Second Street, Burnaby - August 2026 Real Estate Report

Second Street, Burnaby: Your Home Is Worth More Than the City Thinks - Or Is It?

If you live on Second Street and you have been glancing at your latest tax assessment, here is the honest truth: that number is already out of date. The real market has moved, and not entirely in the direction you might hope. Here is what is actually going on in our corner of Burnaby right now.

The Vibe: What the Market Is Doing on Our Street

Let us break it down by property type, because houses and condos are telling two very different stories right now.

Houses - Steady, But Watch the Gap

The average assessed value for a house on Second Street sits at $1,894,626. Sounds great on paper. But the HonestDoor Price - the real-world, right-now number - comes in at $1,828,514. That is a gap of roughly $66,000. The city's assessment is running 3.49% higher than what the market is actually pricing these homes at today.

• Average HonestDoor Price (Houses): $1,828,514
• Change from last period: down 1.49%
• Average sale price: $1,425,000
• Price per square foot: around $950
• Predicted market value: $1,795,218
• 3-month moving average: $1,783,522 - and the trend is ticking up
• Estimated monthly rent: $6,284
• Rental yield: 3.82%
• Neighbourhood growth: down 0.03% year over year
• Growth rank: 6 out of 36 neighbourhoods in Burnaby - that puts us near the top of the leaderboard
• Price rank: 16 out of 35 - above average for Burnaby

The market here is taking a breather on price, but the growth rank tells a more encouraging story. Sitting 6th out of 36 comparable neighbourhoods means Second Street houses are holding their ground better than most of Burnaby. The predicted value is also creeping above the 3-month average, which is a quiet signal that momentum may be building back up.

Two properties sold last month, essentially unchanged from the month before. Low volume means each sale carries more weight - one strong sale can shift the average noticeably.

Condos - A Different Animal Entirely

Condos on Second Street are in a league of their own compared to the surrounding area. The average HonestDoor Price for a condo here is $1,372,727 - and it is up 1.91% from the previous period. That is the kind of move that gets attention.

• Average HonestDoor Price (Condos): $1,372,727
• Change from last period: up 1.91%
• Predicted market value: $1,347,015
• 3-month moving average: $1,350,104 - current value is just below, worth watching
• Estimated monthly rent: $4,875
• Rental yield: 2.82%
• Airbnb estimate: $242 per night
• Airbnb rank in Burnaby: 7th - strong short-term rental appeal
• Growth rank: 10 out of 37 neighbourhoods - above average in Burnaby

Compare that to nearby neighbourhoods and the picture gets even clearer. Glenbrooke North condos average $643,244. Lakeview-Mayfield comes in at $770,238. Cariboo-Armstrong sits at $980,541. We are not in the same conversation as those areas - Second Street condos are priced at a significant premium, and the market is still nudging them higher.

The one flag: the predicted value of $1,347,015 is sitting just below the 3-month moving average of $1,350,104, and recent price change is down 1.34%. Not a crisis, but worth keeping an eye on heading into the summer months.

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 the past. It does not know what sold last month. It does not factor in where buyer demand is sitting today. It is updated once a year and then it just sits there.

The HonestDoor Price is updated in real time, pulling from actual sales data and current market signals. For houses on Second Street, that means the HonestDoor Price is already flagging a $66,000 difference from the city's number. If you are making any financial decision - refinancing, selling, even just benchmarking your net worth - using a stale assessment is like navigating with last year's map.

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

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

If you are a house owner on Second Street and you are thinking about listing this summer, here is the straight talk. The market is not running hot, but it is not falling apart either. A growth rank of 6th out of 36 in Burnaby means we are outperforming most of the city. The predicted value is trending above the 3-month average. That is a decent window to list before the fall slowdown typically kicks in.

Price it right from day one. With only 2 sales recorded last month, buyers have options and they know it. An overpriced listing will sit. The HonestDoor Price range - not the inflated assessment - is your best anchor for a realistic list price that actually attracts offers.

If you own a condo here, the 1.91% uptick in HonestDoor Price is a genuine positive signal. The Airbnb rank of 7th in Burnaby also tells you that short-term rental demand for this area is real, which adds a layer of appeal for investor buyers. That is a selling point worth putting in your listing.

Bottom line: Second Street is not the flashiest story in Burnaby right now, but it is a solid one. Know your real number, price with confidence, and do not let an outdated assessment set your expectations - in either direction.

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.