39
$499,000
$489/sqft
2 bd · 1 ba · 1,020 sqft
#1303, 2060 Bellwood Avenue
Burnaby · Apartment/Condo
Listed by RE/MAX Select RealtyMLS® R3173192
Pre-approval · Burnaby
What does a mortgage pre-approval in Burnaby ask for?
At the $859,950 median asking price, you need $60,995 down. A lender tests a payment of $5,347 a month.
- Minimum down
- $60,995
- Monthly payment a lender tests
- $5,347
- Implied household income
- $164,523
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $60,995
- Monthly payment a lender tests
- $5,347
- Implied household income
- $164,523
What a Burnaby buyer needs
At $859,950, the minimum down payment is $60,995 and twenty percent is $171,990. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $5,347 a month over 25 years, which needs a household income near $164,523. The Burnaby census median is $83,000, about $81,523 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $60,995 minimum.
Minimum down payment on a Burnaby home
| Figure | Amount |
|---|---|
| Median asking price | $859,950 |
| Minimum down payment | $60,995 |
| Twenty percent down | $171,990 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,347 per month |
The qualifying payment uses an illustrative rate, not a quote.
What a lender checks first
- 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
Active listings in Burnaby
1,994 active listings
28
$1,698,000
$689/sqft
5 bd · 2 ba · 2,466 sqft
75 Springer Avenue
Burnaby · Single Family Residence
Listed by Royal Pacific Lions Gate Realty Ltd.MLS® R3146800
35
$719,000
$663/sqft
2 bd · 2 ba · 1,085 sqft
#1603, 5833 Wilson Avenue
Burnaby · Apartment/Condo
Listed by RE/MAX WestcoastMLS® R3159528
30
$628,000
$757/sqft
2 bd · 2 ba · 830 sqft
PH7 – 5388 Grimmer Street
Burnaby · Apartment/Condo
Listed by Royal Pacific Realty (Kingsway) Ltd.MLS® R3171643
23
$598,000
$633/sqft
2 bd · 2 ba · 945 sqft
#110, 9009 Cornerstone Mews
Burnaby · Townhouse
Listed by Royal Pacific Realty Corp.MLS® R3146399
39
$1,999,000
$468/sqft
8 bd · 5 ba · 4,273 sqft
6998 Fielding Court
Burnaby · Single Family Residence
Listed by 88West RealtyMLS® R3172299
37
$969,000
$632/sqft
3 bd · 2 ba · 1,533 sqft
#2804, 6220 Mckay Avenue
Burnaby · Apartment/Condo
Listed by Royal Regal Realty Ltd.MLS® R3173869
32
$538,800
$485/sqft
2 bd · 2 ba · 1,110 sqft
#504, 3737 Bartlett Court
Burnaby · Apartment/Condo
Listed by LeHomes Realty PremierMLS® R3160682
39
$858,000
$651/sqft
3 bd · 2 ba · 1,318 sqft
#504, 3183 Esmond Avenue
Burnaby · Apartment/Condo
Listed by Royal Pacific Realty (Kingsway) Ltd.MLS® R3172997
22
$699,900
$773/sqft
2 bd · 2 ba · 906 sqft
#805, 2232 Douglas Road
Burnaby · Apartment/Condo
Listed by 88West RealtyMLS® R3173749
28
$699,000
$985/sqft
2 bd · 2 ba · 710 sqft
#909, 2108 Gilmore Avenue
Burnaby · Apartment/Condo
Listed by Nu Stream Realty Inc.MLS® R3115739
21
$1,899,000
$1,041/sqft
3 bd · 2 ba · 1,824 sqft
4557 Venables Street
Burnaby · Single Family Residence
Listed by Stonehaus Realty Corp.MLS® R3167880
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
Pre-approval in cities near Burnaby
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,379,500 median asking price
Mortgage pre-approval in Richmond
$1,004,800 median asking price
Mortgage pre-approval in Kelowna
$789,450 median asking price
Mortgage pre-approval in Langley
$959,900 median asking price
Mortgage pre-approval in Abbotsford
$799,900 median asking price
Mortgage pre-approval in Coquitlam
$956,450 median asking price
Mortgage pre-approval in Chilliwack
$750,000 median asking price
Pre-approval questions in Burnaby
At the $859,950 median, the minimum is $60,995 and twenty percent is $171,990. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $60,995 minimum.
No. Final approval also depends on the property.
Yes. It is based on you, not a home, so it works anywhere in BC.
Related pages
Prepared by
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Data
Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
CorrectionsReport a correction
Payments use an illustrative rate over 25 years and the federal qualifying rate. Not a quote or an offer of credit. Ray Rasouli is a licensed REALTOR® and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.