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$798,000

405 1502 ISLAND PARK WALK

Vancouver · MLS® R3141642

1 bed · 1 bath · 954 sq ft · 1 parking

Condo · Single Family · built 1989 · 101 days on market

Listed by Helen Gao, RE/MAX Select Properties

Realtor's description

This exceptional one-bedroom penthouse features an oversized, versatile floor plan and breathtaking southwest-facing views over the tranquil lagoons, False Creek Marina, North Shore Mountains and skyline. Floor-to-ceiling windows and solarium-style skylights bathe the home in natural light throughout the year. Completely renovated in 2024, this stunning residence showcases a sophisticated retro-chic design that blends modern style with the charm of a romantic waterfront retreat. Enjoy an unparalleled False Creek lifestyle just steps from the Seawall, Granville Island, waterfront parks, cafés, and restaurants. A rare opportunity to own a beautifully renovated penthouse and experience Vancouver waterfront living at its finest.

Property details

Type: Condo, Single Family
Bedrooms: 1
Bathrooms: 1
Living area: 954 sq ft
Parking: 1
Year built: 1989
Property tax: $2,750 / yr
Strata fee: $698 / mo ($0.73 / sq ft)
Strata rules: Pets Allowed With Restrictions, Rentals Allowed With Restrictions
Days on market: 101
MLS®: R3141642

Buying in a building from 1982 to 2000: what to read first

Features

Central location
Pets Allowed With Restrictions
Rentals Allowed With Restrictions
All

Price check

Below typical for the area (-18%)

2026 assessment: $783,000 · asking is +1.9%
Price per sq ft: $836 vs $1,021 median for condos in Vancouver for sale (2043)

An estimate from public BC Assessment records, registered sales and the listings for sale right now, not an appraisal. Condition, renovations, views and lot all move real value.

Property insights

On market 101 days · no price changes so far

The market here

Listed now: 38 days; median for 2210 condos for sale; this one 101 days

Condos in Vancouver. Sale prices register 1 to 3 months after a sale closes.

Property tax by year

Year	Assessed	Est. tax
2026	$783,000	$2,633

The listing shows $2,750 a year in property tax.

Estimate: the BC Assessment value times Vancouver's residential tax rate for that year (Province of BC, local government statistics). Leaves out the home owner grant, parcel taxes and utility charges; the city's tax notice is the real figure.

Monthly cost

$4,404/mo

Mortgage $3,477 · Tax $229 · Strata $698

20% down at 4.34% fixed (Ratehub.ca), 25 years; tax from the listing; strata fee from the listing.

estimated payment

$3,477/ monthly

loan $638,400

25-year amortization

down payment20% · $159,60020%+ down: no mortgage insuranceinterest rate4.34%Rates from Ratehub.ca (best 5-year fixed and variable), checked Oct 9, 2026. Semi-annual compounding; your lender's rate may differ.amortizationpayment frequency

total interest: $404,643
property transfer tax: $13,960; BC general rate
cash to close: $173,560; down + PTT
total paid: $1,043,043

Estimates only. Rates change daily and lenders qualify at the stress-test rate; first-time-buyer and newly-built PTT exemptions aren't applied. Talk to a mortgage broker before you offer.

If you rented it out

Rent: $1,863/mo
After all costs: −$2,725/mo
Cap rate: 1.1%; yearly net rent ÷ price

Rent / moDown payment %Rate %

Costs: mortgage $3,477 · tax $229 · strata $698 · insurance ~$35 · vacancy 3% · upkeep 5%.

Rent starts at CMHC's average for a 1-bedroom in South Granville/Oak, Vancouver (CMHC Rental Market Survey, October 2025). Averages include long-time tenants, so new leases usually ask more; houses usually rent for more than apartments. 25-year mortgage; rental purchases need at least 20% down.

BC rules for landlords

Short-term rentals are limited to the host's principal residence in most communities. gov.bc.ca
Rent increases are capped once a year at the province's set amount. gov.bc.ca
The speculation and vacancy tax applies in many areas to homes not lived in or rented out. gov.bc.ca
Vancouver also charges an empty homes tax. vancouver.ca
Selling within two years of buying can trigger the BC home flipping tax. gov.bc.ca

Location

The building's lot: 11,458 m² (123,333 sq ft) · PID 010-198-601. From ParcelMap BC; property lines are approximate, a survey is the legal boundary.

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Location

VancouverGoogle Maps ↗

Schools

Catchment schools, Vancouver School Board

Elementary Hudson Elementaryhomes in this catchment
800 m away · 1530 Maple Street, Vancouver · 604-713-5441
Secondary Kitsilano Secondaryhomes in this catchment
2.1 km away · 2706 Trafalgar St, Vancouver · 604-713-8961

From the Vancouver School Board's published catchment maps. A catchment gives priority, not a guaranteed seat, and French immersion and choice programs work differently. The district confirms catchment: check with its school locator.

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