How do I choose the best mortgage broker in Burnaby?
Compare six things. Licensing — every brokerage and agent is on a public register (BCFSA in British Columbia), so verify rather than take a badge on a website at face value. Lender access — how many lenders can they actually place with, and does that include B and private lenders if your file needs one? Reviews you can check at the source, not screenshots. Rate options — will they show you fixed and variable, and explain the trade-off rather than steer you? Communication — who answers when something goes wrong two days before closing? And local experience — someone who works Burnaby files knows which lenders price this market's property types well. A broker who won't answer those plainly has told you something. Ask when they read the strata documents. A depreciation report showing a large upcoming expense, a low contingency reserve, or a building with rental or age restrictions each shortens the lender list before your income is read.
Is it better to use a mortgage broker or a bank in Burnaby?
It depends on your profile, and any broker who says otherwise is selling. A
bank can only offer you its own products and its own read of your file — which is genuinely fine if you're a straightforward salaried applicant with strong credit and your bank is competitive that week. A
broker compares multiple lenders, which matters most when your file has an edge to it: self-employed income, newcomer credit, a bruised score, a condo the bank doesn't like, or a tight closing. We shop 100+ lenders for Burnaby clients and we'll tell you when your own bank's offer is already the best one on the table. See
bank vs mortgage broker for the honest comparison.
How much does a mortgage broker cost in Burnaby?
It depends on the lender and the product type. On most prime (A-lender) mortgages there is no direct borrower-paid broker fee — the lender compensates the brokerage on funding, which is why the service is typically free to you on a standard purchase, renewal or refinance. On a typical Burnaby file — $1,453,200 borrowed against the ~$1,816,500 local benchmark at 20% down — that means the entire cost of the advice sits on the lender's side of the ledger, not yours. Where a fee can apply is alternative lending: B-lender and private mortgage files often carry a brokerage and/or lender fee, because those deals take more work and the lender doesn't pay the same way. Anyone quoting you a fee before they've seen your file is guessing. Ours is disclosed in writing, in advance, every time — no fee should ever be a surprise at the lawyer's office.
Are you a mortgage broker or a mortgage agent in Burnaby?
Both terms apply. Mortgage Squad Advisors is an FSRA-licensed
Ontario brokerage (#13737) serving clients across Canada. British Columbia brokering is overseen by the BCFSA (BC Financial Services Authority), and British Columbia files are processed by licensed mortgage professionals in your jurisdiction through our partner network, in compliance with its requirements. Broker or agent, the file reaches the same 100+ lenders. New to brokers? See
what a mortgage broker is and how they're paid.
Is there a mortgage broker near me in Burnaby?
Yes. We arrange mortgages across every Burnaby pocket — Metrotown, Brentwood, Capitol Hill, Lougheed and the rest — from our licensed office at 310-3100 Steeles Ave W in Vaughan.The neighbourhood table above sets out what the dominant property form in each pocket means for your financing. The file itself is placed by a mortgage professional licensed in British Columbia, through our partner network, and Maya, our AI assistant, answers questions 24/7.
What are average closing costs in Burnaby?
Budget roughly
1.5% to 4% of the purchase price, on top of your down payment and payable in cash at closing. The stack is the same everywhere; the sizes differ. You pay BC Property Transfer Tax (1% on the first $200,000, 2% to $2M, 3% above). Legal fees, title insurance, a home inspection and an appraisal make up most of the rest, plus adjustments reimbursing the seller for prepaid property tax and utilities. First-time buyers may qualify for a full or partial Property Transfer Tax exemption under the program thresholds. New-build purchases add builder adjustments — development levies, utility connections and enrolment fees — that are billed at final closing and aren't always capped in the agreement. We give you the exact cash-to-close for your Burnaby file before you write an offer, and you can model the tax yourself with our
land transfer tax calculator and
closing costs calculator.
Which neighbourhoods have the best value in Burnaby?
