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Property Type: Condo / ApartmentOwnership: Condominium
401 - 251 LESTER STREET
Waterloo, ON N2L3W6
MLS® X13170540
$509,000
5 bed2 bath0 parking
Property Details
Property & Lot
- Sub-type
- Apartment
Ownership & Fees
- Property type
- Condo / Apartment
- Ownership
- Condominium
- Condo / maintenance fee
- $802/mo
- Annual property tax
- $4,370
Maintenance Fee Includes
WaterHeat
Also included: Common Area Maintenance, Insurance
Interior
- Basement
- None
- Heating
- Natural gas, Coil Fan
Description
Incredible turnkey investment in the heart of Waterloo's university district! This purpose-built 5-bedroom, 2-bathroom condo at 251 Lester St has the potential to generate over $49,000/year in gross rental income with positive monthly cash flow. Just steps to Wilfrid Laurier University and the University of Waterloo, this high-demand location ensures consistent tenancy. Features include a spacious open-concept living area, two full baths, included furniture, and professional property management options for a completely hands-off experience. Condo fees include heat and water, and the building offers parking, shared laundry facilities, elevator access, and proximity to transit, shops, and various amenities. (id:63159)
Listing Information
- MLS®
- X13170540
- Data last synced
- September 15, 2026
ROYAL LEPAGE SIGNATURE REALTY
Data source: CREA DDF.
CREA DDF® ListingListing Brokerage: ROYAL LEPAGE SIGNATURE REALTY
MLS® Number: X13170540
Listing data is sourced from CREA DDF®, the Canadian Real Estate Association (CREA) Data Distribution Facility. Listing information is deemed reliable but is not guaranteed accurate by CREA or the listing brokerage. Data provided courtesy of Toronto Regional Real Estate Board.
Values & Trends
This listing
—
Building average
—
No other active listings in this building
Waterloo average
$476/sqft
185 active listing(s)
Parking: Not indicatedStorage locker: Not indicated
Per-stall/locker dollar values aren't itemized in our data source — shown as included/not indicated only, not a fabricated estimate. $/sqft averages are computed live from other active listings, not a third-party model.
Location Insights
Weather
Nearest station: Guelph
5°C
—
Humidity 95%
Wind NNE calm km/h
Tonight
6°
Thursday
19°
Thursday night
6°
Friday
12°
Friday night
-2°
Saturday
14°
Source: Environment and Climate Change Canada.
Population
126,356
(2021 Census)
+15.5% since 2016
Density:
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Mortgage & Ownership Cost Calculator
Minimum required: 5.1% ($25,900) — 5% under $500K, 10% up to $1.5M, 20% at/above $1.5M.
Financial Ledger
Net mortgage (loan + CMHC insurance)$407,200.00
Periodic payment — Principal & Interest (monthly)$2,627.12
Additional monthly expenses (condo fees, tax, utilities, etc.)$1,166.17
Total monthly cost$3,793.28
Interest paid over 5-yr term$116,704.69
Balance at end of term$366,277.72
Rates based on Bank of Canada benchmark data.
Financial Summary
Minimum down payment$25,900
Stress test qualifying rate8.19%
Payment you must qualify for$3,745.83
Cash Needed at Closing
Minimum down payment$25,900
Estimated Land Transfer Tax (LTT)$6,655
Legal / closing costs (typical estimate)$1,500
Total cash needed$34,055
Minimum down payment: 5% on the first $500,000, 10% on the portion up to $1.5M, 20% at/above $1.5M. Stress test: OSFI's minimum qualifying rate, the greater of contract rate + 2% or 5.25% — this is what lenders require you to qualify at, not what you'll actually pay. Closing costs are a typical-range estimate, not a quote — actual legal fees vary. Land Transfer Tax is the Ontario provincial schedule, before any first-time buyer refund; only the City of Toronto charges a municipal land transfer tax on top, so none applies in the areas this site covers (Ontario Ministry of Finance, ontario.ca/document/land-transfer-tax, as of October 28, 2026). Verify all figures with a mortgage broker and lawyer before relying on them.
