Richmond Park, Burnaby - October 2026 Real Estate Report
Richmond Park, Burnaby: Your Home Is Worth Less Than The City Thinks - And That's Actually Important
The Vibe Right Now
If you've been watching the "For Sale" signs in Richmond Park lately, here's what's actually happening. The market is taking a breather. Not crashing, not booming - just sitting in that uncomfortable middle zone where buyers have more leverage than they did two years ago. With only 15 total property transactions recorded in 2026 so far, this is a quiet neighbourhood. That low volume cuts both ways.
Houses - The Straight Numbers
The average sale price for houses in Richmond Park is sitting at $1,197,500, and it hasn't moved much. Price per square foot is around $1,091. That sounds solid until you look at the trend line - predicted market value is $1,636,303, and that number is sliding below the 3-month moving average of $1,682,534. Property values have dipped 3.15% recently. On the Burnaby neighbourhood leaderboard for growth, Richmond Park houses rank 36 out of 36. Dead last. That's not a reason to panic, but it is a reason to pay attention.
- Average sale price: $1,197,500
- Price per square foot: $1,091
- Predicted market value: $1,636,303
- 3-month moving average: $1,682,534
- Recent value change: -3.15%
- Estimated rent: $5,886 per month
- Rental yield: 3.94%
- Growth rank in Burnaby: 36 out of 36
Condos - A Different Story
Condos in Richmond Park are more interesting right now. The HonestDoor Price jumped 5.97% from the previous period - the strongest positive signal in this whole dataset. With 13 transactions in 2026, condos are where the actual activity is happening. The average sale price is $665,000 at $781 per square foot, and Richmond Park condos are priced above nearby Stride Avenue ($569,400). Airbnb rank in Burnaby sits at 6 out of the pack - that's a top-tier short-term rental position if you're thinking about that angle.
- Average sale price: $665,000
- Price per square foot: $781
- Predicted market value: $1,621,774
- 3-month moving average: $1,624,536
- Recent value change: -3.45%
- Estimated rent: $5,100 per month
- Rental yield: 3.10%
- HonestDoor Price growth: +5.97%
- Airbnb rank in Burnaby: 6
- Growth rank in Burnaby: 31 out of 37
The Secret Sauce - Why Your HonestDoor Price Matters More Than Your Tax Assessment Right Now
Here's the thing most Richmond Park homeowners don't realize. The city's average assessed value for houses here is $1,809,648. The average HonestDoor Price is $1,657,865. That's an $151,783 gap - and the HonestDoor Price is 8.39% lower than what the city has on file.
Your tax assessment is a snapshot from last year. It doesn't know what happened to the market in the last six months. The HonestDoor Price is a real-world check - updated regularly, based on actual sales data and current market signals. If we're pricing a home to sell today, we need today's number, not last year's guess. Relying on the assessed value to set your listing price right now could mean sitting on the market longer than you want to.
For condos, the gap is even more dramatic - and in the opposite direction. The city's average assessed value is $702,255, while the HonestDoor Price is $1,718,650. That's a 144.73% difference. If you own a condo in Richmond Park and you're only looking at your assessment, you are genuinely underestimating what you have.
The "So What?" - Thinking About Selling This Summer?
Let's be honest about what this data is telling us. Richmond Park is not the hottest market in Burnaby right now. House values are drifting down, transaction volume is thin, and the growth rank is at the bottom of the leaderboard. That doesn't mean you can't sell - it means you need to be sharp about pricing and timing.
If you own a house here and want to sell this summer, price it to the HonestDoor Price, not the assessed value. Buyers are doing their homework. Coming in overpriced in a slow-volume neighbourhood is the fastest way to sit unsold through August.
If you own a condo, the picture is more encouraging. The HonestDoor Price is trending up, the Airbnb ranking is strong, and there's genuine buyer interest compared to the house side of the market. A well-priced condo this summer has a real shot.
Either way, the first move is simple - check your HonestDoor Price at HonestDoor.com and see where you actually stand. Not where the city thinks you stood last year.
richmond park | 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.