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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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409 77 George Fox Trail
Bow Meadows Cochrane T4C 0N1

$475,000
Residential beds: 1 baths: 2.0 1,253 sq. ft. built: 2009

Main Photo: 409 77 George Fox Trail: Cochrane Apartment for sale : MLS®# A2166731
Photo 1: 409 77 George Fox Trail: Cochrane Apartment for sale : MLS®# A2166731
Photo 2: 409 77 George Fox Trail: Cochrane Apartment for sale : MLS®# A2166731
Photo 3: 409 77 George Fox Trail: Cochrane Apartment for sale : MLS®# A2166731
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Photo 31: 409 77 George Fox Trail: Cochrane Apartment for sale : MLS®# A2166731
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2166731
Bedrooms:
1
Bathrooms:
2
Year Built:
2009
Welcome to this exceptional top floor unit located in the esteemed Lofts on the Bow, Cochrane's most coveted 55+ adult living community. Positioned against a backdrop of serene natural beauty, this residence offers a lifestyle of tranquility and sophistication. As you enter the home, you will notice vaulted ceilings and expansive windows that flood the space with natural light, showcasing stunning views of the nearby Bow River and luscious greenery. Thoughtfully designed, the unit features one bedroom plus an upper loft area, perfect for accommodating guests or pursuing hobbies. With two full bathrooms, a gourmet kitchen boasting granite counters and stainless steel appliances, and a lavish primary bedroom complete with a spacious walk-in closet and deluxe ensuite bathroom, every aspect of comfort and convenience has been considered. Benefit from additional perks including a storage locker off the balcony as well as in the parkade, natural gas BBQ hook up on the balcony and a titled underground parking stall. The Lofts on the Bow complex offers an unparalleled array ofamenities, including a peaceful central courtyard, inviting library, sewing room, and billiards area, as well as a fully equipped exercise room. The commercial kitchen, complemented by a banquet room accommodating up to 60 guests, provides the perfect setting for hosting gatherings, while two private guest suites cater to overnight visitors. Residents also have access to a heated parkade with a convenient carwash facility. Enjoy a vibrant social calendar filled with regularly organized events. Common sitting areas on each floor encourage neighbourly interaction, fostering a strong sense of community among residents. Indulge in a lifestyle of luxury, comfort, and camaraderie at Lofts on the Bow. Whether unwinding in the tranquility of your beautifully designed home, socializing with neighbours, or taking advantage of the vast array of amenities, every moment promises to be exceptional.
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:
1,253.33 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$696.41
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Trash, Water
HOA Fee Includes:
Lot Area:
1,193 sq. ft.
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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Northeast
Floor Location:
Top
Entry Level:
4
Stories Total:
4
Levels:
Multi Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2009 (Age: 15)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
1012460
Heating:
In Floor
New Constr.:
No
Construction Material:
Log, Stone, Stucco
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Laminate
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Parkade, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Z-name Not Listed
Bow Meadows
Car Wash, Community Gardens, Fitness Center, Guest Suite, Parking, Party Room, Recreation Room, Secured Parking, Storage, Visitor Parking
Dishwasher, Electric Range, Microwave Hood Fan, Refrigerator, Washer/Dryer, Window Coverings
N/A
Board Approval
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
14'3" × 12'3"
Main Floor
Living Room
15'6" × 14'10"
Main Floor
Dining Room
9' × 8'3"
Main Floor
Kitchen
11'10" × 8'11"
Upper Level
Loft
15'9" × 13'4"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
Main Floor
Yes
4
Title to Land:
Fee Simple
Community Features:
Park, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Granite Counters, High Ceilings, Kitchen Island, No Animal Home, No Smoking Home, Open Floorplan, Vaulted Ceiling(s)
Exterior Features:
Balcony, Barbecue, BBQ gas line, Courtyard, Garden, Storage
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Rocky View County
Zoning:
R-MD
Listed Date:
Sep 18, 2024
Days on Mkt:
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Listed by RE/MAX iRealty Innovations
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
171
Avg list price:
$689,900
Min list price:
$269,900
Max list price:
$1,375,000
Avg days on market:
29
Min days on market:
1
Max days on market:
345
Avg price per sq.ft.:
$372.71
These statistics are generated based on the current listing's property type and located in Cochrane. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706