Where can a first-time buyer still get a 2 bedroom condo under $700,000?

Oct 6

4 min read

In south Burnaby and Richmond, yes. On September 22, 2026, 322 of the 517 active 2 bedroom condos asking $499,000 to $800,000 were under $700,000: 206 in Richmond and 116 in Burnaby. Brighouse, Metrotown and West Cambie had the most.

Which areas have the most 2 bedrooms under $700,000?

Brighouse, by a wide margin. These are the active listings on September 22, 2026, next to the firm sales that closed under $700,000 between June 24 and August 31, 2026 (90 of 128 firm sales).

Bar chart of 2 bedroom condos under $700,000 by area. Active listings on September 22, 2026 versus firm sales June 24 to August 31, 2026. Brighouse: 84 listings, 23 sales. Metrotown: 51 listings, 14 sales. West Cambie: 45 listings, 14 sales. Highgate: 32 listings, 5 sales. Brighouse South: 27 listings, 11 sales. McLennan North: 13 listings, 4 sales. South Slope: 12 listings, 5 sales. Edmonds: 7 listings, 2 sales.

Brighouse: 84 listings, 23 sales
Metrotown: 51 listings, 14 sales
West Cambie: 45 listings, 14 sales
Highgate: 32 listings, 5 sales
Brighouse South: 27 listings, 11 sales
McLennan North: 13 listings, 4 sales
South Slope: 12 listings, 5 sales
Edmonds: 7 listings, 2 sales

The 90 sales under $700,000 closed at a median of $617,500. Across all 128 sales, the average came in at 96.5% of the final list price, so an asking price of $700,000 often means an offer closer to $675,000. Any single unit can close above or below that.

The data only covers listings and sales priced from $499,000 up, so anything cheaper isn't in these counts.

What changes between $600,000 and $700,000?

Burnaby opens up. In my look at condos under $600,000, a newer 2 bedroom in Metrotown or Brentwood Park was rare. At $700,000 it isn't.

I looked at 2 bedroom condos built in 2006 or later that sold for $800,000 or less between March 14 and August 21, 2026. How many closed under $700,000, and how many under $600,000:

Brighouse: 46 of 66 under $700,000, 14 under $600,000
West Cambie: 36 of 60 under $700,000, 12 under $600,000
Metrotown: 25 of 64 under $700,000, 2 under $600,000
Brentwood Park: 41 of 91 under $700,000, 3 under $600,000

That extra $100,000 is the difference between almost no newer 2 bedrooms in Metrotown and Brentwood Park and roughly 4 in 10.

What kind of building do you get under $700,000?

More often a newer one than at $600,000. Of the 322 listings under $700,000 on September 22, 184 were built in 2006 or later and 110 before 2000.

Metrotown is the exception. Of its 51 listings under $700,000, 21 were built before 2000. Of its 14 sales under $700,000, 9 were from the 1980s and early 1990s.

On the newest listings, 58 2 bedroom condos came on the market in Brighouse, Metrotown and Brentwood Park between September 21 and 28, 2026. 18 asked under $700,000: 8 in Brighouse, 6 in Brentwood Park and 4 in Metrotown.

Which area would I pick with $700,000?

If I were buying my first condo with $700,000, I'd start with a newer unit in Brighouse or West Cambie. Between them, 82 of the 126 newer 2 bedroom sales from March to August closed under $700,000, so you'll have real choice and comparables to negotiate from. I wrote about the trade-offs, mainly higher strata fees and slower resale, in whether Brighouse is a good place to buy a first condo.

If you want to stay in Burnaby, $700,000 is the first budget where I'd look at a newer unit in Metrotown or Brentwood Park instead of an older one.

I'd be careful with the older Metrotown listings. A 2 bedroom from the 1980s can still be a good buy. Read the depreciation report and the recent strata minutes first, because a repair bill lands on whoever owns the unit when it comes due. Is a leaky condo still a risk covers what to check.

What do you need to bring to a $700,000 purchase?

Minimum down payment: $45,000. That's 5% of the first $500,000 ($25,000) plus 10% of the remaining $200,000 ($20,000).

Property transfer tax: $4,000 if you qualify as a first-time buyer. The full tax on $700,000 is $12,000. The first-time buyer exemption covers the tax on the first $500,000 for homes worth up to $835,000, which saves $8,000.

For the income side, see how much you need to earn to buy a condo in Metro Vancouver.

Frequently asked questions

Can I buy a 2 bedroom condo for under $700,000 in Burnaby?

Yes. On September 22, 2026, 116 active 2 bedroom condos in south Burnaby asked under $700,000, with 51 in Metrotown and 32 in Highgate. 21 of the 51 in Metrotown were built before 2000.

Is a 2 bedroom under $700,000 easier to find in Richmond or Burnaby?

Richmond. On September 22, 2026, 206 of the 322 listings under $700,000 were in Richmond, and 63 of the 90 sales under $700,000 between June 24 and August 31 closed there.

How much down payment do I need for a $700,000 condo?

$45,000 at minimum: 5% of the first $500,000 and 10% of the remaining $200,000. With less than 20% down, you'll also pay mortgage default insurance.

How much is property transfer tax on a $700,000 condo?

The full tax is $12,000. A first-time buyer who qualifies for the BC exemption pays $4,000, because the exemption covers the tax on the first $500,000 of homes worth up to $835,000.

Barton Lui is a REALTOR® with Real Broker in Vancouver. He works mostly with first-time buyers across Metro Vancouver and speaks English, Cantonese and Mandarin.

Working with a $700,000 budget? Book a consultation.

Reach him at 604-715-5568 or barton@bartonrealtor.com.