Is it time to move from renting to owning in Burnaby?
For Burnaby renters who plan to stay put, buying can be more reachable than the monthly numbers alone suggest. Renting still costs less each month in the comparison below, but ownership builds home equity, a fixed-rate mortgage payment holds steady for the length of the term, and first-time buyer programs and 30-year amortizations narrow the gap. This is a directional comparison rather than a like-for-like one: it sets Burnaby’s citywide average one-bedroom rent against the price of an apartment in Burnaby North.
What renting costs right now
liv.rent’s October 2026 Metro Vancouver Rent Report put the average unfurnished one-bedroom across Metro Vancouver at $2,083 a month, down 0.12% from September and 6.3% (or $140) from a year earlier, with all nine cities in the report below their October 2025 levels. Burnaby’s average unfurnished one-bedroom was $2,054 a month, down 2.26% from September and the second-largest monthly decline in the region after Richmond, and every unfurnished unit type in Burnaby decreased in price. Rents are softening, but they can still climb each year, up to the provincial cap explained below.
What owning costs, using one example
Region-wide, home prices are down from a year ago. Greater Vancouver REALTORS® put the MLS® Home Price Index figure for apartments across Metro Vancouver at $682,500 in September 2026, down 6.2% year over year. Burnaby North sat at $662,400, Burnaby East at $708,100, and Burnaby South at $723,000, all down 5.5% to 8.3% from a year earlier.
Using Burnaby North’s $662,400 price as an example, a buyer making the minimum down payment on an insured mortgage would carry roughly $646,000 once the mandatory insurance premium is added (the numbers behind that are in the mortgage section below). At an illustrative five-year fixed insured rate of 4.59% (nesto, October 5, 2026), the payment works out to about $3,620 a month on a 25-year amortization, before property tax, strata fees, insurance, or maintenance.
How the monthly gap narrows for first-time buyers
Since December 15, 2024, first-time buyers and buyers of new builds can get 30-year amortizations on insured mortgages. Stretched over 30 years, the same example drops to about $3,310 a month, which cuts the mortgage-only gap with the $2,054 Burnaby rent average from about $1,600 to about $1,300. The trade-off is real: a longer amortization means more interest over time and can carry an added insurance premium, so it lowers the monthly payment rather than the total cost. Property tax, strata fees, insurance, and maintenance would still be added on the ownership side.
| Monthly cost | Renting | Owning, 25-year | Owning, 30-year |
| Amount | $2,054 | About $3,620 | About $3,310 |
| Basis | Burnaby average unfurnished 1-bed, liv.rent October 2026 Rent Report | Mortgage plus CMHC premium on a Burnaby North apartment price of $662,400 (GVR, September 2026) at an illustrative 4.59% | Same example over 30 years, before any premium surcharge; excludes property tax, strata fees, insurance, and maintenance |
What a mortgage builds that rent does not
Over a typical five-year fixed term, which is 60 payments, the difference shows up in what you own at the end. In the 25-year example, about $78,000 of those payments goes to paying down principal, and in the 30-year example about $56,000. Over the same five years, a renter paying today’s Burnaby average pays about $123,000 in rent before any annual increases and ends with no home equity. Interest is a real cost too, about $140,000 and $142,000 in those two examples, and the figures assume the rate stays fixed and ignore changes in home prices, which could add to or reduce your equity. Principal paid down is still ownership you build in the home with every payment.
| First five years (60 payments) | Renting | Owning, 25-year | Owning, 30-year |
| Total paid | About $123,200 | About $217,400 | About $198,500 |
| Paid toward principal (home equity) | $0 | About $77,600 | About $56,300 |
| Paid in interest | $0 | About $139,800 | About $142,200 |
| Mortgage balance after five years | Not applicable | About $568,400 | About $589,700 |
What staying a renter looks like in B.C.
Renting comes with real protections in B.C., and they are worth knowing, but they last only as long as you stay in the same unit.
The rent cap and the notice rules
The Residential Tenancy Branch sets B.C.’s allowable rent increase every year. The 2026 limit is 2.3%, and the 2027 limit, which takes effect January 1, 2027, is 2.2%. On a rent of $2,054 a month, the maximum 2026 increase is about $47, and the 2027 maximum is about $45. A landlord generally cannot exceed that just because their own costs have gone up; above the cap, an increase needs the tenant’s written agreement or a separate approval through the Residential Tenancy Branch for capital expenditures or additional occupants. Landlords must also give at least three full months’ written notice on Form RTB-7, and rent can only rise once every 12 months.
