Benchmark price, all home types, Burnaby North
$875,000As of October 2026.Source
Benchmark price, all home types, Burnaby South
$975,400As of October 2026.Source
Benchmark detached home, Burnaby South
$1,904,400As of October 2026.Source
Population of the City of Burnaby
249,125As of 2021 Census.Source
Home Owner Grant: full grant up to an assessed value of
$2,075,000As of 2026.Source
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Burnaby sits between Vancouver and the Tri-Cities, and Greater Vancouver REALTORS reports it in three pieces. That matters, because one Burnaby average hides a spread of more than $100,000 between districts.

Burnaby’s three district benchmarks

For October 2026 the all-home benchmark was $972,500 in Burnaby East, $875,000 in Burnaby North and $975,400 in Burnaby South. Year over year, those districts were down 7.1%, 5.8% and 6.1%. The detached benchmark was $1,904,400 in Burnaby South and $1,795,200 in Burnaby North, so an owner of a house and an owner of an apartment in the same district can have very different borrowing room.

Between the 2016 and 2021 censuses Burnaby grew 7.0%, from 232,755 to 249,125 residents. Much of that growth is in strata towers, which brings extra checks into any second mortgage, covered below.

Why Burnaby equity overstates what you can borrow

Second mortgage room, per the Financial Consumer Agency of Canada, is 80% of appraised value minus your mortgage balance. In the first example, a Burnaby South detached owner has $523,520 of room. In the second, a Burnaby North owner with $355,000 of equity can reach $180,000. If your planned loan only just fits, an appraisal $40,000 lower could remove it, so build a margin. The calculator lets you test that.

Strata fees, levies and the Home Owner Grant

If your Burnaby home is a condo or townhouse, the strata corporation matters to the lender. Legal Aid BC explains that to keep a condominium mortgage in good standing, or to reinstate or redeem it, you must pay outstanding strata fees and special levies. Title cannot be transferred without a Certificate of Full Payment. Request a recent statement and the latest minutes before you apply, because a pending special levy can change a lender’s view of the building.

The BC Home Owner Grant is a separate matter. It reduces your annual property tax for a principal residence, and the full grant applies up to an assessed value of $2,075,000 for 2026, reducing by $5 for each $1,000 above that. It is not a lending test and it does not change the amount you can borrow, but a Burnaby South detached owner should know where the line sits. The grant has to be claimed every year.

Cost, purpose and the alternatives

Burnaby owners often ask about paying for renovations or a suite. A second mortgage carries interest, a lender fee, often a broker fee, legal costs and an appraisal, and the BC property transfer tax does not apply to a loan on a home you keep, since that tax is charged on purchases. Read our page on borrowing for a renovation before comparing it with a bank line of credit.

If a bank turned you down, a lender that accepts more complicated files may still look at it, at a higher cost. Our page on B lender second mortgages shows what that trade looks like, and second mortgage or refinance sets out when replacing your first mortgage costs less than adding a second.

Late payments and rates: what we could and could not source

We did not find a Burnaby-specific arrears or renewal figure in the sources we opened, so we do not give one. What GVR does report is that prices in all three Burnaby districts moved down over the year, which is the number that most directly shortens your lendable room.

Houses, townhomes and apartments by district

The same GVR report breaks Burnaby down by property type. Detached benchmarks were $1,681,600 in Burnaby East, $1,795,200 in Burnaby North and $1,904,400 in Burnaby South, down 7.2%, 7.1% and 8.8% on the year. Townhome benchmarks were $839,300, $873,000 and $922,900, and apartment benchmarks were $698,800, $660,400 and $716,500, down 7.1%, 5.7% and 7.9%.

So a Burnaby North apartment owner and a Burnaby South house owner sit about $1.2 million apart. A lender will not apply the same comfort to both, and an apartment that fell nearly 8% in a year has less lendable equity than the owner expected twelve months ago.

Strata documents and who reads them

Hand your strata documents to a licensed mortgage professional in British Columbia early. They can read them, compare lenders and say what an appraiser is likely to need. The British Columbia page sets out provincial rules and costs. If you want a view of your own Burnaby figures, review your options here.

A Burnaby South detached home at the October 2026 benchmark

The $1,904,400 value is GVR's October 2026 benchmark for a detached home in Burnaby South, used as a stand-in for an appraisal. The $1,000,000 first mortgage and $150,000 loan are made up. The 80% ceiling is the Financial Consumer Agency of Canada's figure for a second mortgage.

Home value used
$1,904,400
Owed on the first mortgage
$1,000,000
Combined loan-to-value with a $150,000 loan
60.4%

$1,150,000 divided by $1,904,400

80% of the home value
$1,523,520
Room under an 80% ceiling before the loan
$523,520

This owner could borrow several times the amount asked for and still sit under the ceiling. With that much room, the question is cost and exit, not whether the loan fits.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

A Burnaby North home at the October 2026 all-home benchmark

The $875,000 value is GVR's October 2026 all-home benchmark for Burnaby North, used as a stand-in for an appraisal. The $520,000 first mortgage and $70,000 loan are made up.

Home value used
$875,000
Equity before the new loan
$355,000

$875,000 minus $520,000

Combined loan-to-value with a $70,000 loan
67.4%

$590,000 divided by $875,000

80% of the home value
$700,000
Room left after the new loan
$110,000

$180,000 minus $70,000

Room under an 80% ceiling before the loan
$180,000

Equity of $355,000 becomes $180,000 of lendable room. After a $70,000 loan, $110,000 of room remains, enough for a lender to keep the file in its normal range.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

Questions people ask

Which Burnaby district is the benchmark for my home?

GVR splits Burnaby into East, North and South and reports each separately. In October 2026 the all-home benchmarks were $972,500, $875,000 and $975,400. Use the district your street sits in, then expect a lender's appraiser to adjust for your own house.

Must strata arrears be paid before I borrow against my Burnaby condo?

Legal Aid BC says that to keep a condominium mortgage in good standing, or to reinstate or redeem it, you must pay outstanding strata fees and special levies, and title cannot transfer without a Certificate of Full Payment from the strata corporation.

Will the BC Home Owner Grant affect whether I can get a second mortgage?

No. The grant reduces your annual property tax bill and is not a lending test. For 2026 the full grant is available up to an assessed value of $2,075,000, and most Burnaby benchmark homes sit below that line.

Renovating in Burnaby: should I use a second mortgage?

Sometimes, if the loan, fees and payments fit your budget and the work is likely to add value. A home equity line from your bank may cost less. Compare the full yearly cost of each, not just the monthly payment.

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