Trusted mortgage services
Your Burnaby mortgage broker
Condos at Metrotown and Brentwood, family homes on Capitol Hill and presales across the city. We compare over 50 lenders for you.
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 25 · on approved credit · Compare to bank rates
Burnaby mortgages, from presale condos to family homes
Burnaby has grown up around its SkyTrain town centres. Metrotown, Brentwood, Edmonds and Lougheed are filled with highrise condos, while neighbourhoods like Capitol Hill, Burnaby Heights, Deer Lake and Buckingham Heights are mostly detached homes on established streets. Up on Burnaby Mountain, UniverCity sits next to the SFU campus.
Many Burnaby purchases are presales, bought years before the building is finished, which brings its own timing and qualification questions. We line up financing that will still work on completion day, and we compare banks, credit unions and specialist lenders so you are not limited to the developer's preferred lender.
What Burnaby buyers ask us about
Presales and completion
Your mortgage is finalized close to completion, based on the appraised value and on your income and the lending rules at that time. If the appraisal comes in below your price, you cover the difference, so it pays to plan early.
Strata documents
Lenders look at the strata's depreciation report, contingency reserve fund and any special levies, and so should you. Older buildings with big repairs ahead can affect both your approval and your budget.
Assignments
Buying or selling a presale assignment has its own financing rules. Lenders want to see both the original contract and the assignment agreement, and some don't finance assignments at all. We know which ones do.
How it works
Your Burnaby mortgage in 3 steps
We do the shopping, you get the keys
Schedule a consultation- Step 1: Easily apply online in 5 minutesWith some simple questions, we build your profile and match you with mortgages that fit it. No cost to you for most mortgages, and no obligation.
- Step 2: We compare 50+ lenders to find the right mortgage for youWe compare rates and features from 50+ lenders and give you transparent options. Your options side by side: rate, penalties and flexibility.
- Step 3: Approved, with human supportFrom approval to closing, you have an advisor who gives you clear, transparent advice about your mortgage. Nick stays with you from approval to keys.
Frequently asked questions
You have questions — we have answers!
Burnaby mortgage questions
How long can I hold a rate on a presale?
A standard rate hold lasts about 90 to 120 days, which is shorter than most build times, so most presale buyers are approved a few months before completion. Some developers arrange longer rate holds through their lenders; we can compare those offers with the open market at the time.
Do I need 20% down on a condo?
Not if you will live in it and the price is under $1.5 million. With mortgage insurance you can buy with 5% of the first $500,000 and 10% of the rest. A condo you won't live in, bought as an investment, needs at least 20% down.
Will my strata fees affect how much I can borrow?
Yes. Lenders add half of your monthly strata fee to your mortgage payment, property tax and heating when they work out your debt-service ratios. For an insured mortgage, those costs generally can't go above 39% of your gross income, or 44% once your other debts are added. So a condo with higher fees supports a slightly smaller mortgage than one with low fees at the same price.
What happens if my presale appraises for less than I paid?
Lenders base your mortgage on the lower of the purchase price and the appraised value at completion. If the appraisal comes in low, you cover the difference in cash, on top of your planned down payment. We can sometimes ask for a review or try a lender that sees the value differently, but it is safest to keep some savings aside until completion day. That is one reason we check in with you during the build.
Can I get a mortgage on a presale assignment?
Yes, from lenders that finance assignments, though some don't. They want the original purchase contract, the assignment agreement and proof the developer has approved the assignment. The mortgage is usually based on the lower of your total price and the appraised value at completion. The money you pay the original buyer and any deposits have to be documented, so we work out the full amount of cash you need before you sign.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 25.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 5.54% | 5.09% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.79% | Get this rate: 1 year fixed |
| 2 year fixed | 5.39% | 4.59% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.69% | Get this rate: 3 year fixed |
| 4 year fixed | 5.99% | 4.84% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.89% | Get this rate: 5 year fixed |
| 7 year fixed | 6.40% | 5.09% | Get this rate: 7 year fixed |
| 10 year fixed | 6.80% | 5.09% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca