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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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  2. Phone Number: Call me directly at 403.397.3706 with any questions or to schedule viewings.

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When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!

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257 Rainbow Falls Drive
Rainbow Falls Chestermere T1X 0B1

$450,000
Residential beds: 2 baths: 4.0 1,280 sq. ft. built: 2006

Main Photo: 257 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2156116
Photo 1: 257 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2156116
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Photo 49: 257 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2156116
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156116
Bedrooms:
2
Bathrooms:
4
Year Built:
2006
Welcome to this 2 Bed, 3.5 Bath Townhome located in Rainbow Falls in beautiful Chestermere. This townhouse has a fully finished walkout basement and a double detached garage. Over 1700 sq ft of developed living space. Walking into the main floor you will be greeted to an open floor plan with 9 ft ceilings and bright windows throughout allowing plenty of sunlight. The kitchen is beautiful, maple cabinets, upgraded backsplash, stainless steel appliances, stunning flooring throughout the main floor. Adjacent is a sunny dining nook with access to the large deck, perfect for outdoor relaxation or dining. A 2-pc bathroom conveniently located completes the main floor. Upstairs, the rare double master layout ensures privacy and convenience, with each bedroom boasting an ensuite bathroom. The primary bedroom features a walk-in closet and luxurious ensuite, while the second bedroom offers generous space and another ensuite. The fully finished walkout basement is a great space for entertaining guests or for simply a separate living area. The lower level is completed with a large rec room, a 4pc bathroom as well as a laundry room. The double detached garage gives plenty of space to park your vehicles and for extra storage. This home is in a very desirable location. Close proximity to 17th Ave and within walking distance to Rainbow Falls Park and walking paths. There are numerous amenities such as restaurants, shopping, schools and playgrounds within a short distance. Chestermere is a vibrant family community offering unmatched attractions like Chestermere Lake and Lakeside Greens Golf Course, making it a desirable location with easy commuting options to downtown Calgary and 90 minutes to Banff. Contact us today for your private viewing and to discuss all what Chestermere has to offer!
Property Type:
Residential
Property Sub Type:
Row/Townhouse
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey
Total Living Area:
1,280.26 sq. ft.
Main Level Finished Area:
647.91 sq. ft.
Upper Level Finished Area:
632.35 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
472.99 sq. ft.
Taxes:
Tax Assessed Value:
Condo Fee:
$385.00
Condo Fee Includes:
Maintenance Grounds, Professional Management, Reserve Fund Contributions, Snow Removal
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:
West
Reg. Size:
Reg. Size Includes:
Entry Level:
1
Levels:
Two
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2006 (Age: 18)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
1012881
Heating:
Forced Air, Natural Gas
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding
Structure Type:
Five Plus
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Hardwood
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
Alley Access, Double Garage Detached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Basement
Condo Fee Frequency:
Monthly
The Brownstones at Rainbow Falls
Rainbow Falls
Other
Dishwasher, Microwave, Refrigerator, Stove(s), Washer/Dryer, Window Coverings
na
Board Approval
Restrictions
Floor
Type
Size
Other
Main Floor
Dining Room
15'4" × 8'1"
Main Floor
Kitchen
17'1" × 14'
Main Floor
Living Room
14'1" × 9'6"
Upper Level
Bedroom
11'11" × 11'6"
Upper Level
Bedroom - Primary
13'10" × 11'11"
Basement
Laundry
10'4" × 5'9"
Basement
Game Room
34'4" × 16'10"
Basement
Furnace/Utility Room
8' × 4'8"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
5'11" x 4'11"
Upper Level
Yes
4
8'4" x 9'3"
Upper Level
Yes
4
11'3" x 7'4"
Basement
No
4
8' x 7'3"
Title to Land:
Fee Simple
Community Features:
Lake, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Closet Organizers, Kitchen Island, Pantry, See Remarks, Soaking Tub, Storage, Walk-In Closet(s)
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s), Deck
Lot Features:
Back Lane, Back Yard
Num. of Parcels:
0
Fencing:
None
Region:
Chestermere
Zoning:
R3
Listed Date:
Aug 08, 2024
Days on Mkt:
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Virtual Tour

Listed by eXp Realty
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
215
Avg list price:
$654,900
Min list price:
$235,000
Max list price:
$3,150,000
Avg days on market:
40
Min days on market:
1
Max days on market:
229
Avg price per sq.ft.:
$358.97
These statistics are generated based on the current listing's property type and located in Chestermere. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706