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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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272 West Chestermere Drive
NONE Chestermere T1X 1B2

$1,295,000
Residential beds: 4 baths: 3.0 1,123 sq. ft. built: 1977

Main Photo: 272 West Chestermere Drive: Chestermere Detached for sale : MLS®# A2155757
Photo 1: 272 West Chestermere Drive: Chestermere Detached for sale : MLS®# A2155757
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Photo 40: 272 West Chestermere Drive: Chestermere Detached for sale : MLS®# A2155757
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2155757
Bedrooms:
4
Bathrooms:
3
Year Built:
1977
Welcome to this newly renovated LAKEFRONT home. Imagine waking up to the stunning sunrise. This large lake lot (over 15,000 sq ft) has a massive backyard which is perfect for entertaining family and friends. Enjoy warm sunny days on the large decks, out in the above ground pool or even laying on the dock to that sunshine before heading out on the water for some lake activities. Upon entering the home you will see large windows providing outstanding lake views from the Dining room, Living room, Master Bedroom and Ensuite. This upgraded 4 level split home is spotless with new kitchen, bathrooms, stainless appliances, flooring and much more. There is a large living room on the 3rd level with a walk up to the exterior decks. In the front yard you will see the large triple garage with one double door. Also included is a woodworking space for or hobby area. This home has had numerous upgrades: new high-efficiency furnace in 2015, on-demand hot water in 2021, new windows and doors in 2021 and a gas line for the BBQ. This is the home you have been waiting for to enjoy and feel like you are always on vacation!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
4 Level Split
Total Living Area:
1,123.01 sq. ft.
Main Level Finished Area:
1,123.01 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
971.21 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
15,681 sq. ft.
Lot Frontage:
50'½"
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:
Levels:
4 Level Split
Total Rooms Above Grade:
7
Year built:
1977 (Age: 47)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
1012596
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Tile
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
3
Parking:
Heated Garage, Insulated, Oversized, Parking Pad, Paved, Triple Garage Detached, Workshop in Garage
Parking Places:
10.0
Parking Total/Covered:
10 / -
Laundry Features:
Laundry Room
NONE
Built-In Gas Range, Dishwasher, Double Oven, Range Hood, Refrigerator, Tankless Water Heater, Window Coverings
N/A
See Remarks
Floor
Type
Size
Other
Main Floor
Kitchen
17'11" × 10'11"
Main Floor
Dining Room
10'1" × 7'4"
Main Floor
Living Room
15'5" × 9'3"
Main Floor
Foyer
9'10" × 9'3"
Upper Level
Bedroom - Primary
13'10" × 11'6"
Upper Level
Bedroom
9'10" × 8'3"
Upper Level
Bedroom
9'10" × 8'8"
Lower Level
Family Room
23'11" × 18'8"
Lower Level
Bedroom
11'9" × 10'9"
Lower Level
Laundry
8'8" × 8'
Lower Level
Furnace/Utility Room
9'2" × 8'4"
Floor
Ensuite
Pieces
Other
Upper Level
No
4
0' x 0'
Upper Level
Yes
3
0' x 0'
Lower Level
No
2
0' x 0'
Title to Land:
Fee Simple
Community Features:
Fishing, Golf, Lake, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Breakfast Bar, Built-in Features, Closet Organizers, Kitchen Island, No Animal Home, Quartz Counters, Separate Entrance, Tankless Hot Water
Exterior Features:
Balcony, Boat Slip, Dock, Fire Pit, Outdoor Shower
Patio And Porch Features:
Balcony(s), Deck, Front Porch
Lot Features:
Back Yard, Lake, Lawn, Garden, No Neighbours Behind, Landscaped, Street Lighting, Open Lot, Rectangular Lot, Treed, Views, Waterfront
Waterfront Features:
Beach Access, Lake Access, Lake Front, Lake Privileges, Waterfront
Num. of Parcels:
0
Fencing:
Fenced
Region:
Chestermere
Zoning:
Lakefront
Listed Date:
Aug 07, 2024
Days on Mkt:
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Listed by Century 21 Bravo Realty
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
214
Avg list price:
$657,000
Min list price:
$235,000
Max list price:
$3,150,000
Avg days on market:
39
Min days on market:
1
Max days on market:
228
Avg price per sq.ft.:
$359.1
These statistics are generated based on the current listing's property type and located in Chestermere. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706