Rent vs. Buying in Burnaby. Where are we now?

Over the past year, both rents and condo sale prices have softened in Greater Vancouver, so we wanted to see what a real “rent vs. buy” looks like today using two near-identical Metrotown-area examples:

• Rent example: 6700 Dunblane Ave (≈550 sq ft, 30th floor) renting for $2,150/mo

• Buy example: 1507–6468 Willingdon Ave (534 sq ft, 15th floor) sold Dec 2025 for $589,000

Assumptions (Buy Scenario)

• Mortgage rate: 3.95%

• Amortization: 25 years

• Down payment: 20% ($117,800)

• Mortgage amount: $471,200

• Strata fee: $295/month

• Property taxes + basic insurance: estimated ~$300/month

Monthly Comparison

Does the Equity Built Offset the ~$920/month Gap?

If ownership costs about $920 more per month, that equals approximately:

• ~$55,000 over 5 years

• ~$110,000 over 10 years

Estimated principal paydown (equity built from the mortgage alone):

• ~$61,000 after 5 years

• ~$136,000 after 10 years

So even with the updated strata fee, the equity built still exceeds the additional monthly cash outlay over both 5 and 10 years — before considering any market appreciation.

What Price Would Equalize Monthly Costs?

With today’s rate, strata fee of $295, and ownership expenses included, the condo would likely need to sell under ~$400,000 for total monthly ownership costs to align with the $2,150 rent.

This comparison gives some perspective on where prices could move in a more extreme correction scenario — and also explains why renting feels cheaper today while long-term buyers focus on equity growth and time in the market.

How does this compare to other major international cities?

A quick way to compare rent vs. buy pressure across cities is the price-to-rent ratio (higher usually means buying is “more expensive” relative to renting). Numbeo’s current Price to Rent Ratio (City Centre) shows:

For context, our Metrotown example implies a price-to-rent ratio around ~22.8 (589,000 ÷ (2,150×12)), which puts it closer to Vancouver/NYC/Sydney than the much higher-ratio cities like London or Singapore.