Is Now a Good Time to Buy a Home or Investment Property in Burnaby?

If you've been thinking about buying a home or investment property in Burnaby, 2026 is giving buyers something we haven't seen much of in recent years: more choice and more negotiating power.

Home prices across Metro Vancouver have come down from last year's levels, while the number of properties available for sale remains elevated.

Does that mean every Burnaby property is suddenly a bargain?

No.

But for a financially prepared buyer with a longer-term outlook, I believe this is a market worth paying attention to.

Is Burnaby a Buyer's Market in 2026?

The real estate market has shifted considerably in favour of buyers.

According to Greater Vancouver REALTORS®, the benchmark price for all residential properties across Metro Vancouver was $1,088,800 in July 2026, down 6.2% compared with July 2025.

Detached home benchmark prices were down approximately 7% year over year, while apartment benchmark prices were down 7.5%.

Inventory was also 26.8% above the 10-year seasonal average.

The overall sales-to-active listings ratio was approximately 13%, with detached homes at just 10.5%.

These conditions are giving buyers something extremely valuable: time, selection and negotiating power.

During the hottest markets, buyers were often competing against multiple offers and making decisions quickly. Today's Burnaby buyer's market is different.

Depending on the property, buyers may have more opportunity to negotiate price, dates, conditions and other terms.

More Inventory Means More Choice for Burnaby Buyers

More properties for sale doesn't just potentially mean better prices.

It means buyers can be more selective.

Instead of feeling pressured to purchase the first acceptable property that becomes available, buyers can compare locations, layouts, building quality, renovation requirements and overall value.

If you want to see what's currently available, you can search Burnaby homes for sale and compare current asking prices across the city.

This is particularly important in Burnaby because properties can vary dramatically.

A newer condo in Brentwood is a very different purchase from an older condo in Highgate. A detached home near Metrotown may have completely different renovation or redevelopment potential than a house in Deer Lake, Burnaby Heights or Edmonds.

More selection gives buyers an opportunity to focus on buying the right property rather than simply trying to win the property.

Have Burnaby Home Prices Actually Come Down?

Yes, prices have softened.

But buyers need to be careful when looking at broad market statistics.

Burnaby isn't one single real estate market.

Burnaby North, Burnaby South and Burnaby East can perform differently. Detached houses, condos and townhouses can also experience different market conditions.

Even two properties on the same street can have significantly different values depending on condition, lot characteristics, location, renovations and development potential.

That's why I wouldn't recommend buying something simply because its asking price has been reduced.

A $50,000 or $100,000 price reduction doesn't automatically make a property a good deal.

The important question is:

What is this property actually worth in today's market?

Is 2026 a Good Time for a Burnaby First-Time Home Buyer?

For some first-time buyers, today's market may provide opportunities that were much harder to find during periods of intense competition.

A Burnaby first-time home buyer may now have more time to view properties, compare recent sales, arrange an inspection and properly review strata documents before making a decision.

There may also be less competition on certain properties.

If this is your first purchase, my Home Buying Guide explains the buying process and some of the important steps to consider before purchasing.

But first-time buyers shouldn't rush into the market simply because prices have come down.

Your mortgage payment, down payment, closing costs and emergency savings still matter far more than trying to predict the exact bottom of the real estate market.

If purchasing a property stretches your finances too far, a softer market doesn't suddenly make it a good decision.

But if you're financially prepared and planning to own the property for several years, today's conditions deserve serious consideration.

Is Now a Good Time to Buy a Burnaby Investment Property?

This is where buyers need to be disciplined.

Lower prices can create opportunities for investors, but a lower purchase price alone does not make something a good investment.

When I'm evaluating a Burnaby investment property, I want to look at the entire financial picture.

That includes:

• Purchase price
• Expected monthly rent
• Mortgage payment and interest rate
• Property taxes
• Strata fees
• Insurance
• Maintenance costs
• Vacancy allowance
• Potential special levies
• Property transfer tax and closing costs
• Expected cash flow
• Long-term appreciation potential

For condos and townhouses, the strata corporation also needs to be carefully reviewed.

A cheap condo in a poorly managed building with major repairs approaching can quickly become an expensive investment.

