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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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721 4 Avenue NE
Bridgeland/Riverside Calgary T2E 0K3

$974,800
Residential beds: 5 baths: 4.0 1,598 sq. ft. built: 1953

Facing 7th Ave
Photo 1: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 2: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 3: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 4: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 5: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 6: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 7: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 8: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 9: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 10: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 11: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 12: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 13: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 14: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 15: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 16: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 17: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 18: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 19: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 20: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 21: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 22: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 23: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 24: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 25: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 26: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 27: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Photo 28: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2168009
Bedrooms:
5
Bathrooms:
4
Year Built:
1953
**PRICE ADJUSTMENT & EASY TO SHOW** Opportunity knocks with this Detached Multi Family complex in Bridgeland. Situated on a Large RC-G Corner lot (45 X 110 SF) with a back alley. This complex has ONE vacant 3 BEDROOM (Main floor) Suite with an attached garage, TWO 1 BEDROOM Suites (south and east in the basement) and ONE bachelor suite (above the garage) and 2 oversized Single car garages. Currently 2 units are vacant making this an ideal situation for someone to live in the 3 bedroom and rent out the remaining 3 other units & the garage(s). Or for the savvy investor to capitalize on the low vacancy rate and put in their ideal tenants. This has endless potential for a buyer looking to subsidize the cost owning a property, or a developer looking to capitalize on a corner lot zoned for Multifamily, or an Investor looking to add to their portfolio. MUST BE SEEN TO BE APPRECIATED.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Illegal
Home Style:
Bungalow
Total Living Area:
1,598 sq. ft.
Main Level Finished Area:
1,229 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
4,908 sq. ft.
Lot Frontage:
110'⅛"
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:
Bi-Level
Total Rooms Above Grade:
7
Year built:
1953 (Age: 71)
Bedrooms:
5 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
2
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
4647V
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Finished, See Remarks, Suite, Walk-Out To Grade
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stucco
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Ceramic Tile, Hardwood, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
Garage Faces Front, Off Street, Single Garage Attached, Single Garage Detached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
Lower Level
Bridgeland/Riverside
Dryer, Electric Stove, Gas Stove, Refrigerator, Washer
4 Fridges, 4 Stoves and coin op. Washer and Dryer
Call Lister
Floor
Type
Size
Other
Main Floor
Bedroom
11'1" × 9'8"
Main Floor
Bedroom
13'7" × 11'
Main Floor
Bedroom
12' × 10'5"
Main Floor
Kitchen
10'10" × 9'8"
Main Floor
Living Room
15'1" × 14'7"
2nd Floor
Living Room
14'4" × 13'11"
2nd Floor
Kitchen
14'4" × 3'9"
Lower Level
Kitchen
9'3" × 7'8"
Lower Level
Bedroom
12'8" × 8'4"
Lower Level
Living Room
14'11" × 9'8"
Suite
Kitchen
9'3" × 8'8"
Suite
Bedroom
10'5" × 9'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
9'8" x 6'11"
2nd Floor
No
2
2'7" x 7'7"
Lower Level
No
4
11'2" x 4'
Suite
No
4
9'3" x 7'1"
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Crown Molding, Separate Entrance, Vinyl Windows
Exterior Features:
Balcony, Garden, Private Yard
Patio And Porch Features:
Deck, Porch
Lot Features:
Back Lane, Back Yard, Corner Lot, Front Yard, Garden, Street Lighting
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
R-CG
Listed Date:
Sep 30, 2024
Days on Mkt:
  • Photo 1: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Facing 7th Ave
  • Photo 2: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Photo 2 of 28
  • Photo 3: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Facing 7th Ave
  • Photo 4: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
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  • Photo 5: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
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    Photo 14 of 28
  • Photo 15: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    East Suite (facing 6th Street)
  • Photo 16: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Photo 16 of 28
  • Photo 17: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
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    Photo 19 of 28
  • Photo 20: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Bachelor Unit Photo 28-30
  • Photo 21: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
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  • Photo 25: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Entrance to Bachelor Suite
  • Photo 26: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    South Unit
  • Photo 27: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    East Unit
  • Photo 28: 721 4 Avenue NE in Calgary: Bridgeland/Riverside Detached for sale : MLS®# A2168009
    Photo 28 of 28
Listed by Century 21 Bamber Realty LTD.
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
47
Avg list price:
$414,900
Min list price:
$178,000
Max list price:
$2,999,900
Avg days on market:
44
Min days on market:
5
Max days on market:
196
Avg price per sq.ft.:
$525.69
These statistics are generated based on the current listing's property type and located in Bridgeland/Riverside. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706