406 16 Lakewood Drive

1 / 19

$399,999

406 16 Lakewood Drive

Vancouver · MLS® R3105118

111

585 sq ft · Condo · Single Family · built 1981 · 210 days on market

listed by Lisa Zhou, Laboutique Realty

realtor's description

An affordable place close to Downtown! Top floor unit in a convenient location for anything you need. Strategically located near School, Park, Shops, Public Library and Health Center. Suite newly painted, facing quiet south side with partially renovated bathroom, new lights, bright and big living room, bedroom in good size, added metal security door make you safer. Available 1 Parking and 1 Storage.

property details

type: Condo, Single Family
bedrooms: 1
bathrooms: 1
living area: 585 sq ft
parking: 1
year built: 1981
property tax: $1,282 / yr
strata fee: $391 / mo ($0.67 / sq ft)
strata rules: Pets Allowed With Restrictions
days on market: 210
MLS®: R3105118

features

Central location
Elevator
Pets Allowed With Restrictions
Refrigerator
Dishwasher
Stove

floor plans

found among the listing photos.

the market here

listed now: 46 days; median for 2092 condos for sale; this one 210 days

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

property tax by year

year	assessed	est. tax
2026	$431,400	$1,451
2025	$411,100	$1,281

Estimated tax up 13.3% from 2025 to 2026.

The listing shows $1,282 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

$2,241/mo

Mortgage $1,743 · Tax $107 · Strata $391

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

estimated payment

$1,743/ monthly

loan $319,999

25-year amortization

down payment20% · $80,00020%+ down: no mortgage insuranceinterest rate4.34%Rates from Ratehub.ca (best 5-year fixed and variable), checked Oct 26, 2026. Semi-annual compounding; your lender's rate may differ.amortizationpayment frequency

total interest: $202,828
property transfer tax: $6,000; BC general rate
cash to close: $86,000; down + PTT
total paid: $522,827

first-time buyernewly builtforeign national

Estimates only. Rates change daily and lenders qualify at the stress-test rate. Talk to a mortgage broker before you offer. Transfer tax: 1% to $200k, 2% to $2M, 3% to $3M, 5% above. First-time buyers pay nothing on the first $500k for homes up to $835k (phasing out by $860k); newly built homes are exempt up to $1.1M (phasing out by $1.15M). Both need Canadian citizenship or permanent residence and other conditions; the 20% foreign buyer tax applies in Metro Vancouver, the Fraser Valley, the Capital Region, Central Okanagan and Nanaimo.

if you rented it out

rent: $1,940/mo
after all costs: −$491/mo
cap rate: 3.8%; yearly net rent ÷ price

Rent / moDown payment %Rate %

Costs: mortgage $1,743 · tax $107 · strata $391 · insurance ~$35 · vacancy 3% · upkeep 5%.

Rent is today's market rent for a 1-bedroom in East Hastings, Vancouver: CMHC's average there ($1,692) raised by what new tenants pay against everyone in the Vancouver area, then down 1.5% with Vancouver's asking rents, 2025 Q4 → 2026 Q2. (CMHC Rental Market Survey, October 2025; CMHC Rental Market Report 2025, table 6.0 (rents on units that turned over to a new tenant); trend: Statistics Canada.) 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