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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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1716 29 Avenue SW
South Calgary Calgary T2T 1M7

$1,150,000
Multi-Family 2,715 sq. ft. built: 1953

Main Photo: 1716 29 Avenue SW in Calgary: South Calgary 4 plex for sale : MLS®# A2164283
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Photo 40: 1716 29 Avenue SW in Calgary: South Calgary 4 plex for sale : MLS®# A2164283
Status:
Active
Prop. Type:
Multi-Family
MLS® Num:
A2164283
Year Built:
1953
Welcome to this incredible 4-1 bed, 1 bath property in the heart of vibrant Marda Loop! Each unit is thoughtfully designed, offering comfort and convenience. With a shared common washer/dryer area and a massive backyard, there’s plenty of space for tenants to enjoy. A rare find, the property also boasts a triple detached garage, providing ample parking or storage options. Whether you're an investor seeking consistent rental income or someone looking to live in one unit and rent out the others, this property is an ideal solution. Positioned in one of Calgary’s most desirable neighborhoods, close to trendy shops, cafes, and parks, this 4-plex is the perfect blend of urban living and smart investing. Don’t miss out on this unique opportunity! Call now for your private showing!
Property Type:
Multi-Family
Property Sub Type:
4 plex
Transaction Type:
For Sale
Possession:
Possession Date:
Total Living Area:
2,715 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,232 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:
Year built:
1953 (Age: 71)
Bathrooms:
- (Full:-, Half:-)
Plan:
4479P
Structure Type:
Four Plex
Ensuite:
No
Garage:
1
Garage Spaces:
3
Parking:
Triple Garage Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
South Calgary
Dishwasher, Refrigerator, Stove(s), Washer/Dryer
na
None Known
Title to Land:
Fee Simple
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C1
Listed Date:
Sep 16, 2024
Days on Mkt:
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Listed by CIR Realty
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