Burnaby

Let’s talk about Burnaby, British Columbia—a city that’s got a lot going for it, even if it’s not on our lending map at Tekamar Mortgage Fund. Nestled right next to Vancouver, Burnaby offers a unique urban-suburban blend that’s hard to find elsewhere in BC. It’s a place where high-rises meet green spaces, and where a diverse economy keeps things humming. So, why are we chatting about a spot we don’t lend in? Because understanding Burnaby’s appeal can help mortgage brokers and borrowers alike navigate the broader BC real estate landscape—and we’re all about shedding light, even if it’s not our turf.

First off, Burnaby’s got a vibe that’s distinct from Vancouver or smaller BC towns like Vernon or Tofino. With a population pushing 250,000, it’s big enough to have serious amenities—think sprawling parks like Burnaby Lake and cultural hubs like the Shadbolt Centre for the Arts—but it still feels more approachable than downtown Vancouver. For borrowers, this means a market with a mix of housing options, from apartments (nearly a quarter of dwellings) to single-family homes. Brokers, on the other hand, will note the competitive edge here: proximity to Vancouver drives demand, but it also means higher prices and tougher qualification hurdles with traditional lenders.

What makes Burnaby stand out from a real estate perspective? It’s the diversity of opportunity. The economy leans on professional services and retail, with a solid chunk of folks holding post-secondary degrees—over 70%. That signals a workforce with staying power, which is a plus for property stability. But here’s the rub: with a median household income around $83,000 and unemployment hovering near 10%, not everyone’s sailing through bank approvals. That’s where alternative lending often steps in—though, full disclosure, not with us at Tekamar. Our niche is lending where others won’t, in smaller towns or bigger centers like Kelowna, with a max loan-to-value (LTV) of 70% in those spots and a preference for 60% elsewhere. Burnaby? Our LTV here is 0%. We’ve got to stick to our sweet spot, but there are plenty of lenders who know this market inside out.

Still, let’s dig into what draws people to Burnaby. The climate is a big win—Zone 8b means warm summers and mild winters, perfect for anyone dreaming of a backyard garden or just not shoveling snow. It’s a lifestyle draw, no question. For borrowers eyeing a home here, that translates to properties holding value for quality of life alone. Brokers, keep this in mind when pitching to clients—it’s a selling point that can tip the scales, even if we’re not the ones funding the deal.

Here’s an insider tip from the mortgage world: Burnaby’s high density—over 2,750 people per square kilometer—means appraisers and lenders often scrutinize exit strategies more closely. If a deal goes south, how fast can a property flip in a crowded market? It’s a question we always ask at Tekamar, wherever we lend, ensuring a clear path to recover funds if the worst happens. While we’re not playing in Burnaby, it’s a reminder to both borrowers and brokers to think about the ‘what ifs’ in any hot market.

So, while Burnaby isn’t in our lending zone, it’s a fascinating case study in BC’s real estate patchwork. We’re happy to focus on the less-traveled roads—think towns without stoplights—while cheering on places like this from the sidelines. Got a deal outside Greater Vancouver or the Fraser Valley? Give us a shout. We’re all ears for the right fit.