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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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1308 604 8th Street SW
Airdrie Airdrie T4B 2W4

$244,000
Residential beds: 1 baths: 1.0 505 sq. ft. built: 2002

Main Photo: 1308 604 8th Street SW: Airdrie Apartment for sale : MLS®# A2135361
Photo 1: 1308 604 8th Street SW: Airdrie Apartment for sale : MLS®# A2135361
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Photo 30: 1308 604 8th Street SW: Airdrie Apartment for sale : MLS®# A2135361
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2135361
Bedrooms:
1
Bathrooms:
1
Year Built:
2002
Extremely functional 1 bed 1 bath unit is the perfect pairing of lock up and go with convenient and comfortable living all done in style! Functionality is optimized in this unit from the BUILT IN MURPHY BED to the built ins throughout including in the living/dinning space allowing for the possibility of minimalist day to day living without sacrificing the option of hosting and entertaining. An open concept living room to dinning area featuring built ins that can be multi purposed as a desk/office space, crafting area, homework station, additional buffet/serving area, coffee station or bar area, with a dinning space large enough to host a 6-person table adjacent to the tv rec space/ living room which can be seamlessly turned into a guest area with the lightweight and easy to use built in Murphy bed. Spacious primary bedroom can host proper bedroom sized furniture and for additional functionality there are built ins in the closet. Spacious 4-piece bathroom nicely updated, and the unit also features a gorgeously updated kitchen assembled with best use of space in mind. INSUITE LAUNDRY located in the well-appointed storage room and a large private and bright balcony a great space to kick back and relax on those summer days. Not to mention this condo is conveniently located close to the elevator and comes complete with a surface parking spot, and LOW CONDO FEES OF 323/MONTH THAT INCLUDE ALL UTILITIES (electricity, heat, sewer and water), Common Area Maintenance, Insurance, Maintenance of Grounds, Professional Management, Reserve Fund Contributions, Snow Removal, AND Trash) Very well maintained complex with ample parking and located with close access in and out of the community as well as close proximity to schools, parks, shopping including groceries and more. The perfect property for someone who appreciates a stylish functional minimalistic low maintenance lifestyle, great opportunity for the first-time buyer (s), someone looking to downsize and for investors. Please Note the Photos are from previous listing.
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:
504.69 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$323.00
Condo Fee Includes:
Common Area Maintenance, Electricity, Gas, Heat, Insurance, Interior Maintenance, Maintenance Grounds, Parking, Professional Management, 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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Floor Location:
Other
Entry Level:
3
Stories Total:
4
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
3
Year built:
2002 (Age: 22)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
0211278
Heating:
Baseboard, Natural Gas
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Ensuite:
No
Flooring:
Vinyl
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Z-name Not Listed
Other
Dishwasher, Electric Cooktop, Microwave Hood Fan, Refrigerator, Washer/Dryer
Shelving and cabinets in living room and Ikea shoe cabinet in entry way, closet built in , building Fob (1) Unit key (1) Mail box key (1)
None Known
No
Floor
Type
Size
Other
Main Floor
Entrance
6'11" × 3'10"
Main Floor
Kitchen
7'5" × 7'3"
Main Floor
Living/Dining Room Combination
16' × 10'6"
Main Floor
Bedroom - Primary
9'8" × 8'8"
Main Floor
Laundry
7'9" × 4'10"
Main Floor
Balcony
12'6" × 10'6"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
7'3" x 4'11"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
See Remarks
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Airdrie
Zoning:
DC-7
Listed Date:
May 28, 2024
Days on Mkt:
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Listed by PREP Realty
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
351
Avg list price:
$599,900
Min list price:
$244,000
Max list price:
$3,299,000
Avg days on market:
24
Min days on market:
1
Max days on market:
333
Avg price per sq.ft.:
$365.85
These statistics are generated based on the current listing's property type and located in Airdrie. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706