This guide is for you to understand the general information about buying a real estate in Burnaby. All the crucial aspects have been kept in mind while writing this text for you. Different demographics, prices, crime rates and the reputation of the area have been kept in mind. We know it is difficult and daunting when looking for a new place to live. However, this text has been written while keeping you in mind, guiding you and informing you about the process while helping you in saving money and the mental stress. Each and everything is available in this page when it comes to Houses for sale in Burnaby. Fitting your budget and your needs is what we are trying to provide you.
Burnaby Real Estate
Burnaby Real Estate is very diverse. Just as the floor spacing, storage, and the entire interior is important, so is the outside of the property. The outlook of a property can make a huge difference in the costs, location, and the maintenance fees that might be incurred in the future. Depending on the area that you are looking to move into and the availability, you might have to switch to a condo or a townhouse. Therefore, it is important that you make the decisions carefully.
Buying a Pre-Sale Condo in Burnaby
Once you decide to purchase a Burnaby pre-sale condo, you enter into the contract that is for the rights and a commitment to be able to pay for the completed condo at a fixed point in the future. It offers great opportunities but also comes with some risks.
Buying a Burnaby pre-sale condo, you will:
- Pay a lower deposit upfront
- Be able to save more money while the condo is being built.
- The remaining amount will only be payable once you move into the condo.
- The opportunity to customize the layout, finishes and elements.
- No repair costs as it is a new home.
- The condo will be covered in the 2-5-10 year insurance plan of the British Colombian government.
Therefore, your condo will be worth more than what you agreed to pay in the real estate market.
However, there are some risks, like:
- The condo might not be worth as much as what you purchased it for in the softening market.
- There is a possibility of mortgage rates changing by the time sale is complete.
- Construction delays
- The condo that does not get built.
Condos for sale in Burnaby
In Burnaby real estate, for people who want to purchase a house, but will not be staying there too long, condos for sale tend to be the best options. There are many advantages of living in a condo for the time being.
- Low Maintenance: Maintenance requires a great deal of time and monetary commitment. Even smallest repair can cost a lot of money, and that money you can probably spend somewhere more useful and fulfilling. Keeping up with the chores and cleaning a condo becomes easier. In a condo, you will be able to enjoy, with the least amount of hassles.
- Low Cost: Living in a condo in Burnaby, will give you a lot leeway with the money, and you can enjoy living in the thriving city. Since a condo is compact and has small units, it cuts down the utility usage; therefore, fewer bills.
- High Convenience: There are several condo complexes located at the ideal locations of Burnaby. It helps in making the life easier for you. You get closer to your activities and work.
- There is much more supply of condos and apartments for sale in Burnaby than the houses.
For people who are single or just a couple, working or studying, condos prove to be the best option for them. There are several condos for sale in Burnaby, be it near a university or workplace.
Which is better?
According to the statistics, the prices for homes is Burnaby have been growing at a fast pace as compared to the prices for apartments for sale in Burnaby and townhouses for sale in Burnaby. Therefore, at the current time, the family houses are the best investment.
When Living in Burnaby
When you start living in real estate Burnaby there are few things that everyone should know!
The Tax Office has the responsibility of billing and collection of the utilities, garbage disposal, and the property taxes.
"Multiple Listing Service" or simply MLS® Burnaby is a collection of majority of homes, condos, land, townhomes, duplexes, and other properties for sale. You can accesss most of the listings through our website - www.estateblock.com
It is the due day of the fee for the utility payment. The utilities due includes the regular water and sewer fees, and also there are the charges of Garbage disposal if it is applicable.
It is the due day for the Tax. The tax includes the: Property Tax, Local Improvement fee, Tax postponement applications, Homeowner grants. If the dues are paid after the due date, a 5% penalty is charged.
The PAD plan deductions are initiated for the next year’s taxes.
It is the last day to pay all the current year’s outstanding balance to avoid the 5% penalty.
It is the annual property Sale Tax day.
Tax and Utility Information
Utility charges and the Garbage Disposal fee
The notices for the utility charges and the garbage disposal fee are mailed to the resident at the start of the month of February every year. If the dues are paid after the March due date, the resident will not be eligible for the 5% discount.
Property Tax Information
The tax notices are mailed to the resident by the end of May every year. For homeowners who are qualified for the Basic Grant of $570 are required to pay the minimum tax of $350 and also the charges of water and sewer use. For homeowners who are qualified for the Basic Grant as well as the Added Grant, that totals the amount to $845 are required to pay the minimum tax of $100 and also the charges of water and sewer use.
Fees, Charges, and Penalties
Discount for the Utilities and Garbage Disposal Fee
The resident is eligible for the 5% discount if you pay the fee by the due date of March.
For the outstanding current taxes a penalty of 5% will be incurred after the due date of July, and also an extra 5% penalty will be incurred with the dues are paid after the September due date. These penalties are the requirement of the Community Charter; therefore, these penalties cannot be waived off.
$40 is charge per certificate from the BC Online. $45 is charged per tax certificate from the tax office.
Dishonored Cheque Processing Fee
$30 is charged per check.
Mortgage Processing Fee
$15 is charged per folio that is requested.
Refund Processing Fee
$25 is charged on each refund.
