Lakeview-Mayfield, Burnaby - September 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 a costly mistake whether you are buying, selling, or just keeping score.

The Vibe Right Now

Lakeview-Mayfield is a high-value pocket of Burnaby. We are not talking about a budget neighbourhood - the average assessed value sits at $2,030,343, which ranks 6th out of all Burnaby neighbourhoods. But the market is taking a breather. The average HonestDoor Price has come in at $1,926,988, sitting about 5% below that government assessment figure. That is a $103,000 gap between what the city says your home is worth and what the market is actually doing right now. For us as homeowners here, that difference matters.

Transaction volume is thin. Only 4 property sales were recorded in 2026 across 848 assessed properties. That is a quiet market. Neighbourhood growth has dipped 0.08% year over year. Not a crash - just a slow exhale.

Houses: Still Premium, But Trending Down

If you own a house in Lakeview-Mayfield, here is the honest picture. The predicted market value is $1,959,611, but that number is slipping - it is down from the 3-month moving average of $1,979,451. Recent price movement is -1.10%. We are not in freefall, but the arrow is pointing the wrong direction for sellers.

• Average sale price: $1,343,000
• Price per square foot: $1,223
• Predicted market value: $1,959,611
• 3-month moving average: $1,979,451 (current value is below this)
• Estimated monthly rent: $6,726
• Rental yield: 3.73%
• Recent value change: -1.10%
• Growth rank: 13 out of 36 Burnaby neighbourhoods - above average
• Price rank: 16 out of 35 Burnaby neighbourhoods - above average

The growth rank of 13 out of 36 puts us in the upper half of the Burnaby leaderboard. We are not leading the pack, but we are not at the back either. For context, nearby Richmond Park has a predicted house value of $1,679,719 - so Lakeview-Mayfield houses are still commanding a meaningful premium over the neighbours.

On the rental side, $6,726 per month in estimated rent with a 3.73% yield is a decent return for Burnaby. Not spectacular, but solid. Airbnb potential is modest at around $334 per month - this neighbourhood ranks 10th in Burnaby for short-term rental potential, which is respectable.

Condos: A Rare Bright Spot

Here is something interesting. While houses are drifting down, condos in Lakeview-Mayfield are actually ticking up. The predicted condo value is $770,238, and that is increasing compared to the 3-month moving average of $767,646. A small move, but it is moving in the right direction - up 0.27% recently.

• Average HonestDoor Price: $756,438 (down 1.79% from previous period)
• Predicted market value: $770,238
• 3-month moving average: $767,646 (current value is above this)
• Estimated monthly rent: $3,500 to $3,540
• Rental yield: 3.31%
• Airbnb potential: approximately $173 per night
• Growth rank: 23 out of 37 Burnaby neighbourhoods - below average

The growth rank of 23 out of 37 puts condos in the lower half of the Burnaby leaderboard. That is worth watching. The HonestDoor Price also dropped 1.79% from the previous period, so the longer-term trend is still soft even if the very recent momentum has flipped positive. Condo owners here should keep a close eye on this one.

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

BC Assessment values are a snapshot from July 1st of the previous year. By the time that notice lands in your mailbox, the data is already 6 to 18 months old. In a market that has shifted, that lag is not just inconvenient - it can be expensive.

Right now in Lakeview-Mayfield, the HonestDoor Price for houses is running about $103,000 below the average assessed value. If you are pricing a listing based on your assessment, you could be starting the conversation in the wrong place entirely. The HonestDoor Price pulls in real-time sales data, current market trends, and comparable transactions to give you a live read on what buyers are actually willing to pay today - not what the city guessed last summer.

With only 4 transactions recorded in the neighbourhood so far in 2026, every data point counts. A stale number can cost you weeks on market or leave money on the table. Check your HonestDoor Price before you make any moves.

So What? The Summer Selling Reality Check

Thinking about listing this summer? Here is the straight talk.

For house sellers - the market is not your enemy, but it is not your cheerleader either. Values are above the Burnaby average and you are sitting in a premium neighbourhood, but the trend line is heading down. Waiting for prices to recover is a gamble right now. If you need to sell, price sharp and price based on current data - not your assessment. The buyers doing their homework will know the difference.

For condo sellers - the very short-term momentum is slightly positive, but the growth rank of 23 out of 37 tells you this is not a hot segment. Rental yield of 3.31% makes it an okay hold for investors, but not a screaming buy. If you are selling, the window where values are ticking up is worth paying attention to.

For everyone in Lakeview-Mayfield - with 848 assessed properties and only 4 sales so far this year, this is a low-liquidity market. That means when you do sell, presentation and pricing have to be right the first time. There is no flood of comparable sales to bail you out if you misjudge it.

Bottom line: Lakeview-Mayfield is still one of Burnaby's pricier addresses. But the market is softer than your assessment suggests. Pull your HonestDoor Price, know the real number, and make your move with clear eyes.

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.