We don't publish per-neighbourhood price rankings, and you should be sceptical of any broker who does — a "best value" list is an opinion dressed as data, and prices at that granularity move faster than a web page. What we can tell you is the part that actually changes your mortgage: the dominant property form in a pocket decides how your file is underwritten. Condo-heavy areas mean the corporation is assessed alongside you — a review of the strata's Form B information certificate and depreciation report can surface reserve-fund or special-assessment problems that stall an approval regardless of your income. Freehold pockets shift the risk to the appraisal, especially if you waive a financing condition to win. And areas whose typical price clears $1.5 million can't be default-insured at all, which makes 20% down the legal minimum rather than a choice. The table on this page maps each Burnaby pocket to the consideration its property form triggers. Tell us the neighbourhoods you're weighing and we'll price the financing for each against your actual file. In a strata building the financing question is the building's own paperwork rather than the neighbourhood: the reserve, the depreciation report, and any rental or age restriction.
What's the minimum down payment for a home in Burnaby?
At Burnaby's ~$1,816,500 benchmark price,
20% — about $363,300 — is the legal minimum, not an upgrade. Mortgage default insurance from CMHC, Sagen and Canada Guaranty is unavailable on purchases over $1.5 million, so there is no product that lets you put down less at this price band, and the 30-year insured amortization available to first-time buyers doesn't apply either. Below the $1.5M line the tiered minimum (5% on the first $500,000 plus 10% on the balance) returns.
Run your own price band →How much income do I need to buy a home in Burnaby?
At Burnaby's ~$1,816,500 benchmark price with 20% down at today's lowest 5-year fixed on our network (4.14%), you'd need roughly $304,000 in household income to qualify after the stress test — less with a co-applicant or a larger down payment, more if you carry other debt. We'll model your exact file in minutes.
How do lenders decide how much mortgage I qualify for in Burnaby?
Lenders run two debt-service ratios. Your
GDS ratio (Gross Debt Service) — housing costs (mortgage payment, property tax, heat, plus half of any condo fees) measured against gross income — generally has to stay under about 39%, and your
TDS ratio (Total Debt Service), which adds car loans, credit cards and other debt, under about 44%. Both are tested at the stress-test rate: the greater of your contract rate plus 2% or 5.25%. On a Burnaby purchase at the ~$1,816,500 benchmark with 20% down, that means a lender qualifies you on a payment of about $9,419 a month rather than the $7,755 you would actually pay at today's 4.14% 5-year fixed — which is why the household income the test demands lands near $304,000. Pay down other debt or add a co-applicant and that budget rises. Our
GDS & TDS guide and
stress test guide show the full math, or
run your numbers and an advisor will check them with you.
Should I choose a fixed-rate or variable-rate mortgage in Burnaby?
It depends on your risk tolerance and rate outlook, and anyone who answers it without seeing your file is guessing. A
fixed-rate mortgage locks your rate and payment for the whole term — predictable, and the popular choice when rates are uncertain. A
variable-rate mortgage moves with the lender's prime rate (which tracks the Bank of Canada policy rate); it often starts lower and can save money if rates fall, but your payment or amortization shifts if they rise. Here is what the spread is worth on a Burnaby-sized mortgage: on $1,453,200 over a five-year term, half a point costs $34,766 more in interest and lost principal than the sharpest rate on our board today. That is the number the fixed-versus-variable argument is actually about. Terms run 1, 2, 3 and 5 years. See our
fixed vs variable and
3- vs 5-year term breakdowns, and we'll compare both on your real numbers.
What credit score do I need for a mortgage in Burnaby?
For the best A-lender rates, most lenders look for a
credit score of about 680 or higher. Scores in the 600s can still qualify, often at a slightly higher rate or with more down payment. Below the low 600s, B-lenders and private lenders take over — many work with scores down to roughly
500 on an equity-based approval, with a plan to move you back to A-pricing in 12–24 months. What that costs in Burnaby specifically: a B-lender file is typically capped at 80% of value, so on the ~$1,816,500 local benchmark you would need about $363,300 down rather than the $363,300 an insured A-lender file allows — though at this price band 20% is the legal minimum in any case. The gap between those two numbers is the real price of a bruised score here. Our
credit score guide explains the bands, and we'll tell you exactly where your Burnaby file stands. A building with restrictions or a thin reserve can move a file off the A tier regardless of how strong the borrower's score is.
