Richmond Park, Burnaby - September 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 BC Assessment notice and feeling pretty good about yourself, hold on. The real-world numbers in Richmond Park are telling a different story right now - and it is one every homeowner here needs to hear before making any big decisions.

The Vibe: What Is Actually Happening on Our Streets

The honest summary? Richmond Park is taking a breather. Neighbourhood growth dipped 0.05% year over year, and with only 2 total property transactions recorded in 2026 so far, we are not exactly in a bidding-war market. But the picture looks different depending on what you own.

Houses: Steady, But Watch the Trend

• Average sale price: $1,197,500 - essentially flat right now
• Price per square foot: $1,091
• Predicted market value: $1,689,506
• 3-month moving average: $1,702,908 - and the trend is heading down
• Estimated rent: $6,023 per month
• Rental yield: 3.91%
• Recent value change: -1.88%
• Growth rank: 26 out of 36 neighbourhoods in Burnaby - below average
• Price rank: 20 out of 35 in Burnaby - below average

Two houses sold last month. That is a thin market. When volume is this low, prices can drift quietly without anyone noticing. The predicted value is already sliding below the 3-month average, which tells us the momentum is not on the seller's side right now. If you own a house here, that is not a panic signal - but it is a reason to pay attention.

Condos: The Surprise Performer

• Average sale price: $665,000 - essentially flat, but above nearby Stride Avenue at $552,500
• Price per square foot: $781
• Predicted market value: $1,679,719
• 3-month moving average: $1,634,330 - and the trend is heading up
• Estimated rent: $5,168 per month
• Rental yield: 3.08%
• Recent value change: +6.84%
• Growth rank: 1 out of 37 neighbourhoods in Burnaby - top of the leaderboard
• Price rank: 10 out of 26 in Burnaby - above average
• Airbnb rank in Burnaby: 6th

Condos in Richmond Park are quietly leading the pack. A growth rank of 1 out of 37 is not a typo - our condos are the top performer in Burnaby right now. The predicted value is climbing above the 3-month average, which is the opposite of what we are seeing with houses. If you own a condo here, this is genuinely good news.

The Secret Sauce: Why Your BC Assessment Is Lying to You (Sort Of)

Here is the thing about that BC Assessment number sitting on your kitchen counter. It is a snapshot from last July. A lot has changed since then.

For house owners, the average assessed value is $1,809,648. But the HonestDoor Price - which pulls from current sales data and real-time market signals - sits at $1,636,303. That is a gap of nearly $173,000, or 9.58% lower than what the government says your home is worth. The HonestDoor Price has also dropped 3.15% from the previous period.

For condo owners, the story flips in a wild way. The average assessed value is $702,255, but the HonestDoor Price is $1,621,774. That is 130.94% higher than the assessment. If you are a condo owner relying on your assessment to understand your equity, you are massively underselling yourself.

The HonestDoor Price is the real-world check. It is not a government estimate frozen in time - it is what the market is actually doing today. Checking it costs nothing and takes two minutes.

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

If you own a house in Richmond Park and are thinking about listing this summer, the window may be tightening. Values are dipping, volume is low, and we rank 26 out of 36 for growth. That does not mean you cannot get a strong price - it means you need to price it right from day one. Sitting on the market in a slow neighbourhood is the fastest way to leave money behind.

If you own a condo, your timing looks better. Growth is leading Burnaby, the predicted value is rising, and rental demand is strong at $5,168 per month estimated. You have leverage right now that you may not have in six months.

Either way, the first move is the same - pull your HonestDoor Price before you call an agent, set a list price, or make any assumptions based on last year's assessment. The gap between what the city thinks your home is worth and what a buyer will actually pay can be enormous in Richmond Park right now. Know your real number first.

Want to see your specific HonestDoor Price? Check it at HonestDoor.com - it is free and it is updated in real time.

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.