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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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40 Strathearn Rise SW
Strathcona Park Calgary T3H 1R6

$725,000
Residential beds: 4 baths: 3.0 1,195 sq. ft. built: 1981

Main Photo: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 1: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 2: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 3: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 4: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 5: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 6: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 7: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 8: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 9: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 10: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 11: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 12: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 13: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 14: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 15: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 16: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 17: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 18: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 19: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 20: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 21: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 22: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 23: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 24: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 25: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 26: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 27: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 28: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 29: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 30: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Photo 31: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2166747
Bedrooms:
4
Bathrooms:
3
Year Built:
1981
Welcome to this warm and inviting move-in ready home in the desirable Strathcona Park. This 4 bedroom 4 level split is located in a family-friendly neighbourhood on a quiet cul-de-sac with a children's playground. The home is within walking distance of multiple parks and walking paths, close to some of Calgary's top schools, minutes from downtown, and within walking distance of trains, transit, and nearby shopping and amenities. With the completion of Ring Road, you are now minutes to the free-flowing freeway, allowing quick access out of or around the city. The home offers 4 bedrooms plus a large home office/studio with lots of natural light, 3 full baths, and 1,775 square feet of total living space spread across three fully developed levels. Inside, you'll find a very neutral palette and an updated interior with knockdown ceilings and stylish laminate flooring. The kitchen is functional and has stainless steel appliances (fridge, stove, microwave, dishwasher) and is complemented by a spacious dining room. The lower level boasts a large recreation space with a fireplace and laundry area. There's also a full basement and crawlspace for additional storage and versatility. Outside, the fenced backyard provides space for outdoor activities and an outdoor living area, perfect for entertaining or relaxation. Recent updates of $35,000 include a newly installed furnace and air conditioning system, as well as new shingles and paint inside and out.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
4 Level Split
Total Living Area:
1,195 sq. ft.
Main Level Finished Area:
549 sq. ft.
Upper Level Finished Area:
646 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
580 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
4,542 sq. ft.
Lot Frontage:
27'4"
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:
Levels:
4 Level Split
Total Rooms Above Grade:
7
Year built:
1981 (Age: 43)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
3.0 (Full:3, Half:0)
Plan:
8110241
Heating:
Forced Air, Natural Gas
Basement:
Full, Unfinished
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Metal Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Laminate, Linoleum
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
0
Parking:
Off Street
Parking Places:
0.0
Parking Total/Covered:
0 / -
Laundry Features:
Lower Level
Strathcona Park
Dishwasher, Dryer, Microwave Hood Fan, Refrigerator, Stove(s), Washer, Window Coverings
N/A
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
15'2" × 9'8"
Main Floor
Dining Room
11'7" × 9'8"
Main Floor
Foyer
5'6" × 4'2"
Main Floor
Den
11'7" × 11'1"
2nd Floor
Bedroom - Primary
12'9" × 11'9"
2nd Floor
Bedroom
9'8" × 9'1"
2nd Floor
Bedroom
10'10" × 9'1"
Lower Level
Living Room
15'11" × 15'10"
Lower Level
Bedroom
11'5" × 8'10"
Lower Level
Laundry
6'2" × 5'9"
Floor
Ensuite
Pieces
Other
2nd Floor
Yes
3
6'1" x 6'4"
2nd Floor
No
4
4'11" x 8'6"
Lower Level
No
3
4'11" x 6'2"
Title to Land:
Fee Simple
Community Features:
Playground, Shopping Nearby, Street Lights
Interior Features:
No Smoking Home, See Remarks
Exterior Features:
Private Yard
Patio And Porch Features:
Deck, Front Porch, See Remarks
Lot Features:
Pie Shaped Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone W
Zoning:
R-C1
Listed Date:
Sep 18, 2024
Days on Mkt:
  • Photo 1: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
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  • Photo 3: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
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  • Photo 6: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Photo 6 of 31
  • Photo 7: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Main Floor Living Room or Office/Den
  • Photo 8: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Main Floor Living Room or Office/Den
  • Photo 9: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Upper level with 3 bedrooms
  • Photo 10: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Primary Bedroom
  • Photo 11: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Primary Bedroom
  • Photo 12: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Primary Bedroom
  • Photo 13: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Primary Ensuite
  • Photo 14: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    2nd Bedroom
  • Photo 15: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    3rd Bedroom
  • Photo 16: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Upper Level Main Bathroom
  • Photo 17: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Lower level Family Room
  • Photo 18: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Lower level Family Room
  • Photo 19: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Lower Level Bedroom
  • Photo 20: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Lower Level Bathroom
  • Photo 21: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Lower Level Laundry
  • Photo 22: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Basement Level
  • Photo 23: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Photo 23 of 31
  • Photo 24: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Photo 24 of 31
  • Photo 25: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Photo 25 of 31
  • Photo 26: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Community Centre
  • Photo 27: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Parks Throughout Strathcona Park
  • Photo 28: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Parks Throughout Strathcona Park
  • Photo 29: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Community Garden
  • Photo 30: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Outdoor Rink
  • Photo 31: 40 Strathearn Rise SW in Calgary: Strathcona Park Detached for sale : MLS®# A2166747
    Tennis & Pickleball
Listed by RE/MAX House of Real Estate
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
5,132
Avg list price:
$599,900
Min list price:
$134,900
Max list price:
$10,000,000
Avg days on market:
24
Min days on market:
0
Max days on market:
618
Avg price per sq.ft.:
$441.56
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