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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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314 315 Heritage Drive SE
Acadia Calgary T2H 1N2

$214,900
Residential beds: 1 baths: 1.0 698 sq. ft. built: 1968

Main Photo: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 1: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 2: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 3: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 4: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 5: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 6: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
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Photo 12: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
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Photo 14: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
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Photo 16: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 17: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
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Photo 21: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 22: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 23: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 24: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Photo 25: 314 315 Heritage Drive SE in Calgary: Acadia Apartment for sale : MLS®# A2156564
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156564
Bedrooms:
1
Bathrooms:
1
Year Built:
1968
Nicely UPDATED 1 bedroom unit within walking distance to shopping, restaurants, C-Train and more. As you enter your new home, you are greeted by laminate throughout. The galley style kitchen is a nice size with UPDATED cabinets and appliances. Great for creating your culinary desires. Dining area is a nice size for dinner gatherings which overlooks the large living room. There’s a pantry/storage room off to the side. Your large living room serves as the focal point of the home. Relax and entertain inside or outside on your west-facing patio. Down the hall is an UPDATED 4 pc bathroom and VERY LARGE master bedroom. The unit boasts a 2nd entrance which you will find the laundry right outside the door. The inside courtyard is a pleasure for quiet relaxation time in a secluded oasis. The windows, patio doors and siding were all upgraded in this concrete building. The unit is very quiet because it is in a concrete building. Assigned parking, #618, and visitor parking on the south corner. If you’re a first-time buyer or an investor, it doesn’t get much better than this.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
698 sq. ft.
Main Level Finished Area:
698 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$414.35
Condo Fee Includes:
Common Area Maintenance, Heat, Maintenance Grounds, Parking, Reserve Fund Contributions, Sewer, Snow Removal, Trash, Water
HOA Fee Includes:
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:
West
Reg. Size:
Reg. Size Includes:
Unit Exposure:
West
Floor Location:
Ground
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1968 (Age: 56)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
7510034
Heating:
Baseboard
New Constr.:
No
Construction Material:
Composite Siding, Concrete
Structure Type:
Low Rise (2-4 stories)
Roof:
Flat Torch Membrane
Ensuite:
No
Flooring:
Laminate
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Common Area, Laundry Room
Condo Fee Frequency:
Monthly
Z-name Not Listed
Acadia
Coin Laundry, Parking
Dishwasher, Electric Stove, Refrigerator, Window Coverings
N/A
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Living Room
19'5" × 11'7"
Main Floor
Kitchen
7'3" × 6'6"
Main Floor
Dining Room
7'8" × 7'4"
Main Floor
Bedroom - Primary
15'4" × 10'2"
Main Floor
Storage
7'7" × 2'9"
Main Floor
Foyer
3'10" × 3'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 6'11"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
No Animal Home, No Smoking Home, Pantry
Exterior Features:
Courtyard
Patio And Porch Features:
Patio
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C1
Listed Date:
Aug 09, 2024
Days on Mkt:
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Listed by eXp Realty
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
15
Avg list price:
$625,000
Min list price:
$214,900
Max list price:
$789,900
Avg days on market:
22
Min days on market:
1
Max days on market:
70
Avg price per sq.ft.:
$554.46
These statistics are generated based on the current listing's property type and located in Acadia. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706