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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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1217 604 East Lake Boulevard NE
East Lake Industrial Airdrie T4A 0G5

$349,900
Residential beds: 2 baths: 2.0 973 sq. ft. built: 2008

Main Photo: 1217 604 East Lake Boulevard NE: Airdrie Apartment for sale : MLS®# A2163208
Photo 1: 1217 604 East Lake Boulevard NE: Airdrie Apartment for sale : MLS®# A2163208
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Photo 29: 1217 604 East Lake Boulevard NE: Airdrie Apartment for sale : MLS®# A2163208
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2163208
Bedrooms:
2
Bathrooms:
2
Year Built:
2008
This large 2-bedroom, 2-bathroom CORNER unit condo in NE Airdrie offers the perfect combination of comfort, convenience, and modern living. Located just minutes from Highway 2, it provides easy access for commuting. Plus, you'll love being steps away from the Genesis Recreation Facility, which boasts numerous amenities to keep you active all year round. The unit features a spacious primary suite complete with a walk-in closet and a full ensuite bathroom. Both bathrooms feature granite countertops, adding a touch of luxury. The kitchen is equally impressive, with stainless steel appliances, granite countertops, and an island with an eating bar, perfect for casual meals or entertaining. You'll appreciate the convenience of in-unit laundry and additional in-unit storage. The open-concept living area extends onto a large balcony, offering an outdoor space to relax and unwind. This well-maintained complex also includes one titled underground parking stall, along with plenty of outdoor visitor parking. With its prime location and thoughtfully designed interior, this condo is the ideal place to call home. Don't miss out on this opportunity!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
973 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$599.37
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Sewer, Snow Removal, Trash, Water
HOA Fee Includes:
Acres Cleared:
Acres Cultivated:
Acres Irrigated:
Acres Leasehold:
Acres Not Cultivated:
Acres Freehold:
Acres Seeded:
Acres Tame Hay:
Acres Treed:
Acres Waste:
Acres Water Rights:
Front Exposure:
East
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Floor Location:
Other
Entry Level:
2
Stories Total:
4
Levels:
Single Level Unit
End Unit:
1 Common Wall
Total Rooms Above Grade:
5
Year built:
2008 (Age: 16)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0913950
Heating:
Baseboard
New Constr.:
No
Construction Material:
Metal Siding, Stucco, Wood Siding
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
Linoleum, Tile, Vinyl
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Edge
East Lake Industrial
Elevator(s), Visitor Parking
Dishwasher, Microwave, Stove(s), Washer/Dryer, Window Coverings
N/A
Easement Registered On Title, Utility Right Of Way
Restrictions
Floor
Type
Size
Other
Main Floor
Entrance
8'4" × 6'6"
Main Floor
Dining Room
11'4" × 9'3"
Main Floor
Bedroom - Primary
14'1" × 11'3"
Main Floor
Walk-In Closet
7'4" × 4'
Main Floor
Kitchen
11'10" × 8'5"
Main Floor
Living Room
13'5" × 11'7"
Main Floor
Bedroom
12' × 10'3"
Main Floor
Storage
6'5" × 4'
Main Floor
Laundry
3'2" × 3'
Main Floor
Balcony
12'8" × 9'
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
Main Floor
No
4
Title to Land:
Fee Simple
Community Features:
Lake, Park, Playground, Pool, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Tennis Court(s)
Interior Features:
No Animal Home, No Smoking Home
Exterior Features:
Courtyard
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Airdrie
Zoning:
DC-29
Listed Date:
Sep 13, 2024
Days on Mkt:
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Listed by Coldwell Banker Vision Realty
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
351
Avg list price:
$599,900
Min list price:
$244,000
Max list price:
$3,299,000
Avg days on market:
24
Min days on market:
1
Max days on market:
333
Avg price per sq.ft.:
$365.85
These statistics are generated based on the current listing's property type and located in Airdrie. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706