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How Much You Can Afford When Applying For A Mortgage

In Canada, the minimum down payment requirements can impact how much you can afford when applying for a mortgage. These rules dictate that the minimum down payment must be:

  • 5% of the purchase price for homes up to $500,000
  • 10% of the purchase price for any amount between $500,000 and $1 million
  • 20% of the purchase price for homes over $1 million.

For example, if you have saved $15,000 for a down payment, the maximum home price you can afford would be $300,000 ($15,000 divided by 5%). However, if your down payment was $30,000, your maximum affordability would increase to $550,000. You can use our mortgage affordability calculator to run the numbers yourself and determine what price range would be suitable for your budget. However, some lenders may require a higher down payment depending on your credit score, employment history, and other factors. It's important to speak with a mortgage lender (I can help with this)to get a more accurate estimate of your down payment requirements.(Loanscanada.ca)

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874 Canoe Green SW
Canals Airdrie T4B 3K6

$638,000
Residential beds: 4 baths: 4.0 1,644 sq. ft. built: 2010

Main Photo: 874 Canoe Green SW: Airdrie Detached for sale : MLS®# A2140898
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Photo 45: 874 Canoe Green SW: Airdrie Detached for sale : MLS®# A2140898
Status:
Sold
Sold Date:
Jun 24, 2024
Listed Price:
$645,000
Sold Price:
$638,000
Sold in:
12 days
Prop. Type:
Residential
MLS® Num:
A2140898
Bedrooms:
4
Bathrooms:
4
Year Built:
2010
Welcome to a LOVED home! Pride of ownership here... this home has it all! LARGE bedrooms, LARGE bonus & open spaces! All that a family needs: 3 bedrooms & 2 bathrooms up, a fully developed basement with bedroom#4 & full bath & a living room. The MAIN floor is so open& great for family gatherings by the fireplace! The backyard is LOVED and rich in Flowers, veggies and so much more! . Across from the Canals in Airdrie, a full time playground with summer & winter activities! WELCOME HOME ! Come , visit & STAY
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
30 Days / Neg
Suite:
No
Home Style:
2 Storey
Total Living Area:
1,644.5 sq. ft.
Main Level Finished Area:
699.6 sq. ft.
Below Grade Finished Area:
483.3 sq. ft.
Taxes:
$3,442 / 2023
Tax Assessed Value:
514000.0
Lot Area:
5,651 sq. ft.
Lot Frontage:
41'9¼"
Front Exposure:
West
Unit Exposure:
West
Levels:
Two
Total Rooms Above Grade:
7
Year built:
2010 (Age: 14)
Bedrooms:
4
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
0715945
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached, Driveway, Garage Door Opener, Garage Faces Front
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Main Level
Canals
Dishwasher, Electric Range, Garage Control(s), Refrigerator, Washer
furniture is negotiable
Architectural Guidelines
Floor
Type
Size
Other
Main Floor
Kitchen
10'9" × 9'11"
Main Floor
Dining Room
9'11" × 8'
Main Floor
Pantry
3'9" × 3'9"
Main Floor
Living Room
17'1" × 13'7"
Upper Level
Bedroom - Primary
15'6" × 12'7"
Upper Level
Bedroom
13'9" × 10'8"
Upper Level
Bedroom
12'4" × 10'8"
Upper Level
Bonus Room
17'11" × 9'3"
Upper Level
Walk-In Closet
0 × 0
Basement
Game Room
13'8" × 12'9"
Basement
Bedroom
12'8" × 11'1"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
5'4" x 7'9"
Upper Level
No
4
4'11" x 8'
Upper Level
Yes
4
4'11" x 8'2"
Upper Level
No
3
5' x 9'7"
Title to Land:
Fee Simple
Community Features:
Fishing, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Closet Organizers, No Animal Home, No Smoking Home, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
Garden, Private Yard
Patio And Porch Features:
Deck
Lot Features:
Fruit Trees/Shrub(s), Landscaped, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Airdrie
Zoning:
R1
Listed Date:
Jun 12, 2024
Days on Mkt:
12
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Listed by MaxWell Canyon Creek
Data was last updated June 27, 2024 at 12:05 AM (UTC)
Diane Richardson
Cell: 403-397-3706