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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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170 Elma Street W
Heritage Okotoks Okotoks T1S 1K3

$350,000
Residential beds: 2 baths: 1.0 1,262 sq. ft. built: 1930

Main Photo: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 1: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 2: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 3: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 4: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 5: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 6: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 7: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 8: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 9: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 10: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 11: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 12: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 13: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 14: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 15: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 16: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 17: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 18: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 19: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 20: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Photo 21: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2153110
Bedrooms:
2
Bathrooms:
1
Year Built:
1930
Attention Investors or property developers! An older home on a prime lot in the district of Heritage. A 1262 sq ft bungalow on a 6243 sq ft lot in a quiet location, close to downtown and other amenities. Opportunity to hold as an income producing property or consider re-development. Long term tenant would like to stay, if possible. Minimum 24 hours required for all viewings with no exceptions.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bungalow
Total Living Area:
1,262 sq. ft.
Main Level Finished Area:
1,262 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,243 sq. ft.
Lot Frontage:
50'
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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South, Southwest
Levels:
One
End Unit:
No Common Walls
Total Rooms Above Grade:
4
Year built:
1930 (Age: 94)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
1420L
Heating:
Forced Air, Natural Gas
Basement:
Crawl Space, Partial
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stucco
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Ceramic Tile, Laminate
Cooling:
Window Unit(s)
Fireplaces:
0
Garage:
1
Garage Spaces:
1
Parking:
Alley Access, Single Garage Detached
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Main Level
Heritage Okotoks
Dishwasher, Microwave, Refrigerator, Stove(s)
N/A
None Known
Floor
Type
Size
Other
Main Floor
Living Room
16'6" × 12'
Main Floor
Flex Space
16' × 11'3"
Main Floor
Bedroom - Primary
17'6" × 14'3"
Main Floor
Bedroom
13'2" × 12'
Main Floor
Kitchen With Eating Area
13'2" × 12'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
5'1" x 6'
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Shopping Nearby
Interior Features:
See Remarks
Exterior Features:
Dog Run, Fire Pit, Garden
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Back Yard, Cul-De-Sac, Dog Run Fenced In, Front Yard, Lawn, Landscaped, Private, Rectangular Lot, Treed
Num. of Parcels:
0
Fencing:
Fenced
Region:
Foothills County
Zoning:
TN
Listed Date:
Sep 06, 2024
Days on Mkt:
  • Photo 1: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
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  • Photo 2: 170 Elma Street W: Okotoks Detached for sale : MLS®# A2153110
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Listed by Century 21 Bamber Realty LTD.
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
109
Avg list price:
$658,500
Min list price:
$265,000
Max list price:
$3,995,000
Avg days on market:
17
Min days on market:
1
Max days on market:
200
Avg price per sq.ft.:
$410.75
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