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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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20 Lake Ridge
NONE Olds T4H 1W6

$1,250,000
Residential beds: 4 baths: 3.0 2,217 sq. ft. built: 2000

Main Photo: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 1: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 2: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 3: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 4: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 5: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 6: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 7: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
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Photo 10: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
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Photo 14: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 15: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
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Photo 22: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
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Photo 24: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 25: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
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Photo 34: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 35: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 36: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 37: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 38: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
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Photo 40: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 41: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 42: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 43: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 44: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 45: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 46: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 47: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 48: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 49: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Photo 50: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2147708
Bedrooms:
4
Bathrooms:
3
Year Built:
2000
Welcome to this fully finished custom built BUNGALOW located in a prestigious area of Olds near Winter Lake, walking trails, 22 acre natural reserve area, middle and Catholic schools. Situated on a large landscaped yard, the EXECUTIVE house and property with its open layout, multitude of features inside and out make this a wonderful home for entertaining and a fabulous home for anyone living in town. Offering four bedrooms, 2.5 baths & over 4400 sq. ft. of total living space, this property has something for everyone. Once inside the ELEGANT front foyer, with granite tile floor, you will immediately appreciate how open the floor plan is. The main floor boasts a CHEF’s DREAM KITCHEN with a separate prep island and vegetable sink, breakfast bar, large eating area, granite countertops and backsplash, ample cupboards , large walk-in pantry, 2 dishwashers, double built-in wall oven and a gas countertop stove. Off the front entrance you find the wonderful formal dining room. Stunning GREAT ROOM with Brazilian hardwood flooring, large windows and a stone faced gas fireplace. ALL opening onto a FANTASTIC REAR COVERED DECK boasting built-in hot tub (can be accessed from Primary Bedroom as well), gas fireplace, and built-in Stainless steel BBQ w/granite countertop. Main floor also has a PRIMARY BEDROOM with 4 piece ensuite, huge walk-in closet and electric fireplace, an office, 2 piece main bathroom, large mudroom and laundry area w/laundry sink leading to the TRIPLE ATTACHED GARAGE with mezzanine. Spiral staircase with wrought iron spindles lead you down into the FULLY DEVELOPED BASEMENT with a theater room complete with all electronics, family room, MASSIVE wet bar with bar fridge and dishwasher, three more large bedrooms and another full bath. The basement has seen some newer paint, newer flooring and newer backsplash in the bathroom. The basement and garage have in-floor heat and the house has A/C for those sweltering hot days. The private, beautifully landscaped yard boasts mature trees, a front water fountain, underground sprinklers, firepit, concrete curbing throughout, stamped concrete driveway, RV PARKING with sewer hook-up and 30 amp power, and a 25’ x 27’ DOUBLE HEATED DETACHED GARAGE. Other nice features include CONCRETE TILE ROOF, 10’ ceilings, flush mounted speakers and solid oak doors throughout, and gemstone lighting. With wonderful curb appeal, this property is truly amazing and must be seen... the layout is super functional and everything points to PRIDE OF OWNERSHIP. Get into this exclusive area by Winter Lake while you can!
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:
2,217 sq. ft.
Main Level Finished Area:
2,217 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
2,216 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
11,249 sq. ft.
