27
$699,000
#909 – 2108 GILMORE Avenue
Burnaby · Residential
2 bd
2 ba
710 sqft
$985/sqft
Built 2024
MLS® R3115739
Nu Stream Realty Inc.
Pre-approval · Burnaby
What does a mortgage pre-approval in Burnaby actually ask for?
The median asking price in Burnaby is $889,950. At that price the minimum down payment is $63,995, and a lender would test the balance at the federal qualifying rate rather than the rate you would pay. Here is what that works out to, and what a lender checks before any of it applies.
Median asking price
$889,950
Minimum down payment
$63,995
Qualifying payment
$5,527/mo
Estimated range · question 1 of 3
What is your gross household income?
Choose a range to start. Two more answers shape the estimate before any lender or credit check.
No credit check · About 1 minute See what you could qualify for
What the numbers ask of a Burnaby buyer
A $889,950 asking price puts the minimum down payment at $63,995 under the federal rules, and twenty percent at $177,990. Financing the remaining $825,955 and testing it at the qualifying rate of 6.49%, which is higher than the illustrative contract rate of 4.49%, produces a payment of $5,527 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $170,062. The census median household income in Burnaby is $83,000, which is about $87,062 short of the figure the payment implies.
A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $63,995 minimum possible. The premium is added to the mortgage.
Whether your own numbers clear that bar is a lender’s call, and it is a short conversation when your file is ready. See your estimated mortgage range and walk in with it assembled.
Minimum down payment on a Burnaby home
| Median asking price | $889,950 |
| Minimum down payment | $63,995 |
| Twenty percent down | $177,990 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,527 per month |
The minimum is five percent of the first $500,000, ten percent of any portion between $500,000 and $1,500,000, and twenty percent on anything above $1,500,000. The qualifying payment is arithmetic at an illustrative rate, not a quote.
What a lender is testing before any of this applies
- Income you can document. Pay stubs, a letter of employment, and two years of Notices of Assessment. Self-employed files need two years of T1 Generals.
- Debt you already carry. Balances, minimum payments, and limits, including the limit on a card you never use.
- A down payment with ninety days of history. Any large deposit inside that window needs a paper trail, and a gift needs a signed letter.
- Credit. A hard check, read alongside how long your history runs.
The full document list is on how to get pre-approved for a mortgage in BC.
Homes on the market in Burnaby
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Burnaby
Open House on Sat, 2pm–3:30pm
18
$728,000
#1505 – 4650 Brentwood Boulevard
Burnaby · Residential
2 bd
2 ba
777 sqft
$937/sqft
Built 2021
MLS® R3150709
Interlink Realty
Newly Listed
39
$1,745,000
#3 – 8483 16th Avenue
Burnaby · Residential
4 bd
4 ba
2,381 sqft
$733/sqft
Built 2026
MLS® R3156806
Century 21 Coastal Realty Ltd.
Newly Listed
40
$1,745,000
#2 – 8483 16th Avenue
Burnaby · Residential
4 bd
4 ba
2,380 sqft
$733/sqft
Built 2026
MLS® R3156795
Century 21 Coastal Realty Ltd.
Newly Listed
40
$1,745,000
#4 – 8483 16th Avenue
Burnaby · Residential
4 bd
4 ba
2,291 sqft
$762/sqft
Built 2026
MLS® R3156787
Century 21 Coastal Realty Ltd.
Newly Listed
40
$1,745,000
#1 – 8483 16th Avenue
Burnaby · Residential
4 bd
4 ba
2,337 sqft
$747/sqft
Built 2026
MLS® R3156785
Century 21 Coastal Realty Ltd.
Newly Listed
37
$999,000
#19 – 8415 Cumberland Place
Burnaby · Residential
2 bd
3 ba
1,393 sqft
$717/sqft
Built 2001
MLS® R3156611
Engel & Volkers Vancouver
Newly Listed
28
$539,000
#13 – 6577 Southoaks Crescent
Burnaby · Residential
2 bd
1 ba
748 sqft
$721/sqft
Built 1996
MLS® R3152920
Century 21 Coastal Realty Ltd.
39
$2,095,000
#1 – 6139 Ashworth Avenue
Burnaby · Residential
7 bd
6 ba
3,582 sqft
$585/sqft
Built 2026
MLS® R3132044
Youlive Realty
39
$2,199,000
#2 – 6139 Ashworth Avenue
Burnaby · Residential
7 bd
6 ba
3,564 sqft
$617/sqft
Built 2026
MLS® R3131348
Youlive Realty
38
$735,000
#1105 – 7358 EDMONDS Street
Burnaby · Residential
2 bd
2 ba
860 sqft
$855/sqft
Built 2020
MLS® R3154690
RE/MAX Crest Realty
24
$458,000
#705 – 6055 Nelson Avenue
Burnaby · Residential
1 bd
1 ba
796 sqft
$575/sqft
Built 1988
MLS® R3092995
Royal Pacific Realty Corp.
See all Burnaby listings (2,066 active listings)
Pre-approval in cities near Burnaby
Mortgage pre-approval in Surrey
$1,048,900 median asking price
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,020,000 median asking price
Mortgage pre-approval in Kelowna
$799,000 median asking price
Mortgage pre-approval in Langley
$949,900 median asking price
Mortgage pre-approval in Abbotsford
$824,900 median asking price
Mortgage pre-approval in Coquitlam
$950,000 median asking price
Mortgage pre-approval in Chilliwack
$729,000 median asking price
Pre-approval questions in Burnaby
What income does a lender test a median-priced Burnaby purchase against?
A $889,950 purchase with $63,995 down leaves $825,955 to finance. At the qualifying rate of 6.49% over 25 years the payment is $5,527 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $170,062. The census median household income in Burnaby is $83,000. Your own number will differ with your debts, your down payment, and your property taxes.
How much do I need for a down payment in Burnaby?
At the $889,950 median asking price, the federal minimum is $63,995, and twenty percent is $177,990. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $63,995 minimum possible. The premium is added to the mortgage. Closing costs sit on top of the down payment.
Does a pre-approval mean the mortgage is approved?
No. A pre-approval is a lender’s conditional statement about you. Final approval also depends on the specific property, which the lender appraises and, for a condo, reviews the strata documents on.
Can I get pre-approved before I choose a city?
Yes, and it is the usual order. A pre-approval is based on your income, debts, and credit rather than on a particular home, so the amount travels with you across BC. The down payment minimum changes with the price, not with the city.
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Listing data provided by the Greater Vancouver REALTORS® and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. MLS® and REALTOR® are trademarks of CREA. Asking prices come from the live MLS® feed through board reciprocity. Household income is the Statistics Canada census median for the city. Payment figures use an illustrative rate over a 25-year amortization and the federal qualifying rate. They are arithmetic, not a quote, and not an offer of credit. Ray Rasouli is a licensed REALTOR® with Real Broker B.C. Ltd. and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.