Richmond Park, Burnaby - August 2026 Real Estate Report

Richmond Park, Burnaby: Your Home Is Probably Worth Less Than the City Thinks

If you have been glancing at your latest property assessment and feeling pretty good about yourself, hold on. The real numbers on the ground in Richmond Park tell a different story - and depending on whether you own a house or a condo, that story cuts in very different directions right now.

The Vibe: Houses vs. Condos

Houses - Steady, But Watch the Gap

For those of us with detached homes in Richmond Park, the market is holding its ground. Two sales went through in 2026, and the average sale price sits at $1,197,500 with a price per square foot of around $1,091. Not flashy, but not falling apart either.

The bigger story is the predicted market value of $1,721,792, which is actually ticking up against the 3-month moving average of $1,713,433. That is a quiet but real signal that house values here have some momentum. On the neighbourhood leaderboard, Richmond Park houses rank 3 out of 36 for growth in Burnaby. That puts us near the top of the class - most neighbourhoods in this city are not seeing that kind of upward movement right now.

• Average sale price: $1,197,500
• Price per square foot: $1,091
• Predicted market value: $1,721,792
• 3-month moving average: $1,713,433
• Recent value change: up 1.44%
• Growth rank: 3 out of 36 in Burnaby
• Estimated rent: $6,104 per month
• Rental yield: 3.89%

Condos - A Reality Check Is Needed

Condo owners, we need to talk. The predicted market value has slipped to $1,572,114, down from a 3-month moving average of $1,605,460. That is a drop of 4.79% recently, and Richmond Park condos rank 35 out of 37 neighbourhoods in Burnaby for growth. That is near the bottom of the leaderboard, and it is not a number to brush off.

The average sale price of $582,833 is also running below what condos are fetching in nearby Stride Avenue, where the average sold price is $668,000. Twelve transactions have gone through in 2026, which shows there is activity - but buyers are not paying a premium here right now.

On the flip side, if you are a condo owner thinking about renting, the estimated $5,048 per month in rent and a top-6 Airbnb rank in all of Burnaby means your unit has real income potential even if the resale picture is softer.

• Average sale price: $582,833
• Price per square foot: $752
• Predicted market value: $1,572,114
• 3-month moving average: $1,605,460
• Recent value change: -4.79%
• Growth rank: 35 out of 37 in Burnaby
• Estimated rent: $5,048 per month
• Rental yield: 3.11%
• Airbnb rank in Burnaby: 6th

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

Here is the thing about your city assessment - it is a snapshot from months ago, built on formulas that do not know what is actually happening on your street today. The HonestDoor Price is updated in real time using live market data. That difference matters a lot right now in Richmond Park.

For house owners, the average assessed value is $1,809,648. But the average HonestDoor Price is $1,689,506 - that is 6.64% lower than what the city has on file. The HonestDoor Price has also dipped 1.88% from the previous period. If you are making any financial decisions based on that assessment number, you could be working with figures that are out of step with what buyers are actually willing to pay today.

For condo owners, the gap is even more striking in the other direction. The average assessed value is $702,255, but the average HonestDoor Price is $1,679,719 - a full 139.19% higher than the assessed value. That is not a typo. The city's number is dramatically behind what the market is actually pricing these units at. If you are a condo owner and you have only been looking at your assessment, you have been seriously underestimating your asset.

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

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

If you own a house in Richmond Park and are thinking about listing this summer, the timing is not bad. You are in a top-3 growth neighbourhood in Burnaby, values are nudging upward, and rental demand is strong enough to give you options if you want to hold a little longer. Just do not price off your assessment - price off your HonestDoor Price and current comparables, because the gap between the two could cost you a real conversation with buyers.

If you own a condo, this summer calls for honesty. Values are sliding, and Richmond Park sits near the bottom of Burnaby's condo growth rankings right now. That does not mean you cannot sell - it means you need to be sharp on pricing. Coming in too high because you anchored to an outdated number will leave your listing sitting. The good news is that with 12 transactions already in 2026 and strong rental income potential, there is a buyer pool here. You just need to meet the market where it actually is.

Either way, pull your HonestDoor Price before you do anything else. It is the number that reflects today - not last year.

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.