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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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109 Elma Street W
Heritage Okotoks Okotoks T1S 1J9

$568,888
Residential beds: 3 baths: 2.0 946 sq. ft. built: 1926

Main Photo: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 1: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 2: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 3: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 4: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 5: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 6: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 7: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 8: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 9: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 10: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
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Photo 12: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 13: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
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Photo 34: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
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Photo 36: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 37: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Photo 38: 109 Elma Street W: Okotoks Detached for sale : MLS®# A2163895
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2163895
Bedrooms:
3
Bathrooms:
2
Year Built:
1926
Enjoy the quaint lifestyle and ambiance of historical Elma Street with its' charming heritage homes and shops surrounded by towering mature trees, yet conveniently close the Old Towne Okotoks shopping district. This property offers a lovely residential bungalow style home with potential for a business plus additional structures (within town guidelines for lot coverage). The large lot is beautifully landscaped with mature trees, offering peace and privacy while enjoying morning coffee or outdoor entertaining from the private back deck. Additional separate back entrance with a few steps directly down to basement is ideal for residential or business uses. Single detached garage plus three additional parking spaces and back lane access. Plenty of 1920's character throughout the home with original fir baseboards and casings, vintage doors and a lovely sculptured living room ceiling, meticulously maintained and tastefully decorated with thoughtful detail in maintaining it's vintage character. Total of 1,600 sq. ft. of living space including 3 bedrooms, 2 full bathrooms, spacious living room (could be living and dining combination), and bright eat-in kitchen with outside access to sunny south back deck. Two bedrooms and 4-piece bathroom on main level. Lower level has separate walk-up entrance and is partially developed with spacious 3rd bedroom, 4-piece bathroom, and laundry area with roughed-in plumbing for potential suite development (upon town approval). Several recent upgrades and updates since 2022 including: complete electrical overhaul with plenty of panel space to include additions, underground basement plumbing running to sewage lift station with macerating pump, water softener, efficient side vent hot water tank, central A/C, new thermostat system, lower 4-piece bathroom and bedroom, lower plumbing to accommodate kitchenette or basement bar area, interior paint and carpet, fridge/stove, bathroom upgrades, appliances. This is the perfect home and location for trendy downtown living with additional potential for business uses.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bungalow
Total Living Area:
945.5 sq. ft.
Main Level Finished Area:
945.5 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
657.3 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,750 sq. ft.
Lot Frontage:
50'
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:
Levels:
One
Total Rooms Above Grade:
4
Year built:
1926 (Age: 98)
Bedrooms:
3 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
1
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
1420L
Heating:
Forced Air
Basement:
Full, Partially Finished, Walk-Up To Grade
Foundation:
Block, Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet
Cooling:
Central Air
Fireplaces:
0
Garage:
1
Garage Spaces:
1
Parking:
Alley Access, Single Garage Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
In Basement
Heritage Okotoks
Central Air Conditioner, Dryer, Electric Stove, Freezer, Microwave, Refrigerator, Washer, Water Softener, Window Coverings
White refrigerator in basement (as is)
None Known
Floor
Type
Size
Other
Main Floor
Living Room
20'6" × 13'6"
Main Floor
Eat in Kitchen
13'6" × 13'4"
Main Floor
Bedroom - Primary
11'6" × 10'
Main Floor
Bedroom
11' × 10'4"
Lower Level
Bedroom
12'8" × 12'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
5'6" x 8'
Lower Level
No
4
7' x 10'
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
No Smoking Home, Separate Entrance
Exterior Features:
Private Yard
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Fruit Trees/Shrub(s)
Num. of Parcels:
0
Fencing:
Partial
Region:
Foothills County
Zoning:
D
Listed Date:
Sep 09, 2024
Days on Mkt:
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Listed by Real Estate Professionals Inc.
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
109
Avg list price:
$658,500
Min list price:
$265,000
Max list price:
$3,995,000
Avg days on market:
17
Min days on market:
1
Max days on market:
200
Avg price per sq.ft.:
$410.75
These statistics are generated based on the current listing's property type and located in Okotoks. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706