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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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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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17 Oak Avenue
Heritage Okotoks Okotoks T1S 1K6

$2,900,000
Residential beds: 5 baths: 4.0 4,103 sq. ft. built: 1972

Main Photo: 17 Oak Avenue: Okotoks Detached for sale : MLS®# A2177610
Photo 1: 17 Oak Avenue: Okotoks Detached for sale : MLS®# A2177610
Photo 2: 17 Oak Avenue: Okotoks Detached for sale : MLS®# A2177610
Photo 3: 17 Oak Avenue: Okotoks Detached for sale : MLS®# A2177610
Photo 4: 17 Oak Avenue: Okotoks Detached for sale : MLS®# A2177610
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Photo 6: 17 Oak Avenue: Okotoks Detached for sale : MLS®# A2177610
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2177610
Bedrooms:
5
Bathrooms:
4
Year Built:
1972
Once in a lifetime Downtown Okotoks Acreage (13.84 Acres) and a spectacular 4108 sq. ft. 2- story home. The house is privately located in a Natural Area surrounded by green space and forests. An abundance of wildlife and song birds with private fenced park area, garden and natural Saskatoon Berry bushes. The 2nd story balconies directly face the sunrise and sunset as well as 3 main level decks. Masonry Design winning exterior facade is finished in natural full bed local Sandstone and Fieldstone. Also featured is an original Rumford style Fieldstone fireplace and chimney. Fir lumber frame construction with walls 7-11 inches thick (R30), R50 attic insulation and Energy Efficient Windows. The kitchen offers Cherry cabinets with an Island and Granite Counter tops. All interior moldings are Natural Fir with Solid Fir Doors. The flooring throughout the house is Fir Hardwood or tile with a floor thickness up to 3 inches. The 534 sq. ft. bonus room over the garage offers a great opportunity for a home office. It features a heated tile floor, 7 windows for natural light, hardwired for data and a private entrance off the master bedroom or a private stairway to the garage below. The house itself is hardwired for cameras, motion detectors, glass break detectors and door opening detectors. All exterior door locks are electronic. The private attached self contained 534 sq. ft. cottage legal suite offers separate front and rear entrances with independent utilities. It features a kitchen, bedroom, living area and bathroom with laundry facilities. Private driveway entrance, hard wired for a security gate and gate control to the house. This uniquely located acreage is located in the Sheep River Valley adjacent to the Okotoks Pathway System. Walking distance to fishing, shopping, recreation, dining and all local Downtown amenities. Your kids can walk to school. ALSO AVAILABLE AN ADJACENT 21 ACRES.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Legal
Home Style:
2 Storey, Acreage with Residence
Total Living Area:
4,103.38 sq. ft.
Main Level Finished Area:
2,200.62 sq. ft.
Upper Level Finished Area:
1,907.76 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
13.8 acre(s)
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:
East
Reg. Size:
Reg. Size Includes:
Entry Level:
1
Levels:
Two
Total Rooms Above Grade:
7
Year built:
1972 (Age: 52)
Bedrooms:
5 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
2
Bathrooms:
4.0 (Full:4, Half:0)
Plan:
1650E
Heating:
Fan Coil, Forced Air, Natural Gas
Basement:
Partial, Unfinished
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
See Remarks, Stone, Wood Frame, Wood Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Ceramic Tile, Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
1
Garage Spaces:
3
Parking:
Triple Garage Attached
Parking Places:
10.0
Parking Total/Covered:
10 / -
Laundry Features:
Laundry Room
Heritage Okotoks
Dishwasher, Dryer, Garage Control(s), Gas Range, Gas Stove, Microwave, Range Hood, Refrigerator, Tankless Water Heater, Washer, Window Coverings
There are in total 2 Dishwashers, 2 Gas Ranges, 2 Washers, 2 Dryers, 2 Refrigerators , 1 portable and 1 over the range microwave hood fan .
Utility Right Of Way
Floor
Type
Size
Other
Main Floor
Dining Room
16'4" × 9'11"
Main Floor
Kitchen
12'11" × 10'6"
Main Floor
Living Room
16'9" × 14'5"
Main Floor
Bedroom
12'11" × 10'6"
Upper Level
Office
26'11" × 21'2"
Upper Level
Laundry
12'4" × 8'10"
Upper Level
Bedroom - Primary
16'1" × 14'6"
Upper Level
Bedroom
12'11" × 12'10"
Suite
Kitchen
19'8" × 12'8"
Suite
Living Room
20'11" × 16'4"
Suite
Laundry
6'11" × 6'3"
Suite
Bedroom
13'11" × 12'2"
Suite
Bedroom
10'11" × 10'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
Main Floor
Yes
4
Upper Level
No
4
Upper Level
Yes
4
Title to Land:
Fee Simple
Community Features:
Fishing, Gated, Park, Playground, Pool, Schools Nearby, Shopping Nearby, Street Lights
Interior Features:
Ceiling Fan(s), Central Vacuum, Chandelier, French Door, Granite Counters, Jetted Tub, Kitchen Island, Natural Woodwork, No Animal Home, No Smoking Home, Open Floorplan, Separate Entrance, Smart Home, Soaking Tub, Storage, Sump Pump(s), Tankless Hot Water, Vaulted Ceiling(s), Walk-In Closet(s), Wired for Data, Wired for Sound
Exterior Features:
Balcony, Garden, Lighting, Private Entrance, Rain Gutters, Storage
Patio And Porch Features:
Balcony(s), Deck
Lot Features:
Back Lane, Back Yard, Backs on to Park/Green Space, Corner Lot, Garden, No Neighbours Behind, Landscaped, Street Lighting
Num. of Parcels:
0
Outbuildings:
Shed
Fencing:
None
Region:
Foothills County
Zoning:
NA
Listed Date:
Nov 05, 2024
Days on Mkt:
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Listed by Bode
Data was last updated November 14, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
93
Avg list price:
$650,000
Min list price:
$215,000
Max list price:
$3,995,000
Avg days on market:
34
Min days on market:
1
Max days on market:
254
Avg price per sq.ft.:
$383.53
These statistics are generated based on the current listing's property type and located in Okotoks. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706