Lot Frontage:
75'
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:
Floor Location:
Ground
Levels:
One
Total Rooms Above Grade:
5
Year built:
2000 (Age: 24)
Bedrooms:
4 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
3
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
9912826
Heating:
Boiler, In Floor, Forced Air, Hot Water, Natural Gas
Basement:
Finished, Full
Foundation:
ICF Block
New Constr.:
No
Construction Material:
Brick, Stucco, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood, Linoleum
Cooling:
Central Air
Fireplaces:
2
Fireplace Details:
Family Room, Gas, Glass Doors, Mantle, Outside, Stone
Garage:
1
Garage Spaces:
5
Parking:
Concrete Driveway, Double Garage Detached, Front Drive, Garage Door Opener, Heated Garage, Insulated, Off Street, RV Access/Parking, Triple Garage Attached, Workshop in Garage
Parking Places:
8.0
Parking Total/Covered:
8 / -
Laundry Features:
Laundry Room, Main Level, Sink
NONE
Bar Fridge, Built-In Oven, Central Air Conditioner, Dishwasher, Double Oven, Garage Control(s), Gas Cooktop, Microwave, Range Hood, Refrigerator, See Remarks, Washer/Dryer, Window Coverings
Two built in dishwashers in kitchen and built in dishwasher in basement wet bar, all wet bar stools, furniture in theatre room, upright fridge in laundry room, all mounted TV's, House sound system, security system, Hot Tub, Gas BBQ on deck
Restrictive Covenant, Utility Right Of Way
Floor
Type
Size
Other
Main Floor
Entrance
7'6" × 7'
Main Floor
Dining Room
16'4" × 13'
Main Floor
Kitchen
15'2" × 14'2"
Main Floor
Living/Dining Room Combination
26'5" × 15'2"
Main Floor
Office
18'10" × 13'7"
Main Floor
Bedroom - Primary
16'10" × 16'6"
Main Floor
Walk-In Closet
10'3" × 6'7"
Main Floor
Laundry
12'10" × 10'8"
Basement
Family Room
24'9" × 15'10"
Basement
Other
12'8" × 11'2"
Basement
Media Room
20' × 13'7"
Basement
Bedroom
13'4" × 12'
Basement
Bedroom
13'8" × 12'10"
Basement
Bedroom
15'1" × 12'
Basement
Storage
8'3" × 5'3"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
15'3" x 11'3"
Main Floor
No
2
5'8" x 5'4"
Basement
No
4
9'10" x 6'
Title to Land:
Fee Simple
Community Features:
Lake, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Breakfast Bar, Built-in Features, Central Vacuum, Closet Organizers, Granite Counters, High Ceilings, Open Floorplan, See Remarks, Storage, Vinyl Windows, Walk-In Closet(s), Wet Bar, Wired for Sound
Exterior Features:
BBQ gas line, Built-in Barbecue, Fire Pit, Lighting, Private Yard, RV Hookup
Patio And Porch Features:
Deck, Enclosed, Front Porch, See Remarks
Lot Features:
Back Yard, Fruit Trees/Shrub(s), Few Trees, Front Yard, Lawn, Low Maintenance Landscape, Landscaped, Underground Sprinklers, Yard Lights, Private, See Remarks, Waterfall
Num. of Parcels:
0
Outbuildings:
Shop
Fencing:
Fenced
Region:
Mountain View County
Zoning:
R1
Listed Date:
Jul 09, 2024
Days on Mkt:
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    Beautiful Water Feature
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    Looking toward Winter Lake
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    Rear Garage Driveway & RV Parking
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    Cozy Back Yard
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    Neighbouring Area
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    Stunning Front Entrance
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    Formal Dining Room off Front Entrance
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    Wonderful!
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    What a Kitchen!
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    Eating Area
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    Primary Bedroom
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    Primary Ensuite
  • Photo 26: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
    Door leads out to the Hot Tub/Rear Deck
  • Photo 27: 20 Lake Ridge: Olds Detached for sale : MLS®# A2147708
    Hot Tub off Primary Bedroom
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    What a Space!
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    Main Floor Office
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    Main 2 Piece Bathroom
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    Mud Room/Laundry off the Garage - Main Floor
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    Mud Room/Laundry
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    Such a cool Spiral Stairway!!
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    Great for Entertaining
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    Theatre Room
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    Bedroom #2
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    Bedroom #3
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    Basement Bathroom
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    Bedroom #4
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    Utilities
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    Neat & Tidy
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    Neat & Tidy
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    Garage to House Entrance & Mezzanine
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    Inside Heated Detached Garage
Listed by Widmer Realty Ltd.
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
32
Avg list price:
$674,400
Min list price:
$219,000
Max list price:
$1,599,000
Avg days on market:
65
Min days on market:
4
Max days on market:
211
Avg price per sq.ft.:
$415.54
These statistics are generated based on the current listing's property type and located in Olds. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706