Lakeview-Mayfield, Burnaby - July 2026 Real Estate Report

Lakeview-Mayfield, Burnaby: Your Home Is Worth More Than You Think - But the Market Is Sending Mixed Signals

If you own a home in Lakeview-Mayfield and you have not checked your HonestDoor Price lately, now is the time. The city's assessment says one thing. The real world is saying something slightly different. Here is what is actually going on in our neighbourhood right now.

The Vibe: What Is Happening With Houses and Condos

Let's be straight with each other. Lakeview-Mayfield is not the hottest market in Burnaby right now. But it is not falling apart either. It is taking a breather - and depending on your situation, that can actually work in your favour.

Houses

If you have been watching the "For Sale" signs on our streets, here is what the numbers are actually telling us. The average sale price for houses sits at $1,390,000, with a price per square foot of around $698. The predicted market value is $1,997,362 - and that number is nudging upward from the 3-month moving average of $1,996,477. So values are not in freefall. They are just moving slowly.

• Average sale price: $1,390,000
• Price per square foot: $698
• Predicted market value: $1,997,362
• 3-month moving average: $1,996,477
• Estimated monthly rent: $6,825
• Rental yield: 3.70%
• Recent value change: -1.63%
• Growth rank: 33 out of 36 neighbourhoods in Burnaby

That growth rank is the honest part we need to talk about. On the Burnaby neighbourhood leaderboard, our houses are sitting near the bottom for growth - 33rd out of 36. That does not mean your house is losing value overnight, but it does mean we are not leading the pack. Compared to nearby Richmond Park, where the HonestDoor Price is $1,651,157, we are priced higher - but Richmond Park is actually growing faster. Worth knowing.

Condos

The condo picture is a bit more nuanced. The average HonestDoor Price for condos in Lakeview-Mayfield is $768,175 - and unlike houses, condo values here are actually up 0.48% from the previous period. Small move, but it is moving in the right direction.

• Average HonestDoor Price: $768,175
• Recent value change: +0.48%
• Predicted market value: $764,525
• 3-month moving average: $761,883
• Estimated monthly rent: $3,522
• Rental yield: 3.31%
• Airbnb estimate: $175 per night
• Growth rank: 34 out of 37 neighbourhoods in Burnaby

Again, the leaderboard ranking is something we have to be honest about. Condos rank 34th out of 37 for growth in Burnaby. If you own a condo here and you are thinking about your next move, that context matters. Nearby, Burnaby Lake condos are cheaper at $394,333, while Richmond Park and Second Street are coming in much higher - so we sit in a middle ground on price.

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

Here is something most homeowners do not realize. Your BC Assessment number is a snapshot frozen in time - it reflects market conditions from July 1 of the previous year. A lot can change in 12 to 18 months. The HonestDoor Price is updated in real time, pulling from actual sales data and current market signals.

In Lakeview-Mayfield right now, the average assessed value for houses is $2,030,684. The average HonestDoor Price is $2,004,108. That is a gap of about $26,000 - and the HonestDoor Price is 1.31% lower than the assessed value. What does that mean for us? It means the city's number is running a little high compared to where the real-world market is pricing things today. If you are making any financial decision - refinancing, selling, even just understanding your net worth - using the assessed value alone could give you a distorted picture.

The HonestDoor Price is the real-world check. Use it.

The "So What?": Thinking About Selling This Summer?

If you are considering listing your Lakeview-Mayfield home this summer, here is the straight talk.

Transaction volume is low - only 3 property transactions recorded in 2026 across 849 assessed properties. That is a thin market. Low volume can cut both ways: fewer competing listings, but also fewer active buyers. You are not going to get a bidding war frenzy right now. What you will get is a market where pricing accurately from day one matters more than ever.

The neighbourhood growth rate declined 0.08% year over year. That is not a crisis - it is a slow drift. But it does mean sitting on the market and waiting for prices to climb back up is not a guaranteed strategy this season.

The upside? If you are a house owner, your Airbnb rank in Burnaby is 8th - that is actually strong. With an estimated $340 per night and a monthly rental estimate of $6,841, Lakeview-Mayfield has real income potential that buyers will notice. Lead with that when you list.

Bottom line - price it right using your HonestDoor Price, not last year's assessment. Lean into the rental and short-term income story. And move with intention this summer rather than hoping the market does the work for you.

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.