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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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145 370165 79 Street E
Rural Foothills County Rural Foothills County T1S 1B4

$310,000
Residential beds: 1 baths: 1.0 526 sq. ft. built: 2013

Main Photo: 145 370165 79 Street E: Rural Foothills County Detached for sale : MLS®# A2160501
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2160501
Bedrooms:
1
Bathrooms:
1
Year Built:
2013
**Welcome to one of the finest properties in the highly sought-after and prestigious Country Lane Estates Park—a perfect haven for snowbirds or anyone seeking a cabin just a 10-minute drive from Calgary! Prepare to be impressed by both the park and the home.** **Prime Location:** Situated just minutes from Calgary and on the outskirts of Okotoks, right on the banks of the Sheep River, this park offers a unique experience. You won’t find anything like this near Calgary at such an affordable price—unless you’re ready to spend over $1M, which you won’t need to here. This property is both budget-friendly and incredibly comfortable. The park is open from April 1st until the end of October. **Impressive Amenities:** As a resident, you’ll have access to a wide range of amenities, including a clubhouse with a gym, library, board game room, auditorium (accommodating up to 100 people), billiards, poker/games room, and shower facilities. An outdoor swimming pool and hot tub are available for relaxation and enjoyment. Power, water, sewer, and garbage/recycling services are all included in the low monthly condo fees of just $235! You won’t find a better deal. **PLEASE NOTE:** You actually own the lot. You get the title and own the land! Are you excited yet? Here’s what the house offers: This beautiful 2013 Woodland Park model manufactured home is loaded with upgrades. It features a spacious living room, a high-end kitchen with stainless steel appliances and granite countertops, a 3-piece bathroom, a bedroom, and a laundry room. Additionally, there’s a 21' x 11' sunroom and a separate 145 sq. ft. office space. The house is equipped with its own 1200-gallon water cistern as a backup water source. The low-maintenance backyard is beautifully landscaped, perfect for your convenience and enjoyment. There’s also parking for two cars at the front. **NOTE:** The property right next door (#144 - A2160551) can be purchased as well. You absolutely must come and see this phenomenal property for yourself!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Bare Land
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bungalow
Total Living Area:
526 sq. ft.
Main Level Finished Area:
526 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$235.00
Condo Fee Includes:
Common Area Maintenance, Electricity, Maintenance Grounds, Sewer, Snow Removal, Water
HOA Fee Includes:
Lot Area:
2,368 sq. ft.
Lot Frontage:
0'
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:
North
Reg. Size:
Reg. Size Includes:
Levels:
One
Total Rooms Above Grade:
4
Year built:
2013 (Age: 11)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
0311515
Heating:
Forced Air, Propane
Basement:
None
Foundation:
Brick/Mortar
New Constr.:
No
Construction Material:
Composite Siding, Stone
Structure Type:
Manufactured House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Linoleum
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Electric, Living Room, Mantle
Water Supply:
Cistern, Co-operative
Sewer:
Other
Garage:
0
Parking:
Stall
Parking Places:
2.0
Parking Total/Covered:
2 / -
Mobile Home Lenght:
44'
Mobile Home Width:
12'
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Z - Name Not Listed
Clubhouse, Park, Playground, Pool
Dishwasher, Dryer, Microwave, Oven, Refrigerator, Stove(s), Washer, Wine Refrigerator
n/a
Park Approval, Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Kitchen
13'5" × 8'1"
Main Floor
Living Room
11'6" × 10'10"
Main Floor
Bedroom
12'1" × 10'11"
Main Floor
Office
5'8" × 4'2"
Main Floor
Laundry
3'7" × 2'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
0' x 0'
Title to Land:
Fee Simple
Community Features:
Clubhouse, Park, Playground, Pool
Interior Features:
Breakfast Bar, Built-in Features, Granite Counters, Kitchen Island, Open Floorplan
Exterior Features:
Storage
Patio And Porch Features:
Deck
Lot Features:
Low Maintenance Landscape, Rectangular Lot
Pool Features:
Heated, Outdoor Pool
Num. of Parcels:
0
Fencing:
None
Nearest Town:
Okotoks
Region:
Foothills County
Zoning:
DC10
Listed Date:
Aug 26, 2024
Days on Mkt:
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Listed by RE/MAX First
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
109
Avg list price:
$1,798,900
Min list price:
$310,000
Max list price:
$19,500,000
Avg days on market:
64
Min days on market:
2
Max days on market:
504
Avg price per sq.ft.:
$708.76
These statistics are generated based on the current listing's property type and located in Rural Foothills County. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706