$35 is charged for each parcel.
Historical Tax Information Fee
$35 is charged for each hour, and $10 is charged for 15 minutes or less.
To keep yourself afloat after the huge step of moving there are somethings that you should keep in mind.
Your mortgage payment should be third or less than your monthly gross income, this means that you can make the payment on time. The mortgage payments are available monthly, bi-weekly, and weekly, but it is important that you make the payments on time. To ensure that, you can save at least a few months’ worth of payment, in case of an emergency you might needs these savings.
For homeowner the unexpected burden is that of maintaining their homes. It is a natural factor that houses age just like human beings, and they need to be taken care of ass the time goes by. Things that you should keep in mind regarding the home maintenance are:
- Save up for the emergencies like fire, flooding, bedbugs etc. These saving should be kept on top of the mortgage savings. Saving a few dollars every month will ensure that you are covered.
- Because of the weather in Burnaby, small problems with roofs, ceilings, kitchen and such will occur, and you will have to keep an eye on those.
- Keep a list of emergency contacts at hand in case of emergencies.
The Friendship & Sister Cities of Burnaby
The sister city is a philosophy that believes connecting has the core benefits of a communal area. It is considered a tool that endorses education, economic and cultural awareness among both the parties. Burnaby has a resilient custom and an upholding history that is associated with the global sister city relationships. Burnaby is one of the first populations in Canada that understood the economic and cultural opportunities of friendship with the Asian cities.
Following are the Sister cities of Burnaby:
The friendship between these two cities was instigated by Reeve Alan Emmott. The reason for choosing Kushiro was because of the shared latitude among both the cities. These two cities also resemble one another is scope and organization.
The friendship between Mesa and Burnaby began in the year 1998. This friendship was due to the association between Rotary Clubs in both the groups. There are some fundamental commonalities between Mesa and Burnaby, as both are a part of a hefty Municipal area. Both these cities are growing fast and have a significant retail component. The communities of Mesa and Burnaby share the common amenities and concerns that include the victim support programs, historic defenses, traffic management and crime deterrence. After 1998, there have been numerous contacts among the two cities.
The mayor of Burnaby, Derek Corrigan, visited Hwaseong in the year 2007. During this time a shared understanding among the two cities was developed, that lead to a future recognized association. Though the sister relationship of Burnaby and Hwaseong is a new, but a friendly communication among the cities has been developed and is growing.
Zhongshan City, P.R. China
In the year 2007, the mayor of Zhongshan City sent a message to the mayor of Burnaby, Derek Corrigan, in which he stated that they would like to encourage the friendship and cooperation among the two cities. Since then, there have been numerous visits between Burnaby and Zhongshan.
Fun Facts about Burnaby
Here some of the conversation pieces of Burnaby are mentioned, and every single one of it is an authentic fact.
- Burnaby is the third largest city, under Vancouver and Surrey, in British Columbia. It has the populace of about 223,000 residents.
- The name Burnaby was given to the city because of Robert Burnaby. He was the one who reconnoitered the region that surrounds Burnaby Lake in the year 1859. It was because of Robert Burnaby that most of the west shoreline were developed.
- Some of the locals of Burnaby, who became famous, are Michael J. Fox, Joe Sakic, Christine Sinclair, and Michael Buble.
- The official flower of Burnaby is rhododendron
- The sister cities of Burnaby are
o Kushiro, Japan
o Mesa, Arizona
o Hwaseong, Korea
o Zhongshan City, China.
- The only Canadian university competing in NCAA is Burnaby’s Simon Fraser University.
- The parkland ratio to the residents is at the top in North America. The city of Burnaby has more than 200 parks.
- In 1965, a neon sign called “The Swinging Girl”, was established at the Heights shopping districts and to this date is known as the best example of neon kinetic art in North America and is also a part of the local neon tours.
- Burnaby was one of the first communities in the entire British Colombia to have started the open watercourse policy.
- In 2002, Burnaby won the Overall Sustainability award
Burnaby is a fun place to live!
Burnaby’s weather stays mild throughout the year. The city of Burnaby is warmed by the currents of the Pacific Ocean and protected by the range of mountains. The climate of Burnaby is always hospitable, in the summers it goes as high as 70’s Fahrenheit and 40’s Fahrenheit in the winter. Burnaby certainly has pleasant weather throughout the year to make it interesting every day.
Wildlife of Burnaby
The best way to describe life in Burnaby is the outdoors, the wild. You can find the blacktail deer, black tigers, cougars and coyotes in the Burnaby Mountains. Other animals that you will find in your garden ones you purchase a house can be the squirrels, Canada Geese and raccoons. If you are fan of watching birds, then the best place to be is the Burnaby Lake Regional Nature Park. The great blue heron, bald eagles, belted kingfishers and ospreys can be seen from the shoreline trails. To get the best seat for viewing the busy beavers, ducks and turtles is available from the canoe.
Because the city of Burnaby is committed towards keeping the green space alive, this wild life is sustaining. The Municipal Bylaws of the Burnaby ensure that the healthy balance between the city’s inhabitants either two-legged or four-legged. The most important natural conservations in Burnaby are the ecosystems that are made for plants and animals alike.