What's the typical home price in Burnaby?
The benchmark detached home price in Burnaby is approximately $1,816,500 — Burnaby North detached MLS HPI benchmark, Greater Vancouver REALTORS, last sourced August 2026. A median is not an average: it is the middle transaction, so half of everything that sold went for less. It is also published per property form rather than across the whole market — the condominium and plex medians behind this one sit well apart from it, and the table on this page shows all of them. What the median IS good for is the arithmetic on this page — the $363,300 minimum down payment and the ~$304,000 qualifying income are both computed from it. We model your file at the price band you are actually shopping.
What documents do I need for a mortgage in Burnaby?
Standard Canadian mortgage documents: two pieces of government photo ID, two years of T4s and Notices of Assessment, recent pay stubs, 90-day proof of down-payment funds, and your purchase agreement once you have one. At this price band the down payment is large enough that the 90-day source-of-funds trace is the item that most often delays a file — every dollar has to be traced, and a recent deposit needs a paper trail or a gift letter. Self-employed, newcomer and rental-income files each add their own list. We send you a precise one after a five-minute intake rather than a generic checklist. A strata purchase adds the depreciation report, the contingency-reserve statement, the minutes and the bylaws — and leasehold land adds the head lease and its remaining term.
Do you work with first-time buyers in Burnaby?
Yes — they are a core part of our practice. We help you stack the programs: the
FHSA (up to $40,000 lifetime contribution room, tax-deductible), the
RRSP Home Buyers' Plan with its 15-year repayment, first-time-buyer land transfer tax rebates where British Columbia offers them, and insured paths below 20% down. Under the 2024 rules,
30-year amortization is available to first-time buyers and on new-build purchases, which lowers the payment your stress test is applied to. One caveat specific to Burnaby: at a ~$1,816,500 benchmark, most homes here sit above the $1.5M insurance ceiling, so the 5%-down and 30-year-insured routes are closed and $363,300 is the legal floor. The FHSA and HBP still help; they just have further to reach. We run a stress-test simulation before you write any offer.
Who regulates mortgage brokers in British Columbia?
Mortgage brokering in British Columbia is regulated by the BCFSA (BC Financial Services Authority). Mortgage Squad Advisors is licensed by FSRA in Ontario (Brokerage #13737) and serves clients across Canada: British Columbia files are processed by licensed mortgage professionals in your jurisdiction through our partner network, in compliance with the BCFSA requirements. You can verify any broker on the public register kept by the BCFSA (BC Financial Services Authority).
How long does pre-approval take in Burnaby?
Most clients have a written pre-approval within 24 to 72 hours of sending documents. Maya gives you ballpark numbers in 60 seconds; the formal pre-approval needs a credit pull and an underwriting review. We would rather you went in pre-approved and kept the condition.
Do you handle complex files like self-employed or new-to-Canada in Burnaby?
Yes — they are most of what a broker is for. Burnaby's dense town-centre condo nodes — Metrotown, Brentwood, Lougheed — make it an owner-occupier-and-investor condo market more than a detached one. Pre-sale assignment closings and rental-income qualification are routine local files. Self-employed, newcomer, multi-unit, alt-A and private files are all in our daily flow, and each one is a lender-selection problem before it is a rate problem: the spread between the lender who reads your income most accurately and the one who reads it most conservatively is far wider than the spread between their posted rates. In British Columbia the file is placed by a partner professional licensed in the province who works that file type. Leasehold land is common in parts of the province and is financed by a shorter list of lenders, priced on the remaining term.
What rates can I get in Burnaby today?
The sharpest 5-year fixed across our network today is approximately
4.14%, with variable around 3.44%. Rates do not vary by city — the same lenders price the same products across British Columbia — so treat any "Burnaby rate" as our network rate applied to your file. What IS local is the size of the mortgage it sits on: on $1,453,200, which is 80% of the ~$1,816,500 local benchmark, each quarter-point is real money over a five-year term. See the rate-gap table on this page for the exact figure. Your own rate depends on income, credit, loan-to-value and property type. Our live
British Columbia rates board has the full ladder.
