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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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204 Downey Place
Downey Ridge Okotoks T1S 1H3

$554,900
Residential beds: 3 baths: 3.0 2,290 sq. ft. built: 1982

Main Photo: 204 Downey Place: Okotoks Detached for sale : MLS®# A2167686
Photo 1: 204 Downey Place: Okotoks Detached for sale : MLS®# A2167686
Photo 2: 204 Downey Place: Okotoks Detached for sale : MLS®# A2167686
Photo 3: 204 Downey Place: Okotoks Detached for sale : MLS®# A2167686
Photo 4: 204 Downey Place: Okotoks Detached for sale : MLS®# A2167686
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Photo 30: 204 Downey Place: Okotoks Detached for sale : MLS®# A2167686
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2167686
Bedrooms:
3
Bathrooms:
3
Year Built:
1982
Welcome to your new home! Nestled in a peaceful, family-friendly cul-de-sac in the heart of Okotoks, this charming property combines warmth, character, and endless potential. Its open-concept layout is enhanced by rich maple flooring throughout the foyer, living, and dining areas, vaulted and beamed ceilings, and floor-to-ceiling windows that flood the space with natural light. The front walkway, driveway, and rear patio feature durable exposed aggregate, while the expansive pie-shaped backyard provides privacy and scenic views, backing onto a tranquil walking path. This inviting 4-level split offers 3 bedrooms, 3 bathrooms, a cozy brick fireplace, and a kitchen with a built-in bench, all designed to create a warm and welcoming ambiance. The lower level provides ample storage, including a crawl space, and flexible space for a games or theatre room. The primary bedroom features dual closets and a private 4-piece ensuite. Recent upgrades over the past five years include a new roof, furnace, water tank, doors, windows, and kitchen appliances, making this home move-in ready. Just steps from schools, parks, shopping, and recreation facilities, this home is perfect for family living. The partially finished basement invites your personal touch, and the spacious driveway with backyard access offers room for extra parking or future expansion options. Please note some pictures have been virtually staged.
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:
2,290.38 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,166 sq. ft.
Lot Frontage:
26'5"
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:
6
Year built:
1982 (Age: 42)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:3, Half:0)
Plan:
8210288
Heating:
Fireplace(s), Forced Air, Natural Gas
Basement:
Full, Partially Finished, Walk-Out To Grade
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Laminate, Vinyl Plank
Cooling:
None
Fireplaces:
1
Fireplace Details:
Brick Facing, Gas
Garage:
0
Parking:
Driveway, Parking Pad, RV Access/Parking
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Laundry Room
Downey Ridge
Dishwasher, Dryer, Microwave Hood Fan, Range, Refrigerator, Washer
Stair chair lift can stay, seller can also have them removed
Utility Right Of Way
Floor
Type
Size
Other
Main Floor
Dining Room
13'1" × 9'3"
Main Floor
Kitchen
14'7" × 12'8"
Main Floor
Living Room
16'7" × 13'3"
2nd Floor
Bedroom
11'4" × 10'5"
2nd Floor
Bedroom
12'8" × 11'1"
2nd Floor
Bedroom - Primary
13' × 12'1"
Lower Level
Laundry
7'7" × 5'6"
Lower Level
Office
13'2" × 12'10"
Lower Level
Game Room
15' × 12'10"
Lower Level
Storage
6'9" × 5'1"
Basement
Den
15'6" × 12'1"
Basement
Game Room
21'10" × 12'7"
Floor
Ensuite
Pieces
Other
2nd Floor
No
4
5'1" x 7'7"
2nd Floor
Yes
4
7'6" x 7'7"
Lower Level
No
3
7'5" x 6'7"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Beamed Ceilings, Ceiling Fan(s), Vaulted Ceiling(s)
Exterior Features:
Garden, Private Yard, Storage
Patio And Porch Features:
Deck
Lot Features:
Backs on to Park/Green Space, Cul-De-Sac, Many Trees, Street Lighting, Pie Shaped Lot, Treed
Num. of Parcels:
0
Fencing:
Fenced
Region:
Foothills County
Zoning:
TN
Listed Date:
Sep 20, 2024
Days on Mkt:
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Listed by Real Broker
Data was last updated November 14, 2024 at 05:30 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