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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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  2. Phone Number: Call me directly at 403.397.3706 with any questions or to schedule viewings.

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When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!

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NEXT Open House details
Sep 21, 2024 01:00 PM - 04:00 PM MDT

42 South Shore Bay
South Shores Chestermere T1X 2S1

$1,224,900
Residential beds: 8 baths: 5.0 3,447 sq. ft. built: 2024

Main Photo: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 1: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 2: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 3: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 4: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 5: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 6: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 7: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 8: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Photo 9: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
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Photo 50: 42 South Shore Bay: Chestermere Detached for sale : MLS®# A2156964
Open House - Sep 21, 2024
01:00 PM - 04:00 PM MDT
NOTES: Open House on Saturday, September 21, 2024 1:00PM - 4:00PM Hosted by Ricky Dhaliwal
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156964
Bedrooms:
8
Bathrooms:
5
Year Built:
2024
** OPEN HOUSE ** SEPTEMBER 19TH 1:00 PM to 4:00 PM. This stunning home in the lakeside community of South Shores Chestermere offers over 5,000 sq ft of luxurious living space across three levels. Boasting 8 BEDROOMS and 5 FULL BATHROOMS, it includes a fully equipped 3-bedroom LEGAL basement suite with its own laundry. The property sits on an expansive 10,600+ sq ft lot and features a heated triple-car garage with an extended exposed aggregate driveway. Highlights of this highly upgraded residence include soaring high ceilings and an open-to-below design from the upper level to the main floor. The home showcases engineered hardwood floors, tile in all bathrooms, and a tiled front foyer. The exterior is adorned with Hardie board siding, and the interior features granite countertops, custom glass showers, and upgraded lighting with extra pot lights. Additional amenities include a custom oversized fireplace in the family room, dual AC units, a main floor bedroom with an adjacent bathroom, and a custom staircase with lighting. The master suite boasts a custom walk-in closet and a secondary master bedroom is located on the upper level. The kitchen is equipped with black stainless steel appliances, a spice kitchen with stainless steel appliances, and a pot filler, while the main kitchen includes under-cabinet lighting, upgraded cabinet door handles, and a striking waterfall island. Further enhancements include a central vacuum system, a heated garage, reverse osmosis water filtration, a water softener, custom steam shower, custom mirrors, and shiplap feature walls. Contact your realtor today for more information!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Legal
Home Style:
2 Storey
Total Living Area:
3,446.51 sq. ft.
Main Level Finished Area:
1,630.25 sq. ft.
Upper Level Finished Area:
1,816.25 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,540.16 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
10,632 sq. ft.
Lot Frontage:
11'5¾"
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:
Below Grade
Levels:
Two
Total Rooms Above Grade:
11
Year built:
2024 (Age: 0)
Bedrooms:
8 (Above Grd: 5)
Bedrooms Above Grade:
5
Bedrooms Below Grade:
3
Bathrooms:
5.0 (Full:5, Half:0)
Plan:
2111303
Heating:
Central, Fireplace(s), Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Finished, Full, Suite, Walk-Out To Grade
Foundation:
Poured Concrete
New Constr.:
Yes
Construction Material:
Stone, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Tile, Vinyl Plank
Cooling:
Sep. HVAC Units
Fireplaces:
1
Fireplace Details:
Blower Fan, Gas, Living Room, Marble
Garage:
1
Garage Spaces:
3
Parking:
Aggregate, Covered, Front Drive, Garage Door Opener, Garage Faces Front, Heated Garage, On Street, Parking Pad, Triple Garage Attached
Parking Places:
8.0
Parking Total/Covered:
8 / -
Laundry Features:
In Basement, Upper Level
South Shores
Built-In Electric Range, Built-In Oven, Built-In Refrigerator, Central Air Conditioner, Dishwasher, Garage Control(s), Garburator, Microwave, Range Hood, Washer/Dryer, Water Softener, Window Coverings
Spice Kitchen: Refrigerator, Dishwasher, Gas Range, Chimney Hood-Fan Basement: Washer/Dryer
None Known
Floor
Type
Size
Other
Main Floor
Mud Room
8'2" × 4'11"
Main Floor
Living Room
15'7" × 14'5"
Main Floor
Dining Room
11' × 9'1"
Main Floor
Pantry
10'10" × 4'5"
Main Floor
Bedroom
11'2" × 10'3"
Main Floor
Kitchen
11'2" × 5'9"
Main Floor
Kitchen
15'2" × 14'5"
Main Floor
Nook
19'2" × 12'
Main Floor
Family Room
15'2" × 14'5"
Upper Level
Bedroom - Primary
19'6" × 19'4"
Upper Level
Walk-In Closet
15'4" × 8'
Upper Level
Bedroom
12'11" × 11'7"
Upper Level
Bedroom - Primary
12'8" × 11'2"
Upper Level
Bedroom
11'10" × 11'2"
Upper Level
Bonus Room
18'7" × 16'9"
Upper Level
Laundry
7'10" × 5'8"
Basement
Laundry
22'4" × 9'
Basement
Bedroom
14'11" × 11'6"
Basement
Bedroom
13'2" × 10'7"
Basement
Bedroom
14'7" × 11'8"
Basement
Game Room
27'9" × 27'1"
Basement
Kitchen
13'5" × 10'8"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
8'9" x 4'11"
Upper Level
Yes
3
4'11" x 9'3"
Upper Level
No
4
9'7" x 4'11"
Basement
No
4
9' x 4'10"
Suite
Yes
6
12'11" x 12'1"
Title to Land:
Fee Simple
Community Features:
Golf, Lake, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Central Vacuum, Chandelier, Closet Organizers, Crown Molding, Double Vanity, French Door, Granite Counters, High Ceilings, Kitchen Island, Low Flow Plumbing Fixtures, No Animal Home, No Smoking Home, See Remarks, Separate Entrance, Walk-In Closet(s)
Exterior Features:
None
Patio And Porch Features:
Deck, Front Porch
Lot Features:
Back Yard, Cul-De-Sac, Fruit Trees/Shrub(s), Front Yard, Lawn, Landscaped, Street Lighting, Pie Shaped Lot
Num. of Parcels:
0
Fencing:
None
Region:
Chestermere
Zoning:
R-2
Listed Date:
Aug 12, 2024
Days on Mkt:
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Virtual Tour

Virtual Tour

Listed by Real Broker
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
203
Avg list price:
$699,900
Min list price:
$258,000
Max list price:
$3,900,000
Avg days on market:
30
Min days on market:
1
Max days on market:
175
Avg price per sq.ft.:
$362.69
These statistics are generated based on the current listing's property type and located in Chestermere. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706