Located in the southeast corner of Saskatoon, Lakewood is one of just a small handful of neighbourhoods that have no single-family detached houses. Developed since 2001, the most popular type of housing in this area is the town house condominium. In recent years, a number of apartments have also been constructed, most of them as condominiums.
As is often the case in condominium communities, Lakewood tends to attract higher income earners who appreciate the convenience of being able to lock up and leave with fewer security concerns than one might expect in a detached home. The population is almost entirely adult so there are no schools located in the area.