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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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302 180 Marina Cove SE
Mahogany Calgary T3M 3P4

$1,994,900
Residential beds: 2 baths: 3.0 1,891 sq. ft. built: 2023

Main Photo: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
Photo 1: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
Photo 2: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
Photo 3: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
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Photo 21: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
Photo 22: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
Photo 23: 302 180 Marina Cove SE in Calgary: Mahogany Apartment for sale : MLS®# A2148918
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2148918
Bedrooms:
2
Bathrooms:
3
Year Built:
2023
The Streams of Lake Mahogany present an elevated single-level lifestyle in our stunning Reflection Estate homes situated on Lake Side on Mahogany Lake. Selected carefully from the best-selling renowned Westman Village Community, you will discover THE SPRINGS, a home created for the most discerning buyer, offering a curated space to enjoy and appreciate the hand-selected luxury of a resort-style feeling while providing you a maintenance-free opportunity to lock and leave. Step into an expansive 2000+ builders sq ft stunning home overlooking the gorgeous Mahogany Lake featuring a thoughtfully designed open floor plan inviting an abundance of natural daylight with soaring 12-foot ceilings and oversized windows. The centralized living area, ideal for entertaining, includes a KitchenAid counter depth French door refrigerator with internal water and ice, KitchenAid Dishwasher with stainless steel interior, KitchenAid 30" Built-in wall oven and microwave combo, Broan power pack built-in cabinet hood fan, KitchenAid 36" gas cooktop and a Silhouette Emmental 24" Bev. Center for your stylish coffee bar; all nicely complimented by the an Elevated Moonlight Color Palette. All are highlighted with stunning Quartz countertops. You will enjoy two beautiful bedrooms, a generous central living area, with the Primary Suite featuring a spacious 5-piece oasis-like ensuite with dual vanities, a large soaker tub, a stand-alone shower, and a generous walk-in closet. The Primary Suite and main living area step out to a 35ftx17ft terrace with a lovely view of the stunning Lake. Yours to enjoy and soak in every single day. To complete the package, you have a sizeable office area adjacent to the spacious laundry room and powder room that opens up to another expansive 25ft terrace and a double attached heated garage with a full-width driveway. Custom additions to the home include under cabinet lighting in kitchen, A/C, folding counter in laundry room and more. Jayman's standard inclusions feature their trademark Core Performance, which includes Solar Panels, Built Green Canada Standard with an Energuide rating, UVC Ultraviolet light air purification system, high-efficiency heat pump for air conditioning, forced air fan coil hydronic heating system, active heat recovery ventilator, Navien-brand tankless hot water heater, triple pane windows and smart home technology solutions. Enjoy Calgary’s largest lake, with 21 more acres of beach area than any other community. Enjoy swimming, canoeing, kayaking, pedal boating in the summer, skating, ice fishing, and hockey in the winter with 2 private beach clubs and a combined 84 acres of lake & beachfront to experience. Retail shops & professional services at Westman Village & Mahogany’s Urban Village are just around the corner, waiting to be discovered.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
1,891.21 sq. ft.
Main Level Finished Area:
1,891.21 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$789.00
Condo Fee Includes:
Common Area Maintenance, Insurance, Parking, Professional Management, Reserve Fund Contributions, See Remarks, Snow Removal
HOA Fee Frequency:
Annually
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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Other
Entry Level:
3
Stories Total:
3
Levels:
Single Level Unit
End Unit:
End Unit
Total Rooms Above Grade:
5
Year built:
2023 (Age: 1)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
2211383
Heating:
Forced Air, Natural Gas
Basement:
None
Foundation:
Poured Concrete
Builder:
Jayman BUILT
New Constr.:
Yes
Construction Material:
Composite Siding, Stone, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Decorative, Electric, Great Room
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached, Heated Garage, Insulated
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
In Unit
HOA Fee:
$595.00
Condo Fee Frequency:
Monthly
Z-name Not Listed
Mahogany
Elevator(s), Picnic Area, Visitor Parking
Dishwasher, Garage Control(s), Gas Cooktop, Microwave, Oven-Built-In, Range Hood, Refrigerator
N/A
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Great Room
17'6" × 14'6"
Main Floor
Dining Room
15'5" × 13'4"
Main Floor
Bedroom - Primary
14' × 12'4"
Main Floor
Bedroom
16'5" × 11'8"
Main Floor
Office
11'3" × 11'2"
Main Floor
Laundry
0' × 0'
Floor
Ensuite
Pieces
Other
Main Floor
Yes
5
Main Floor
No
3
Main Floor
No
2
0' x 0'
Title to Land:
Fee Simple
Community Features:
Clubhouse, Fishing, Lake, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Tennis Court(s), Walking/Bike Paths
Interior Features:
Breakfast Bar, Built-in Features, Closet Organizers, Double Vanity, High Ceilings, Kitchen Island, Low Flow Plumbing Fixtures, No Smoking Home, Open Floorplan, Pantry, Recessed Lighting, Smart Home, Soaking Tub, Stone Counters, Storage, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
Built-in Barbecue, Courtyard, Fire Pit
Patio And Porch Features:
Deck, Patio
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone SE
Zoning:
DC
Listed Date:
Jul 12, 2024
Days on Mkt:
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Listed by Jayman Realty Inc.
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
105
Avg list price:
$673,900
Min list price:
$284,999
Max list price:
$2,795,000
Avg days on market:
37
Min days on market:
1
Max days on market:
376
Avg price per sq.ft.:
$455.77
These statistics are generated based on the current listing's property type and located in Mahogany. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706