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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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396 Rainbow Falls Drive
Rainbow Falls Chestermere T1X 0L8

$475,000
Residential beds: 3 baths: 3.0 1,395 sq. ft. built: 2010

Welcome Home!
Photo 1: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 2: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 3: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 4: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 5: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 6: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 7: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 8: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 9: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 10: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 11: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 12: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 13: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 14: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 15: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 16: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 17: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 18: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 19: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 20: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 21: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 22: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 23: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 24: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 25: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 26: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 27: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 28: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 29: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 30: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 31: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 32: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 33: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 34: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 35: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 36: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 37: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 38: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 39: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 40: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 41: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 42: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Photo 43: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2162807
Bedrooms:
3
Bathrooms:
3
Year Built:
2010
Welcome to this charming corner unit townhome in the highly sought-after community of Rainbow Falls, Chestermere. This beautifully designed home is perfect for all walks of life, offering a blend of comfort, privacy, and convenience. Located in the heart of Rainbow Falls, this home is just minutes from top schools like Rainbow Creek Elementary and Chestermere Lake Middle School. You’ll also enjoy nearby parks, walking trails, and the easy access to major roads like Highway 1 and Stoney Trail for quick commuting. Shopping, dining, and amenities are just around the corner, and the friendly neighbourhood adds a sense of community that’s hard to beat. Step inside to be greeted by soaring ceilings and large windows that flood the main floor with natural light. The spacious kitchen is perfect for home-cooked meals, complete with ample cabinetry, a walk in pantry modern appliances, and a generous dining area. From the back door, step out onto your private, tranquil upper deck—a peaceful retreat surrounded by lush trees for added privacy. Upstairs, you'll find three well-appointed bedrooms, including a large primary suite with a dreamy 4 piece ensuite that doubles as the main bathroom as well. Right before heading to the lower level, you will find the conveniently located powder room. The walkout basement offers an expansive entertainment or living space, with built in features, ideal for cozy movie nights or hosting friends. This level also features a full bathroom and a laundry room, with access to the lower deck and beautifully landscaped yard, leading to your double detached garage. This home is the perfect combination of style, location, and lifestyle. Don’t miss the opportunity to make it yours!
Property Type:
Residential
Property Sub Type:
Row/Townhouse
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Townhouse
Total Living Area:
1,394.51 sq. ft.
Main Level Finished Area:
702.96 sq. ft.
Upper Level Finished Area:
691.55 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
584.75 sq. ft.
Taxes:
Tax Assessed Value:
Condo Fee:
$409.36
Condo Fee Includes:
Common Area Maintenance, Insurance, Professional Management, Reserve Fund Contributions, 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:
North
Reg. Size:
Reg. Size Includes:
Entry Level:
1
Levels:
Two
End Unit:
1 Common Wall
Total Rooms Above Grade:
6
Year built:
2010 (Age: 14)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
0912615
Heating:
Forced Air, Natural Gas
Basement:
Finished, Full, Walk-Out To Grade
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Stucco, Wood Frame
Structure Type:
Five Plus
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Hardwood, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
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
None
Dishwasher, Dryer, Electric Stove, Garage Control(s), Refrigerator, Washer, Window Coverings
n/a
Restrictive Covenant, Underground Utility Right of Way
Call
Floor
Type
Size
Other
Main Floor
Living Room
17'7" × 13'4"
Main Floor
Kitchen With Eating Area
17'1" × 13'8"
Main Floor
Pantry
4'1" × 3'11"
Main Floor
Foyer
5'8" × 4'4"
Main Floor
Mud Room
4'11" × 3'1"
Main Floor
Walk-In Closet
7'8" × 4'11"
Upper Level
Bedroom - Primary
13'8" × 12'7"
Upper Level
Bedroom
10'9" × 9'8"
Upper Level
Bedroom
11'4" × 7'10"
Basement
Family Room
29'1" × 12'6"
Basement
Laundry
8'4" × 5'11"
Basement
Mud Room
4'7" × 3'4"
Basement
Storage
10'1" × 4'2"
Basement
Furnace/Utility Room
8'1" × 4'7"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
4'9" x 6'1"
Upper Level
No
4
7'8" x 9'8"
Basement
No
3
4'11" x 8'6"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Built-in Features, Ceiling Fan(s)
Exterior Features:
None
Patio And Porch Features:
Deck, Porch
Lot Features:
Landscaped
Num. of Parcels:
0
Fencing:
None
Region:
Chestermere
Zoning:
R3
Listed Date:
Sep 17, 2024
Days on Mkt:
  • Photo 1: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Welcome Home!
  • Photo 2: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Main floor living area *virtually staged*
  • Photo 3: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 4: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Virtually staged
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  • Photo 6: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Hardwood throughout the entire main floor and speakers as well!
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  • Photo 8: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Bright and sunny kitchen with patio door out to the back deck.
  • Photo 9: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Virtually staged dining room
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  • Photo 11: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Big corner walk in pantry!
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  • Photo 17: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Back deck right off the kitchen!
  • Photo 18: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 19: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Powder room just off the main floor leading to the basement
  • Photo 20: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Virtually staged primary bedroom
  • Photo 21: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 23: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Walk in closet in the primary bedroom.
  • Photo 24: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Ensuite as well as the main bathroom upstairs.
  • Photo 25: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 26: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Bedroom number 2
  • Photo 27: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 28: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Bedroom number 3.
  • Photo 29: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 30: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Walkout basement with built in features
  • Photo 31: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Walkout basement!
  • Photo 32: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 33: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Full bathroom downstairs
  • Photo 34: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Laundry room in the basement
  • Photo 35: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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  • Photo 36: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Private back deck on the lower level.
  • Photo 37: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
    Walk way to your garage!
  • Photo 38: 396 Rainbow Falls Drive: Chestermere Row/Townhouse for sale : MLS®# A2162807
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Listed by Real Broker
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
203
Avg list price:
$699,900
Min list price:
$258,000
Max list price:
$3,900,000
Avg days on market:
30
Min days on market:
1
Max days on market:
175
Avg price per sq.ft.:
$362.69
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