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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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140 Kootenay Avenue
NONE Banff T1L 1E3

$1,900,000
Residential beds: 5 baths: 3.0 1,984 sq. ft. built: 1952

Main Photo: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 1: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 2: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 3: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 4: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 5: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 6: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 7: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 8: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 9: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 10: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 11: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 12: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 13: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 14: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 15: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 16: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Photo 17: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2043848
Bedrooms:
5
Bathrooms:
3
Year Built:
1952
Charming older home on large, secluded corner lot with terrific southern sun exposure and fantastic views of Mount Rundle, Sulphur Mountain, and the iconic Banff Springs Hotel! This character home has plenty of life left in it and has been very well cared for throughout. The upper main level consists of four bedrooms, two bathrooms, kitchen and eating area, formal dining room, office, large living room with beautiful rock faced wood burning fireplace and massive balcony with unbelievable mountain views! The lower level consists of two more bedrooms, bathroom, sauna/jacuzzi room, laundry/utility room, office/den and double car attached garage. This is a unique family home, in a sought after location, on an 11,992 sq.ft. lot. This is an excellent family home with a beautiful yard with loads of potential for future redevelopment along with subdivision opportunities! NEW Land Use Bylaws now allow for even more density and development options!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey
Total Living Area:
1,984 sq. ft.
Main Level Finished Area:
1,984 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,385 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
11,992 sq. ft.
Lot Frontage:
120'
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
Levels:
Two
Total Rooms Above Grade:
8
Year built:
1952 (Age: 72)
Bedrooms:
5 (Above Grd: 4)
Bedrooms Above Grade:
4
Bedrooms Below Grade:
1
Bathrooms:
3.0 (Full:3, Half:0)
Plan:
7610174
Heating:
Forced Air, Natural Gas
Basement:
Finished, See Remarks
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Cedar, Stone, Wood Frame
Structure Type:
House
Roof:
Cedar Shake
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Linoleum, Other, Slate
Cooling:
None
Fireplaces:
1
Fireplace Details:
Living Room, Mantle, Stone, Wood Burning
Water Supply:
Public
Sewer:
Public Sewer
Utilities:
Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, See Remarks
Garage:
1
Garage Spaces:
2
Parking:
Additional Parking, Double Garage Attached, Driveway, Garage Faces Front, Off Street, Paved
Parking Places:
6.0
Parking Total/Covered:
6 / -
Laundry Features:
In Basement
NONE
Dishwasher, Dryer, Electric Stove, Refrigerator, See Remarks, Washer, Window Coverings
N/A
Call Lister
Floor
Type
Size
Other
Main Floor
Balcony
34'9" × 10'9"
Main Floor
Bedroom
13' × 9'
Main Floor
Bedroom
12'11" × 9'4"
Main Floor
Bedroom
9'2" × 8'6"
Main Floor
Dining Room
14'11" × 12'
Main Floor
Kitchen
12'3" × 10'
Main Floor
Living Room
25'7" × 16'
Main Floor
Office
12'11" × 9'
Main Floor
Bedroom - Primary
12'6" × 12'
Lower Level
Bedroom
11'7" × 8'7"
Lower Level
Steam Room
22'7" × 16'6"
Lower Level
Office
15'8" × 9'
Floor
Ensuite
Pieces
Other
Main Floor
Yes
3
6'11" x 6'9"
Main Floor
No
4
6'10" x 6'6"
Lower Level
Yes
3
10'5" x 5'11"
Title to Land:
Leasehold
Community Features:
None
Interior Features:
Natural Woodwork, See Remarks
Exterior Features:
Garden, Private Yard
Patio And Porch Features:
Balcony(s), Deck, See Remarks
Lot Features:
Corner Lot, Dog Run Fenced In, Front Yard, Lawn, Garden, Gentle Sloping, Landscaped, Square Shaped Lot, Private, See Remarks, Sloped, Treed, Views
Num. of Parcels:
0
Fencing:
Fenced
Region:
Improvement District No. 09 (Banff)
Zoning:
RMR-Marmot / Rundle Distr
Listed Date:
Apr 27, 2023
Days on Mkt:
  • Photo 1: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
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  • Photo 2: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
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  • Photo 14: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
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  • Photo 15: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
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  • Photo 16: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
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  • Photo 17: 140 Kootenay Avenue: Banff Detached for sale : MLS®# A2043848
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Listed by RE/MAX Alpine Realty
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
19
Avg list price:
$995,000
Min list price:
$472,500
Max list price:
$6,400,000
Avg days on market:
92
Min days on market:
4
Max days on market:
612
Avg price per sq.ft.:
$765.75
These statistics are generated based on the current listing's property type and located in Banff. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706