Richmond Park, Burnaby - July 2026 Real Estate Report

Richmond Park, Burnaby: Your Home Is Worth Less Than the City Thinks - Here's the Real Number

If you've been glancing at your latest BC Assessment notice and feeling pretty good about yourself, hold on. The city says your house is worth one thing. The market is saying something else. And right now in Richmond Park, the gap between those two numbers is worth paying attention to.

The Vibe: What's Actually Happening With Houses and Condos

Let's break it down by property type, because the two stories here are very different.

Houses - Taking a Breather

We're not going to sugarcoat it. The house market in Richmond Park is quiet right now. Only 1 house sold recently, and the average sale price came in at $1,570,000 - essentially flat. At $1,284 per square foot, we're above average for Burnaby in price (ranked 13 out of 34 neighbourhoods), but when it comes to growth, we're sitting near the bottom of the leaderboard - rank 30 out of 36 neighbourhoods. Property values have dipped 1.37% recently, and the predicted market value of $1,696,606 is trending slightly below the 3-month moving average of $1,703,802. That's the market telling us it's catching its breath.

• Average sale price: $1,570,000
• Price per square foot: $1,284
• Predicted market value: $1,696,606
• Recent value change: -1.37%
• Growth rank: 30 out of 36 Burnaby neighbourhoods
• Price rank: 13 out of 34 Burnaby neighbourhoods
• Estimated rent: $6,042 per month
• Rental yield: 3.91%

Condos - A Different Story Entirely

Condos in Richmond Park are doing something interesting. Four units sold recently at an average of $708,750 - slightly ahead of nearby Stride Avenue at $675,000. More importantly, the predicted market value of $1,651,157 is climbing past the 3-month moving average of $1,579,379. Values have moved up 3.64% recently, and on the Burnaby neighbourhood growth leaderboard, Richmond Park condos rank 3 out of 37. That's top-tier. If you own a condo here, the momentum is on your side right now.

• Average sale price: $708,750
• Price per square foot: $746
• Predicted market value: $1,651,157
• Recent value change: +3.64%
• Growth rank: 3 out of 37 Burnaby neighbourhoods
• Price rank: 10 out of 26 Burnaby neighbourhoods
• Estimated rent: $5,154 per month
• Rental yield: 3.08%
• 9 property transactions recorded in 2026

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

Here's the thing about BC Assessment - it's a snapshot from July 1st of the previous year. By the time that notice lands in your mailbox, the market has already moved. For house owners in Richmond Park, that gap is significant. The city's average assessed value is $1,809,648. The average HonestDoor Price - which updates in real time using actual market signals - is $1,720,963. That's a difference of nearly $89,000. The HonestDoor Price is 4.90% lower than what the city has on file.

Why does that matter? Because if you're pricing a listing based on your assessment, you may be starting the conversation in the wrong place. Buyers are doing their homework. They're looking at real-world data, not last year's government estimate. The HonestDoor Price is your real-world check - the number that reflects what a buyer would actually put on a contract today.

For condo owners, the picture flips in a striking way. The average assessed value for condos sits at $702,255, but the average HonestDoor Price is $1,572,114 - a full 123.87% higher. That's not a typo. It means the city's assessment is dramatically out of step with what the condo market in Richmond Park actually looks like. If you're a condo owner here and you haven't looked at your HonestDoor Price lately, you're flying blind on your own asset.

• House average assessed value: $1,809,648
• House HonestDoor Price: $1,720,963 (up 1.44% from last period)
• Condo average assessed value: $702,255
• Condo HonestDoor Price: $1,572,114 (down 4.79% from last period)
• 762 houses assessed this year
• 1,229 condos assessed this year

The So What - Should You Sell in Richmond Park This Summer?

If you own a house here and you're thinking about listing this summer, go in with clear eyes. The market is slow - one sale is a thin data set, and growth is ranked near the bottom of the Burnaby leaderboard. That doesn't mean you can't sell well, but it means pricing strategy matters more than ever. Nearby Lakeview-Mayfield is slightly pricier at an average HonestDoor Price of $2,004,108 but growing even slower at -0.08%. You're not in bad company, but you're not in a seller's feeding frenzy either.

If you own a condo, the timing conversation looks better. You're in a top-3 growth neighbourhood right now. Values are trending up. The rental story is solid at $5,048 per month in estimated rent, and Richmond Park condos rank 6th in Burnaby for Airbnb potential. A motivated seller with a well-priced condo has real leverage this summer.

Either way, the first move is the same - check your HonestDoor Price before you do anything else. It's the number that reflects today's market, not last July's. And in a market that's moving this fast in some spots and this slowly in others, knowing your real number is the only way to make a smart call.

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.