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$849,000

507 388 DRAKE STREET

Vancouver · MLS® R3134359

All units at 388 Drake St →

2 bed · 2 bath · 832 sq ft · 1 parking

Condo · Single Family · built 1994 · 121 days on market

Listed by Sallie Lin, RE/MAX Crest Realty

Realtor's description

YALETOWN LIVING AT ITS FINEST! Welcome to this bright and beautifully maintained residence located in the heart of one of Vancouver West´s most desirable communities. Featuring brand new flooring and fresh paint throughout, this turn-key home offers an exceptional urban lifestyle with an efficient, functional layout designed to maximize space and natural light. Steps away from the iconic seawall, world-class dining, boutique shopping, and the Yaletown-Roundhouse Skytrain station, convenience is truly at your doorstep. Perfect for urban professionals, first-time buyers, or savvy investors looking for a prime property in a highly sought-after concrete building. Move right in and enjoy!

Property details

Type: Condo, Single Family
Bedrooms: 2
Bathrooms: 2
Living area: 832 sq ft
Parking: 1
Year built: 1994
Property tax: $2,729 / yr
Strata fee: $663 / mo ($0.80 / sq ft)
Strata rules: Pets Allowed With Restrictions, Rentals Allowed With Restrictions
Days on market: 121
MLS®: R3134359

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

Features

Central location
Elevator
Pets Allowed With Restrictions
Rentals Allowed With Restrictions
All

Price check

Typical for the area (-0.1%)

2026 assessment: $826,000 · asking is +2.8%
Price per sq ft: $1,020 vs $1,021 median for condos in Vancouver for sale (2037)

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 121 days · no price changes so far

The market here

Listed now: 38 days; median for 2212 condos for sale; this one 121 days

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

Property tax by year

Year	Assessed	Est. tax
2026	$826,000	$2,778

The listing shows $2,729 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

$4,589/mo

Mortgage $3,699 · Tax $227 · Strata $663

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

estimated payment

$3,699/ monthly

loan $679,200

25-year amortization

down payment20% · $169,80020%+ 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: $430,503
property transfer tax: $14,980; BC general rate
cash to close: $184,780; down + PTT
total paid: $1,109,703

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: $3,258/mo
After all costs: −$1,627/mo
Cap rate: 2.9%; yearly net rent ÷ price

Rent / moDown payment %Rate %

Costs: mortgage $3,699 · tax $227 · strata $663 · insurance ~$35 · vacancy 3% · upkeep 5%.

Rent starts at CMHC's average for a 2-bedroom in Downtown, 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: 5,914 m² (63,658 sq ft) · PID 019-050-496. 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 Elsie Roy Elementaryhomes in this catchment
200 m away · 150 Drake St, Vancouver · 604-713-5890
Secondary King George Secondaryhomes in this catchment
2.0 km away · 1755 Barclay St, Vancouver · 604-713-8999

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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