Lakeview-Mayfield, Burnaby - August 2026 Real Estate Report

Lakeview-Mayfield, Burnaby: Your Home Is Worth Less Than The City Thinks

If you have been glancing at your latest BC Assessment notice and feeling pretty good about yourself, hold on. The real-world numbers tell a slightly different story right now - and knowing the gap could save you from making a costly mistake this summer.

The Vibe: What Is Actually Happening in Lakeview-Mayfield

Let us be straight with you. The neighbourhood is taking a breather. Overall growth dipped 0.08% year over year, and with only 3 property transactions recorded in 2026 across 848 assessed properties, this is not exactly a hot-and-heavy sellers market at the moment. Low transaction volume means less competition - but also less price pressure pushing values up.

Here is how houses and condos are splitting the story:

Houses: Sliding Slowly

If you own a house in Lakeview-Mayfield, the trend line is pointing downward - gently, but consistently. The predicted market value sits at $1,981,380, and that number is already below the 3-month moving average of $2,003,043. Values have shifted -0.80% recently, and on the neighbourhood leaderboard, houses rank 29 out of 36 for growth in Burnaby. That puts us firmly in the bottom tier right now.

• Average sale price (houses): $1,390,000
• Price per square foot: $698
• Properties sold last month: 1
• Predicted market value: $1,981,380
• 3-month moving average: $2,003,043
• Estimated monthly rent: $6,782
• Rental yield: 3.71%
• Growth rank in Burnaby: 29 out of 36
• Price rank in Burnaby: 18 out of 35

One sale last month. That is a thin market. Thin markets can move fast in either direction, so watching your HonestDoor Price week to week matters more than ever right now.

Condos: A Rare Bright Spot

Condos are actually holding up better than the houses. Values nudged up 0.27% from the previous period, and the growth rank is 3 out of 37 neighbourhoods in Burnaby. That puts Lakeview-Mayfield condos near the top of the leaderboard - a genuinely good sign if you own one.

• Average HonestDoor Price (condos): $770,238
• Predicted market value: $768,175
• 3-month moving average: $770,696
• Estimated monthly rent: $3,538
• Rental yield: 3.31%
• Recent value change: +0.48%
• Growth rank in Burnaby: 3 out of 37
• Airbnb rank in Burnaby: 18

The condo side of this neighbourhood is quietly punching above its weight. If you own a condo here and have been sitting on the fence, this is worth paying attention to.

The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Assessment Right Now

Here is the thing about BC Assessment. That number is a snapshot frozen in time - typically reflecting market conditions from July 1 of the prior year. A lot has moved since then.

The average assessed value in Lakeview-Mayfield sits at $2,030,343. But the average HonestDoor Price - which updates in real time using actual market signals - is $1,965,595. That is a gap of roughly $65,000, and the HonestDoor Price is 3.19% lower than the assessed value.

What does that mean for you? If you price your home based on the city's assessment, you may be starting the conversation in the wrong place. Buyers are doing their homework. They will find the real-world number fast. The HonestDoor Price is your reality check before you walk into any negotiation.

And for context, nearby Richmond Park is averaging $1,689,506 and Second Street is at $1,828,514 - both cheaper than Lakeview-Mayfield, and both showing slightly better growth trends right now. Buyers will notice that comparison too.

The So What: Thinking About Selling This Summer?

Here is the honest take. For house sellers, the window is not slamming shut - but it is not wide open either. Values are drifting down, transaction volume is low, and your growth rank puts us near the bottom of the Burnaby leaderboard. If you are thinking about selling, sooner is likely better than later while your assessed value still gives you some psychological leverage in the listing conversation.

For condo owners, the picture is more encouraging. A top-3 growth rank in Burnaby is real momentum. If you have been waiting for a signal, this is a reasonable one.

Either way, do not anchor your expectations to that assessment notice. Pull your HonestDoor Price today - it reflects what the market is actually doing right now, not what it was doing last summer. That is the number that will matter when a buyer sits across the table from you.

• Airbnb rank in Burnaby (houses): 8 - strong short-term income potential
• Average Airbnb estimate: $335 per night (houses), $176 per night (condos)
• Average assessed value rank in Burnaby: 6 - this is a high-value neighbourhood
• Total transaction rank in Burnaby: 6 - but actual 2026 sales are very thin so far

Bottom line - Lakeview-Mayfield is still one of Burnaby's higher-value addresses. But right now, the market is asking for realistic pricing, not wishful thinking. Know your real number before you make any moves.

This 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.