Why moving resets your rent
The annual cap protects a sitting tenant. Once a unit turns over, the increase limit is tied to when rent was set at the start of a tenancy, so a new tenant effectively starts at whatever the landlord is asking. This is often described as vacancy decontrol. A fixed-rate mortgage works differently: the payment is set for the length of the term, although property tax, strata fees, and the rate at renewal can change. liv.rent’s own guide to B.C. rent increase rules walks through the rules in more detail.
Programs and rules that help renters become owners
Several federal and provincial tools are aimed squarely at first-time buyers, and a few of them change the math above.
Save faster with the FHSA and the Home Buyers’ Plan
The First Home Savings Account lets eligible first-time buyers contribute up to $8,000 a year, to a lifetime maximum of $40,000. Contributions are generally tax deductible, and qualifying withdrawals to buy a first home are tax-free. The Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP for a first home (the withdrawal is repaid to your RRSP over time), and the Canada Revenue Agency allows an FHSA withdrawal and an HBP withdrawal for the same qualifying home when all conditions are met. At the maximums, that is up to $100,000 per person toward a down payment, which is more than twice the $41,240 minimum in the example below.
Down payment, stress test, and 30-year amortizations
For CMHC-insured mortgages, homes priced under $1.5 million can qualify for mortgage default insurance with a minimum down payment of 5% on the first $500,000 and 10% on the remaining portion, subject to CMHC’s other borrower, property, and credit requirements. On Burnaby North’s $662,400 example, that is a $41,240 minimum down payment and a $621,160 mortgage before insurance. Based on CMHC’s premium schedule for that loan-to-value tier, the premium is about 4%, or roughly $24,846, for an insured total of about $646,006.
Federally regulated lenders have to qualify buyers at the higher of 5.25% or their contract rate plus two percentage points, a rule from the Financial Consumer Agency of Canada, though it’s worth confirming how it applies to you with a lender. At an illustrative 4.59%, the qualifying rate is 6.59%. Lenders also generally look for total housing costs (mortgage, property tax, heat, and half of any strata fee) to stay near 39% of gross household income, and total debt near 44%, though thresholds vary by lender and borrower. At the 6.59% qualifying rate, the mortgage payment alone on this example works out to about $4,400 a month on a 25-year amortization or about $4,100 on a 30-year, which would take at least roughly $135,000 or $127,000 of gross household income to stay near the 39% guideline, before property tax, heat, strata fees, or other debts. That is household income, so a co-borrower’s income counts toward it.
Closing costs: property transfer tax and GST on new homes
On top of the down payment, B.C.’s property transfer tax is due at closing: 1% on the first $200,000, 2% on the portion from $200,001 to $2 million, and 3% above that. On a $662,400 purchase, that’s $11,248 before any exemption. First-time buyers may qualify for real relief: B.C.’s First Time Home Buyers’ Program exempts the first $500,000 of a qualifying home’s value from the tax for an eligible home registered on or after April 1, 2024. A home priced at $500,000 or less is fully exempt; above that, up to a fair market value of $835,000, the exemption is capped at $8,000 (the tax that would otherwise apply on the first $500,000), with a partial exemption between $835,000 and $860,000. On this example, a qualifying first-time buyer would pay $3,248 rather than $11,248.
New homes follow different rules. A qualifying newly built home, including a condo unit in a new building that hasn’t been lived in, may instead be eligible for B.C.’s newly built home exemption, a full exemption at $1,100,000 or less and a partial one up to $1,150,000, for Canadian citizens and permanent residents who move in within 92 days of registration. New homes also carry GST, and the federal first-time home buyers’ GST/HST rebate refunds 100% of the GST on a new home valued up to $1 million (5% of $1 million, or up to $50,000), with a reduced rebate for homes valued between $1 million and $1.5 million. According to the Canada Revenue Agency, the home must be bought from a builder under an agreement signed on or after March 20, 2025 and before 2031, and buyers must be first-time home buyers: at least 18, a Canadian citizen or permanent resident, and not having lived in a home they or their spouse owned in the current or previous four calendar years. Each program has conditions, so confirm which ones apply to your purchase.
Which Burnaby areas are worth a look for buyers?
Burnaby isn’t one market, it’s several, and price and commute vary across the city. The apartment prices above show the spread across Burnaby North, East, and South, and all three sub-areas are down from a year ago.
Transit-connected areas: Metrotown, Brentwood, and Lougheed
The areas built up around SkyTrain stations, Metrotown, Brentwood, and Lougheed among them, are some of Burnaby’s most sought-after places to live because they pair density with a short commute into Vancouver. Metro Vancouver’s 2025 Housing and Transportation Cost Burden Study found that households well served by fast, frequent transit spend $10,000 to $20,000 less overall on combined housing and transportation costs than households in less connected areas, a saving worth factoring into your budget.
