How much do I need down on an $800,000 Burnaby condo?

You'd need $55,000, which is 5% on the first $500,000 and 10% on the remaining $300,000, under federal rules from the Department of Finance.

Is a new build exempt from property transfer tax?

Newly built homes are fully exempt up to $1,100,000, with a partial exemption up to $1,150,000, under BC's rules. Ask your builder whether the unit qualifies before you count that money toward your down payment.

My mortgage renews soon. Do I deal with that before buying?

Talk to us before you sign the renewal, because breaking a fresh term to sell can trigger a penalty. Our page on mortgage renewal in Burnaby explains how switching lenders works.

Mortgage Pre-Approval in Burnaby, BC

By Alex McFadyen, Mortgage Broker at Flow Mortgage Co. Published October 14, 2026.

A mortgage pre-approval in Burnaby matters most when you're buying in one of the new towers around Brentwood, Metrotown or Lougheed, because a newly built home changes several of the numbers. A new build can qualify for a 30-year amortization on an insured mortgage and a larger property transfer tax exemption, so we check which rules apply to the exact unit before you sign. You'll get the stress test worked through with your own pay stubs and a written pre-approval you can hand your agent.

How long is a Burnaby pre-approval good for?

Most lenders hold a rate for 60 to 130 days, according to the Financial Consumer Agency of Canada, and our Pre-Approval Assurance includes a hold of up to 120 days depending on the lender. A presale in a tower that's still under construction usually won't complete inside a standard hold, so we plan for a fresh approval closer to completion and keep your documents current for it.

Does a pre-approval mean the lender has to give me the mortgage?

A pre-approval doesn't guarantee final approval. Once you pick a home, the lender reviews the property's value and your down payment, and that's when the final amount gets set. For a new unit near Metrotown the lender may order its own appraisal, and if it comes in under your purchase price, you cover the difference in cash, so keep some savings aside until your subjects are removed.

Can I find out rates before I get pre-approved?

You can ask, and we'll explain how fixed and variable terms compare for your plans on the first call. A lender sets your rate once it has reviewed your file and put a hold in writing, so the pre-approval is how you get one. Each 1 percentage point on your rate changes the monthly payment on a $500,000 mortgage over 30 years by about $283 to $298, which is why we get the hold in place early. If you own a Burnaby home now, a mortgage refinance in Burnaby can pull out equity for the deposit, up to 80% of the home's value.

Book your Burnaby pre-approval call

Book a free call and tell us which building you're looking at. We'll check the new-build rules for that unit and start your written pre-approval on the same call.

Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.

Frequently asked questions

How much do I need down on an $800,000 Burnaby condo?: You'd need $55,000, which is 5% on the first $500,000 and 10% on the remaining $300,000, under federal rules from the Department of Finance.
Is a new build exempt from property transfer tax?: Newly built homes are fully exempt up to $1,100,000, with a partial exemption up to $1,150,000, under BC's rules. Ask your builder whether the unit qualifies before you count that money toward your down payment.
My mortgage renews soon. Do I deal with that before buying?: Talk to us before you sign the renewal, because breaking a fresh term to sell can trigger a penalty. Our page on mortgage renewal in Burnaby explains how switching lenders works.