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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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901 1025 5 Avenue SW
Downtown West End Calgary T2P 1N4

$590,000
Residential beds: 2 baths: 2.0 938 sq. ft. built: 2017

Main Photo: 901 1025 5 Avenue SW in Calgary: Downtown West End Apartment for sale : MLS®# A2147802
Photo 1: 901 1025 5 Avenue SW in Calgary: Downtown West End Apartment for sale : MLS®# A2147802
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Photo 44: 901 1025 5 Avenue SW in Calgary: Downtown West End Apartment for sale : MLS®# A2147802
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2147802
Bedrooms:
2
Bathrooms:
2
Year Built:
2017
OPEN HOUSE, SUNDAY JULY 28@1-3PM. The Avenue West End condominium is well known with its unique feature of highlighted river view, steps to the Bow River attractions and LRT. As you enter this fully air-conditioned unit, the main floor open-concept layout includes a brightened office space with extra storage closet. The secondary bedroom next to the office is surprisingly impressive with wonderful enough sunlight both in winter and summer. The hallway leads you back to the main entrance where you will find the secondary bathroom. Back to another end of the hallway. High quality finished kitchen includes a fully-integrated built-in refrigerator, oven, microwave, stainless steel gas cooktop, hood fan, and dishwasher. Living room has loaded lights with expansive windows, and connects a south facing balcony to maximize the Bow River Views and day lights. The south facing primary bedroom not only gives the best view of the river but also provides the warmer and cozy sunlight in all winter time. It also comes with a 5 piece ensuite full bathrooms and a larger closet with organizers. Also, the amenities includes FITNESS Centre, 24-hour security & concierge service, pet wash station, etc. which give all kinds of care for its residents. This lovely unit is Available for immediate possession. Do not miss this chance and book your private showing today!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
High-Rise (5+)
Total Living Area:
937.5 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$648.50
Condo Fee Includes:
Amenities of HOA/Condo, Heat, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Residential Manager, 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:
Northeast
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Northeast
Floor Location:
Other
Entry Level:
9
Stories Total:
23
Levels:
Single Level Unit
End Unit:
2+ Common Walls, End Unit
Total Rooms Above Grade:
6
Year built:
2017 (Age: 7)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
1711869;96
Heating:
Central, Forced Air
New Constr.:
No
Construction Material:
Concrete, Stone
Structure Type:
High Rise (5+ stories)
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Tile
Cooling:
Central Air
Fireplaces:
0
Garage:
0
Parking:
Heated Garage, Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Avenue West End
Downtown West End
Elevator(s), Fitness Center, Parking, Secured Parking, Visitor Parking
Built-In Oven, Built-In Refrigerator, Central Air Conditioner, Dishwasher, Garburator, Gas Cooktop, Range Hood, Washer/Dryer, Window Coverings
None
Board Approval, None Known
Call, Yes
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
10'1" × 10'
Main Floor
Walk-In Closet
4'5" × 4'1"
Main Floor
Living Room
12'4" × 10'8"
Main Floor
Dining Room
10'8" × 7'5"
Main Floor
Kitchen
10'4" × 8'6"
Main Floor
Office
8'1" × 6'11"
Main Floor
Bedroom
10' × 9'8"
Main Floor
Walk-In Closet
5'11" × 4'5"
Main Floor
Laundry
3'11" × 2'6"
Main Floor
Entrance
8'1" × 1'4"
Main Floor
Furnace/Utility Room
2'7" × 2'7"
Main Floor
Balcony
10'9" × 6'7"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
5
7'6" x 9'1"
Main Floor
No
3
8'1" x 4'11"
Title to Land:
Fee Simple
Community Features:
Other, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Built-in Features, Double Vanity, High Ceilings, No Animal Home, No Smoking Home, Open Floorplan, Quartz Counters
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
DC
Listed Date:
Jul 08, 2024
Days on Mkt:
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    Enterance
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    Office
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Listed by Homecare Realty Ltd.
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
25
Avg list price:
$384,900
Min list price:
$249,900
Max list price:
$1,199,000
Avg days on market:
56
Min days on market:
1
Max days on market:
152
Avg price per sq.ft.:
$411.41
These statistics are generated based on the current listing's property type and located in Downtown West End. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706