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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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1505 80 Point Mckay Crescent NW
Point McKay Calgary T3B 4W4

$424,990
Residential beds: 2 baths: 2.0 1,025 sq. ft. built: 1981

Main Photo: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 1: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 2: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 3: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 4: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 5: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 6: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 7: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
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Photo 9: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 10: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
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Photo 18: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
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Photo 20: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 21: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 22: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 23: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 24: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 25: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 26: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Photo 27: 1505 80 Point Mckay Crescent NW in Calgary: Point McKay Apartment for sale : MLS®# A2161694
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2161694
Bedrooms:
2
Bathrooms:
2
Year Built:
1981
Discover elevated living in Point McKay with this stunning 15th-floor unit in Riverside Tower 2. This 2-bedroom, 1.5-bath condo boasts over 1,000 sq. ft. of stylish space, offering breathtaking views of the Bow River Valley, Douglas Fir Trails and Edworthy Park. Features include luxury vinyl plank flooring, a modern kitchen with stainless steel appliances and quartz countertops, a sun-filled living area with a wall of windows, and a private balcony ideal for outdoor dining and relaxation. The spacious primary suite includes a walk-in closet and a 1/2 bath ensuite. Additional highlights are an in-suite washer/dryer, a second bedroom, a 4-piece bath, an assigned storage locker, and a heated underground parking stall. Enjoy amenities like a car wash bay, concierge services, and all-inclusive condo fees covering gas, electricity, and water/sewer. Residents benefit from discounted access to the Riverside Fitness Club and Spa, with tennis courts, a heated pool, and a gym. Outdoor enthusiasts will love the nearby Bow River Pathways, bike trails, and easy Trans Canada Highway access. Walk to local eateries, ice cream spots, and enjoy quick access to downtown and surrounding communities.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
High-Rise (5+)
Total Living Area:
1,024.94 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$771.68
Condo Fee Includes:
Common Area Maintenance, Electricity, Heat, Insurance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Security, Security Personnel, 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:
Northwest
Reg. Size:
Reg. Size Includes:
Unit Exposure:
West
Floor Location:
Other
Entry Level:
15
Stories Total:
21
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
6
Year built:
1981 (Age: 43)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:1, Half:1)
Plan:
8410830
Heating:
Baseboard, Hot Water, Natural Gas
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Concrete, Post & Beam
Structure Type:
High Rise (5+ stories)
Roof:
Concrete, Tar/Gravel
Ensuite:
Yes
Flooring:
Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Garage Spaces:
1
Parking:
Stall, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit, Laundry Room
Condo Fee Frequency:
Monthly
Riverside Towers II
Point McKay
Car Wash, Elevator(s), Fitness Center, Parking, Storage, Visitor Parking
Dishwasher, Dryer, Electric Stove, Refrigerator, Washer, Window Coverings
None
Adult Living, Pet Restrictions or Board approval Required
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Kitchen
11'11" × 11'7"
Main Floor
Dining Room
11' × 10'1"
Main Floor
Living Room
21'2" × 11'4"
Main Floor
Foyer
5'5" × 4'1"
Main Floor
Laundry
2'8" × 2'7"
Main Floor
Balcony
11'6" × 6'9"
Main Floor
Storage
6'2" × 3'11"
Main Floor
Bedroom - Primary
16'6" × 10'2"
Main Floor
Bedroom
11' × 10'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
6'2" x 8'
Main Floor
Yes
2
4'11" x 6'2"
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Shopping Nearby, Tennis Court(s), Walking/Bike Paths
Interior Features:
Breakfast Bar, Chandelier, French Door, Open Floorplan, Walk-In Closet(s)
Exterior Features:
Balcony, Courtyard, Tennis Court(s)
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
DC (pre 1P2007)
Listed Date:
Sep 05, 2024
Days on Mkt:
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Listed by eXp Realty
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
4,881
Avg list price:
$589,000
Min list price:
$159,900
Max list price:
$10,000,000
Avg days on market:
35
Min days on market:
1
Max days on market:
474
Avg price per sq.ft.:
$435.52
These statistics are generated based on the current listing's property type and located in Calgary. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706