Where to check current prices and rents
For current rents by municipality, liv.rent’s monthly Rent Report breaks Metro Vancouver down by city, and current Burnaby listings show what’s available while you save. For purchase prices, Greater Vancouver REALTORS® publishes monthly stats by sub-area.
Should you rent or buy in Burnaby? A decision framework
There’s no universal answer, but there is a sensible order of questions.
Signs you’re ready to start the buying process
You plan to stay in the home long enough to build equity and cover the closing costs, which is years rather than months. Your household income clears the stress test and the debt-service guidelines with room to spare. You’ve saved, or can combine an FHSA and Home Buyers’ Plan to reach, a down payment plus property transfer tax, legal fees, and a home inspection. And you’re prepared to cover strata fees, property tax, and maintenance on top of the mortgage every month.
What to do while you’re still renting
Opening an FHSA starts your participation room, so earlier is better. Talk to a mortgage professional about pre-approval and what you could qualify for at the stress-test rate. Set a target price using the numbers in this guide, then compare resale and new-build options, since the tax rules differ. And keep renting well in the meantime: verified listings, ID-verified landlords, and digital lease agreements on liv.rent make it easier to search Burnaby with confidence while you save, and the annual rent cap protects your rent while you stay put. Read the ultimate renter’s guide to using liv.rent to get started.
When renting still makes the most sense
If you expect to move within a few years, your income wouldn’t comfortably clear the stress test, you’re still building your down payment and emergency fund, or you simply value flexibility, renting can be the better fit for now. This is general information, not legal or financial advice, and anyone making a specific decision should speak with a licensed mortgage professional, accountant, or lawyer first.
Is it cheaper to rent than buy in Burnaby in 2026?
It depends on how long you plan to stay and what you can qualify for. On a monthly basis, renting is cheaper in the comparison used here: a Burnaby average unfurnished one-bedroom rent of $2,054 against a mortgage of roughly $3,310 to $3,620 on a Burnaby North apartment priced at $662,400, before property tax and strata fees. Buying builds home equity (about $56,000 to $78,000 of principal paid down over the first five years of that example), and first-time buyer programs such as the FHSA, the Home Buyers’ Plan, and 30-year amortizations can narrow the gap. Anyone weighing a purchase should run their own numbers with a mortgage professional.
How much can my Burnaby landlord raise the rent in 2026?
Under B.C.’s Residential Tenancy Branch rules, the maximum increase is 2.3% in 2026 and 2.2% in 2027 (effective January 1, 2027), allowed once every 12 months, with at least three full months’ written notice on the official Form RTB-7. On a rent of $2,054 a month, that caps the 2026 increase at about $47 and the 2027 increase at about $45, unless the landlord applies separately for an additional increase to cover capital costs.
How much down payment do I need to buy an apartment in Burnaby?
Using Burnaby North’s $662,400 price as an example, CMHC’s insured-mortgage rules call for 5% down on the first $500,000 and 10% on the rest, for a minimum down payment of $41,240, subject to CMHC’s other borrower and property requirements. Down payments under 20% require mortgage default insurance, which adds a premium of up to 4.5% of the loan amount.
What is B.C.'s property transfer tax, and do first-time buyers get a break in Burnaby?
B.C.’s property transfer tax runs 1% on the first $200,000 of a purchase, 2% up to $2 million, and 3% above that. On a $662,400 apartment, that’s $11,248. First-time buyers may qualify to have the tax on the first $500,000 of a home’s value exempted, for an eligible home registered on or after April 1, 2024: a home priced at $500,000 or less is fully exempt, while a home priced above that up to $835,000 gets the exemption capped at $8,000, which leaves $3,248 payable on this example. A qualifying newly built home, including a condo unit that hasn’t been lived in, may instead qualify for the newly built home exemption, a full exemption at $1,100,000 or less.
Are Burnaby rents going up or down in 2026?
Rents are easing. liv.rent’s October 2026 Metro Vancouver Rent Report put the average unfurnished one-bedroom across the region at $2,083, down 6.3% from a year earlier, with unfurnished one-bedroom rents lower than last October in all nine cities in the report. In Burnaby, the average unfurnished one-bedroom fell 2.26% from September, to $2,054 a month.
What programs help first-time buyers in Burnaby?
Options include the First Home Savings Account (up to $8,000 a year and $40,000 over a lifetime, with generally deductible contributions and tax-free qualifying withdrawals), the Home Buyers’ Plan (up to $60,000 from an RRSP, repaid over time), 30-year amortizations on insured mortgages for first-time buyers and buyers of new builds, and B.C.’s first-time home buyers’ property transfer tax exemption. For new homes, B.C.’s newly built home exemption and the federal first-time home buyers’ GST/HST rebate may also apply. Eligibility rules apply to each program.
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