Lakeview-Mayfield, Burnaby - October 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, here is a reality check worth reading. The average assessed value in Lakeview-Mayfield sits at $2,030,343 - but the average HonestDoor Price is $1,937,099. That is a gap of roughly $93,000. The city's number is a snapshot from last July. The HonestDoor Price is updated in real time. One of these numbers actually reflects what a buyer would pay you today. It is not the one on your tax notice.
The Vibe: What Is Happening With Houses and Condos Right Now
Let us break it down by property type, because the story is a little different depending on what you own.
Houses - Taking a Breather
We are not going to sugarcoat it. If you own a house in Lakeview-Mayfield, the market is cooling off. The predicted market value for houses sits at $1,920,931, and that number is sliding - it is down from the 3-month moving average of $1,953,974. Recent price movement clocks in at -1.97%.
- Average sale price: $1,343,000
- Price per square foot: $1,223
- Predicted market value: $1,920,931
- 3-month moving average: $1,953,974
- Recent price change: -1.97%
- Estimated monthly rent: $6,624
- Rental yield: 3.74%
- Properties sold in 2026: 4 total transactions across the neighbourhood
- Neighbourhood leaderboard - Growth rank: 34 out of 36 in Burnaby
- Neighbourhood leaderboard - Price rank: 17 out of 35 in Burnaby (above average)
That growth rank is the number to pay attention to. Sitting at 34 out of 36 neighbourhoods in Burnaby puts us near the bottom of the leaderboard right now. Our neighbour Richmond Park is cheaper at $1,621,774 but that is the comparison that should make house owners here think carefully about timing. We are priced above average in Burnaby, but we are not growing to match it.
Condos - A Steadier Picture, But Still Drifting Down
Condo owners in Lakeview-Mayfield are in a slightly different position. The HonestDoor Price for condos is $764,825, up 1.11% from the previous period - which is a small but real positive signal. That said, the predicted market value of $756,438 is still slipping below the 3-month moving average of $764,950, and recent price movement is -1.79%.
- Average HonestDoor Price: $764,825 (up 1.11%)
- Predicted market value: $756,438
- 3-month moving average: $764,950
- Recent price change: -1.79%
- Estimated monthly rent: $3,500
- Rental yield: 3.33%
- Airbnb estimate: $176 per night
- Neighbourhood leaderboard - Growth rank: 20 out of 37 in Burnaby (below average)
Below average on the growth leaderboard, but not at the bottom. For condo owners, the rental story is decent - $3,500 a month in estimated rent is a reasonable return at a 3.33% yield. Not spectacular, but not nothing either.
The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Assessment Right Now
Here is the thing about BC Assessment. That number was calculated based on market conditions from July 1st of last year. A lot has changed since then. In a neighbourhood where house values have shifted by nearly -2% recently and the market has seen limited transaction volume - only 4 sales recorded in 2026 across 848 assessed properties - relying on a static government number to understand what your home is worth today is like checking last year's weather forecast before heading out the door.
The HonestDoor Price pulls from current market data and updates continuously. Right now, it is telling us that the average home in Lakeview-Mayfield is worth about $93,000 less than what the city assessed it at - a 4.59% gap. That matters if you are thinking about selling, refinancing, or just trying to understand your actual net worth on paper. The HonestDoor Price is the real-world check. Use it.
The So What - Should You Sell This Summer?
If you are a house owner in Lakeview-Mayfield thinking about listing this summer, here is the straight talk. You are sitting in a neighbourhood that ranks near the bottom of Burnaby's growth leaderboard right now. Values are trending down from their 3-month average. Nearby neighbourhoods like Richmond Park and Second Street are both cheaper and growing faster - which means buyers have options that look more attractive on paper.
That does not mean you should panic. It means you should price smart. Listing based on your assessed value of $2,030,343 when the real-world HonestDoor Price is $1,937,099 is a fast way to sit on the market longer than you want to. With only 4 transactions recorded in the neighbourhood this year, this is a thin market. Every mispriced listing sticks out.
For condo owners, the calculus is a little softer. The HonestDoor Price ticked up 1.11%, and if you are not in a rush, holding and renting at an estimated $3,500 a month keeps cash flowing while you watch the market find its footing.
Bottom line - check your HonestDoor Price before you make any moves. It is the number that actually reflects today, not last summer.
lakeview-mayfield | 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.