-time buyers get a full PTT exemption on homes valued up to $500,000 (a fixed $8,000 exemption applies up to $835,000, then phases out completely by $860,000). Above that, standard PTT rates apply. Rules can change, so it's worth confirming current thresholds before you write an offer.
What are the best Burnaby neighbourhoods for families who want to be near a SkyTrain station?
Areas like Metrotown, Brentwood, and Lougheed sit right on the Expo/Millennium lines and combine easy downtown commutes with parks, schools, and shopping. Edmonds and Cascade Heights are a bit quieter but still SkyTrain-accessible, which makes them worth a look for families wanting more space at a lower price point.