What Mortgage Insurance Costs in Burnaby — Low, High and Typical
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Expect mortgage insurance in Burnaby to land in the $8,844–$30,953 per year band. A typical project runs about $16,545.
The British Columbia market sets a baseline, but Burnaby neighbourhoods vary. Access, parking and the age of the building can each add to a mortgage insurance bill.
Typical cost at a glance
| Level | Price |
|---|---|
| Low | ~$8,844 |
| Typical | ~$16,545 |
| High | ~$30,953 |
Cost by type
| Type | Low | Typical | High |
|---|---|---|---|
| Baseline cost at the advertised rate | ~$8,844 | ~$19,899 | ~$30,953 |
| Best-qualified applicant scenario | ~$7,252 | ~$18,019 | ~$28,786 |
| Weaker-credit scenario | ~$9,552 | ~$24,896 | ~$40,239 |
| Origination and third-party fees | ~$1,061 | ~$4,709 | ~$8,357 |
| Shorter term with higher payment | ~$9,021 | ~$22,773 | ~$36,525 |
All figures per year.
What Mortgage Insurance typically costs
Start with the spread rather than one number: mortgage insurance usually lands between $8,844 and $30,953 in Burnaby, and the midpoint is close to $16,545 per year. The band is wide because finance work varies so much in scope.
How to compare quotes for mortgage insurance
Line the mortgage insurance quotes up side by side and ask what changes the price after acceptance. That one question exposes most of the gap between the $8,844 low end and the $30,953 high end.
What moves the price of mortgage insurance
mortgage insurance is priced job by job rather than off a fixed menu. That is why the same request can attract quotes near $8,844 and others near $30,953: the providers are pricing different assumptions about scope and risk.
Who sets mortgage insurance prices
Providers set mortgage insurance prices individually, weighing their own costs against how much work they have. When demand is high the number rises; when it is low there is more room to negotiate.
Timing your mortgage insurance
Scheduling matters as much as the quote for mortgage insurance. Emergency and same-week work carries a premium, while a planned slot booked ahead usually lands closer to the middle of the range.
Getting quotes for mortgage insurance
When you collect mortgage insurance quotes, note the date and the expiry. A quote that is not held open for a reasonable period is not a firm price.
Frequently asked questions
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These are planning ranges drawn from public price data and market research. They are not a quote, an offer or financial advice, and your actual price depends on the provider, the location and the scope of the work.