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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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413 3 Street
Downtown_Strathmore Strathmore T1P 1B9

$484,900
Residential beds: 7 baths: 4.0 3,010 sq. ft. built: 1961

Main Photo: 413 3 Street: Strathmore Detached for sale : MLS®# A2166383
Photo 1: 413 3 Street: Strathmore Detached for sale : MLS®# A2166383
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Photo 36: 413 3 Street: Strathmore Detached for sale : MLS®# A2166383
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2166383
Bedrooms:
7
Bathrooms:
4
Year Built:
1961
This unique property in the heart of Strathmore sits on a generous rectangular lot, offering a blend of residential and income-generating potential. The main house is a charming bungalow featuring an open-concept layout with a spacious kitchen and living room, three bright bedrooms, and a well-appointed 4-piece bathroom on the main level. The lower level has been converted into an illegal rental suite, complete with two bedrooms, a cozy living area, a compact kitchen, and a 3-piece bathroom. Attached on the north side of the property, a separate addition was once used as an office. With its own entrance, this space offers versatility and could easily be repurposed as a home office or studio. Attached to this area is a double garage, providing ample parking and storage. Above the office and garage, an additional illegal rental suite awaits. This suite boasts a large bedroom, a spacious family room, a full kitchen, a 4-piece bathroom, and a laundry room, making it a self-contained unit ideal for rental or extended family living. This property offers endless possibilities for both personal use and possible rental income.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Illegal
Home Style:
1 and Half Storey
Total Living Area:
3,010 sq. ft.
Main Level Finished Area:
1,816 sq. ft.
Upper Level Finished Area:
1,194 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,061 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,995 sq. ft.
Lot Frontage:
120'¼"
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:
Unit Exposure:
West
Levels:
One and One Half
End Unit:
1 Common Wall
Total Rooms Above Grade:
10
Year built:
1961 (Age: 63)
Bedrooms:
7 (Above Grd: 5)
Bedrooms Above Grade:
5
Bedrooms Below Grade:
2
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
5894P
Heating:
Forced Air
Basement:
Finished, Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle, Metal
Ensuite:
No
Flooring:
Carpet, Laminate, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Parking Places:
6.0
Parking Total/Covered:
6 / -
Laundry Features:
In Basement
Downtown_Strathmore
See Remarks
N/A
None Known
Floor
Type
Size
Other
Main Floor
Living Room
18'3" × 13'2"
Main Floor
Dining Room
11'1" × 6'9"
Main Floor
Kitchen
16'6" × 11'7"
Main Floor
Bedroom - Primary
13'3" × 12'3"
Main Floor
Bedroom
13'3" × 10'4"
Main Floor
Bedroom
11'6" × 9'8"
Main Floor
Laundry
13'2" × 12'1"
2nd Floor
Bedroom
12' × 11'
2nd Floor
Bedroom
13'1" × 12'11"
2nd Floor
Family Room
20' × 15'5"
2nd Floor
Kitchen
12'5" × 9'2"
2nd Floor
Laundry
5'11" × 5'
Basement
Bedroom
11'9" × 10'
Basement
Bedroom
11'9" × 11'3"
Basement
Kitchen
11'10" × 8'9"
Basement
Living Room
15'6" × 11'8"
Basement
Furnace/Utility Room
15'8" × 11'10"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
4'6" x 6'
Main Floor
No
4
6'8" x 8'2"
2nd Floor
No
4
7'11" x 8'2"
Basement
No
3
6'5" x 7'11"
Title to Land:
Fee Simple
Community Features:
Golf, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks
Interior Features:
See Remarks
Exterior Features:
None
Patio And Porch Features:
Patio
Lot Features:
Corner Lot, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Wheatland County
Zoning:
CB
Listed Date:
Sep 17, 2024
Days on Mkt:
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Listed by TREC The Real Estate Company
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
49
Avg list price:
$579,900
Min list price:
$125,000
Max list price:
$2,200,000
Avg days on market:
35
Min days on market:
1
Max days on market:
161
Avg price per sq.ft.:
$350.65
These statistics are generated based on the current listing's property type and located in Strathmore. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706