Sussex-Nelson, Burnaby - August 2026 Real Estate Report

Sussex-Nelson, Burnaby: Your Home Is Worth Less Than the City Thinks - And That Actually Matters

The Vibe Right Now

If you've been watching the "For Sale" signs in Sussex-Nelson, here's what's actually happening. The market is taking a breather. Prices are sliding, sales are slow, and the city's assessment numbers are starting to look like they belong to a different year. That gap between what the government says your home is worth and what buyers will actually pay? It's real, and it's growing.

The short version: Sussex-Nelson is still one of Burnaby's priciest addresses, but the momentum has shifted. Here's the breakdown for houses and condos.

Houses: Still Expensive, But Softening

We're in premium territory here. The average house sale price sits at $1,738,500, and price per square foot is around $1,249. But that sale price is down 1.2% from last month, and only 1 house sold - a 50% drop in sales volume compared to the month before. That's not a crash, but it's a signal worth paying attention to.

• Average sale price: $1,738,500 (down 1.2% from last month)
• Price per square foot: $1,249
• HonestDoor Price: $2,029,380 (down 1.72% from previous period)
• 3-month moving average: $2,077,202 - and the current predicted value of $2,064,853 is trending below it
• Estimated rent: $6,903 to $6,996 per month
• Rental yield: 3.70%
• Properties sold last month: 1
• Neighbourhood growth: -0.04% year over year
• Growth rank: 27 out of 36 neighbourhoods in Burnaby - below average
• Price rank: 5 out of 35 - among the most expensive in Burnaby

So we're sitting near the top of the price leaderboard but near the bottom of the growth leaderboard. That combination tells us buyers are paying a premium to be here, but they're not in a rush. Sellers who price aggressively right now are going to feel that.

Condos: A Wild Number That Needs Context

The condo picture in Sussex-Nelson is unusual, and we should talk about it honestly. The average assessed value for condos is $600,722 - but the HonestDoor Price is $2,574,457. That's a 328.56% gap. Before you celebrate, know this: that number reflects a very small, very specific slice of condo product in this neighbourhood. Only 1 condo sold recently at $455,000, which is actually below what's selling in nearby Clinton-Glenwood ($516,997).

• Average assessed value: $600,722
• HonestDoor Price: $2,574,457 (up 6.23% from previous period)
• Average sale price: $455,000
• Price per square foot: $735
• Estimated rent: $7,619 to $7,890 per month
• Rental yield: 2.45%
• Airbnb rank in Burnaby: 3rd - strong short-term rental potential
• Neighbourhood growth: -0.06% year over year
• Growth rank: 36 out of 37 - bottom of the pack in Burnaby
• Price rank: 25 out of 26 - among the most affordable condos in Burnaby

The condo growth rank of 36 out of 37 is the number that stings. Values have dropped 5.40% recently, and the 3-month moving average of $2,490,928 is trending down to a current predicted value of $2,423,442. If you own a condo here, this is not the moment to sit back and assume things will recover on their own.

The Secret Sauce: Why Your HonestDoor Price Is the Number That Actually Matters

Here's the thing about your city assessment. It's a snapshot from the past. The government looks at sale data from a specific cutoff date, runs it through their formula, and mails you a number. By the time you read it, the market has already moved.

For houses in Sussex-Nelson, the average assessed value is $2,144,432. The HonestDoor Price is $2,029,380. That's a $115,052 gap - and the HonestDoor Price is the one that reflects what buyers are doing right now, not what they were doing when the assessment was calculated. If you're using your assessment to decide whether to sell, refinance, or even just feel good about your net worth, you could be working with a number that's already out of date.

The HonestDoor Price updates in real time. It pulls from actual transaction data, current market trends, and comparable sales in the neighbourhood. Think of it as the real-world check against a static government number. In a market that's moving - even if it's moving down - that difference matters for your wallet.

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

If you're a homeowner in Sussex-Nelson and you're thinking about listing this summer, here's the honest take.

For house sellers: You're still in one of Burnaby's top-5 most expensive neighbourhoods. That's a real advantage. But with only 1 sale last month, buyer demand is thin. Pricing at or near the HonestDoor Price of around $2,029,380 - rather than anchoring to the assessed value of $2,144,432 - gives you a better shot at attracting serious offers. Overpricing in a slow-volume market means sitting on the listing while buyers wait you out.

For condo sellers: The growth rank of 36 out of 37 is a tough number to work around. Nearby neighbourhoods like Clinton-Glenwood and Maywood are cheaper and growing faster - which means buyers comparison-shopping will notice. If you need to sell, price it to move. If you can hold, the Airbnb potential (ranked 3rd in Burnaby at $392 per night) might make short-term rental income a smarter play while you wait for conditions to improve.

Bottom line: Sussex-Nelson is still a premium address. But right now, the market rewards realistic sellers and punishes hopeful ones. Check your HonestDoor Price before you do anything else.

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.