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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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2412 43 Street SE
Forest Lawn Calgary T2B 1H7

$875,000
Multi-Family 1,895 sq. ft. built: 1968

Main Photo: 2412 43 Street SE in Calgary: Forest Lawn Full Duplex for sale : MLS®# A2163308
Photo 1: 2412 43 Street SE in Calgary: Forest Lawn Full Duplex for sale : MLS®# A2163308
Photo 2: 2412 43 Street SE in Calgary: Forest Lawn Full Duplex for sale : MLS®# A2163308
Photo 3: 2412 43 Street SE in Calgary: Forest Lawn Full Duplex for sale : MLS®# A2163308
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Photo 43: 2412 43 Street SE in Calgary: Forest Lawn Full Duplex for sale : MLS®# A2163308
Status:
Active
Prop. Type:
Multi-Family
MLS® Num:
A2163308
Year Built:
1968
This is the investment opportunity you've been waiting for. Each side of the duplex measures almost 950 sq ft and have illegal suites downstairs. All the units are 2 bedroom and 1 4pc bathroom. Shared laundry downstairs on each side. Long term tenants, 7 years to almost 30 years. Rents are incredibly low and WELL UNDER market rates. Room to renovate and increase rents. 1 double garage and one single garage could be rented separately. Building has had significant updates over the last few years. Newer tar and gravel roof, newer HE furnaces and mid efficient HWTs. Tenants would love to stay but understand that they are not paying enough. 2410 (UP) is very well kept with a 30 year tenant and he also has the double garage. 2410 Downstairs is a 10 yr plus tenant but the unit needs to be emptied and updated. Current tenant there is a bit of hoarder. 2412 Upstairs is in decent condition, 7 year tenants with dogs and cats(could use a bit of a facelift) 2412 Basement has 9 year tenant and could definitely use a little bit of love. Build some equity through renovations and increase your cash flow, or live in one unit and rent the others. Lots of possibilities. Call your favourite Realtor to explore the options here. EASY TO SHOW WITH A LITTLE NOTICE.
Property Type:
Multi-Family
Property Sub Type:
Full Duplex
Transaction Type:
For Sale
Possession:
Possession Date:
Home Style:
Bi-Level, Side by Side
Total Living Area:
1,895 sq. ft.
Main Level Finished Area:
1,895 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,895 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,092 sq. ft.
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:
Reg. Size:
Reg. Size Includes:
Levels:
Bi-Level
Year built:
1968 (Age: 56)
Bathrooms:
- (Full:-, Half:-)
Plan:
2919HH
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Finished, See Remarks, Suite
Foundation:
Poured Concrete
Construction Material:
Brick, Stucco
Structure Type:
Duplex
Roof:
Tar/Gravel
Ensuite:
No
Flooring:
Ceramic Tile, Hardwood, Linoleum
Garage:
1
Garage Spaces:
3
Parking:
Additional Parking, Stall, Triple Garage Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Forest Lawn
Dryer, Electric Stove, Refrigerator, Washer
2ND DRYER, 2ND WASHER, 3 ADDITIONAL STOVES, 3 ADDITIONAL FRIDGES
None Known
Title to Land:
Fee Simple
Exterior Features:
Private Entrance
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone E
Zoning:
R-C2
Listed Date:
Sep 05, 2024
Days on Mkt:
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Listed by RE/MAX Real Estate (Central)
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
19
Avg list price:
$1,348,888
Min list price:
$875,000
Max list price:
$4,280,000
Avg days on market:
49
Min days on market:
4
Max days on market:
164
Avg price per sq.ft.:
$589.78
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