Lake City, Burnaby - October 2026 Real Estate Report
Lake City, Burnaby: What's Actually Happening With Home Prices Right Now
If you've been watching the "For Sale" signs around Lake City and wondering whether the market is moving or just sitting still, here's the honest answer - it depends on what you own, and the numbers are more interesting than you'd expect.
The Vibe: Houses vs. Condos in Lake City
Let's break down what we're actually seeing on the ground.
Houses: The average sale price is sitting at $1,035,000, with a price per square foot of around $769. One house sold last month, which is a thin slice of data, but the predicted market value of $1,160,576 is trending up from the 3-month moving average of $1,145,764. That's a 2.81% recent change in property values - and it puts us at rank 7 out of 36 neighbourhoods in Burnaby for growth. That's a top-performer position. On price alone, we rank 25 out of 35, which means Lake City houses are below average in price for Burnaby - but climbing faster than most. For a buyer, that's an entry point with upside. For a seller, that momentum matters.
Condos: The average sale price hit $700,000, at $657 per square foot. One condo sold last month. The predicted market value is $615,449, up from a 3-month moving average of $613,500, with a 0.90% recent value change. Here's the standout stat - our condos rank 4 out of 37 neighbourhoods in Burnaby for growth, and 7 out of 26 for price, putting us above average. We're not the cheapest condo market in Burnaby, and we're growing faster than almost everyone else.
- House average sale price: $1,035,000 - $769 per sq ft
- House predicted value: $1,160,576 - up from $1,145,764 (3-month avg)
- House growth rank: 7 out of 36 in Burnaby
- House rental yield: 4.59% - estimated rent $4,613/month
- Condo average sale price: $700,000 - $657 per sq ft
- Condo predicted value: $615,449 - up from $613,500 (3-month avg)
- Condo growth rank: 4 out of 37 in Burnaby
- Condo estimated rent: $2,999/month - rental yield 3.61%
- Total transaction rank in Burnaby: 5 - one of the most active neighbourhoods
The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment Right Now
Here's something worth knowing before your next property tax bill lands. The city's average assessed value for a Lake City house is $1,162,824. The average HonestDoor Price is $1,141,024. That's a gap of about $21,800 - and the HonestDoor Price is the one that actually reflects what buyers are doing right now, not what an assessor estimated months ago using last year's data.
Government assessments are a snapshot frozen in time. The HonestDoor Price updates in real time, pulling from actual market activity. If you're making any decision - selling, refinancing, or just figuring out your net worth - the HonestDoor Price is your real-world check. The assessment tells you what the city thinks your home was worth. The HonestDoor Price tells you what it's worth today.
For condos, the HonestDoor Price is $612,628. No assessed value comparison is available for condos here, but with a growth rank of 4 out of 37, that number is moving in the right direction.
The "So What?" - Thinking About Selling This Summer?
If you own a house in Lake City and you're thinking about listing this summer, the market is not on fire - but it's not asleep either. It's taking a breather on volume (6 total transactions in 2026 across the neighbourhood), but the predicted values are climbing and our growth rank puts us ahead of most of Burnaby. The window where you're priced below the Burnaby average but growing faster than it doesn't stay open forever.
Compare us to the neighbours - Burnaby Lake houses average $2,236,023 and Spening-Broadway sits at $1,705,671. Lake City houses at $1,141,024 look like relative value to buyers who've been priced out of those pockets. That's your selling story this summer.
For condo owners, the picture is actually stronger. A $700,000 average sale price that edges out Spening-Broadway condos ($695,000), a top-4 growth rank, and above-average pricing in Burnaby - that's a solid position. If you've been sitting on the fence, the data says you're not waiting for a better market. This is a reasonable one.
Bottom line - check your HonestDoor Price before you call an agent, before you refinance, and before you assume the city's assessment is telling you the full story. It isn't. The real number is the one the market is actually paying.
lake city | burnaby | october 2026This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.