Depreciation reports, strata meeting minutes, contingency reserves, insurance and upcoming projects all matter.

The best investment isn't necessarily the property with the biggest price reduction.

It's the property where the numbers and long-term fundamentals make sense.

Could Burnaby Home Prices Fall Further?

Absolutely.

Nobody knows exactly where the bottom of a real estate market will be.

Prices could decline further.

They could remain relatively flat.

Or they could begin recovering.

Interest rates, employment, housing supply, government policy and the broader economy can all affect what happens next.

That's why trying to perfectly time the bottom is extremely difficult.

Usually, the bottom becomes obvious only after the market has already started moving upward again.

Should I Wait for Burnaby Home Prices to Drop More?

You can, but there's a trade-off.

Suppose you wait because you believe prices will fall another 5%.

You might be right.

But what happens if inventory declines, financing conditions improve or buyer confidence returns at the same time?

You could suddenly find yourself competing against more buyers.

The lowest purchase price doesn't necessarily produce the lowest overall cost of owning the property.

Instead of trying to perfectly time the market, I would concentrate on finding a good property at a price that makes sense for your finances and your long-term plans.

Buyers Have More Negotiating Power

This is one of the biggest advantages buyers currently have.

In a strong seller's market, sellers can dictate many of the terms.

In a softer market, buyers may have more leverage.

Depending on the property and the seller's situation, that could mean negotiating:

• Purchase price
• Completion and possession dates
• Subject conditions
• Included items
• Repairs
• Deposit terms
• Other contract conditions

Every property and seller is different.

A newly listed and aggressively priced property may still attract significant interest.

A property that's been sitting on the market for 60 or 90 days may present a completely different negotiating opportunity.

Days on market and seller motivation can sometimes tell you almost as much as the asking price.

Older Burnaby Homes Can Present Opportunities

This is an area where my construction and renovation background can be particularly useful.

Some buyers immediately reject an older home because the kitchen, bathrooms, flooring or exterior look dated.

That can sometimes be a mistake.

If the structure and major systems are sound, cosmetic renovations may create an opportunity to purchase a property that other buyers overlook.

On the other hand, a house that looks beautiful can still have expensive underlying problems.

Roofing, drainage, electrical systems, plumbing, foundations, windows and poorly completed previous renovations can become major expenses.

With more than 30 years of construction and renovation experience, when I'm viewing a property with a buyer, I'm not only looking at whether the kitchen looks nice.

I'm looking at the house itself.

Understanding potential renovation costs before making an offer can completely change whether a property represents good value.

What Type of Burnaby Property Should You Buy?

That depends entirely on your objective.

A first-time buyer may prioritize affordability, transit access and lifestyle.

An investor may prioritize rental demand, location and cash flow.

A growing family may care more about bedrooms, schools, yard space and how long the property will meet their needs.

Someone purchasing an older detached home may be looking at renovation or redevelopment potential.

There isn't one "best" type of Burnaby property.

There's a property that's best suited to your situation, budget and long-term plans.

So, Is Now a Good Time to Buy in Burnaby?

For the right buyer, I believe 2026 is presenting some of the most interesting buying conditions we've seen in several years.

Prices have softened.

Inventory is elevated.

Buyers have more selection.

Competition has decreased on many properties.

And buyers may have considerably more negotiating power than they did during stronger seller's markets.

But that doesn't mean you should buy simply because the market is down.

The property needs to make sense.

The price needs to make sense.

And most importantly, the numbers need to make sense for you.

If you're considering buying your first home, moving to a larger property or purchasing a Burnaby investment property, I can help you identify opportunities, analyze recent comparable sales and determine what I believe a property is actually worth before you make an offer.

With my construction background, I can also help you look beyond cosmetic finishes and understand potential renovation costs and issues that could affect the property's real value.

Contact me to discuss buying a home or investment property in Burnaby, or start by searching current Burnaby MLS listings.

The goal isn't simply to buy because prices have dropped.

The goal is to use a buyer-friendly market to buy the right property at the right price.

Robert Almeida
RE/MAX Crest Realty
604.862.8000
HomesForBC.ca