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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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29 Vantage Crescent
NONE Olds T4H 0B5

$799,900
Residential beds: 4 baths: 3.0 1,570 sq. ft. built: 2008

Main Photo: 29 Vantage Crescent: Olds Detached for sale : MLS®# A2151890
Photo 1: 29 Vantage Crescent: Olds Detached for sale : MLS®# A2151890
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2151890
Bedrooms:
4
Bathrooms:
3
Year Built:
2008
Welcome to this beautiful bungalow situated in a highly desirable neighborhood. As you step through the front door, you'll be greeted by a tiled entryway leading to a spacious office that overlooks the street. The open-concept kitchen, dining, and living room area features hardwood floors and vaulted ceilings, creating an inviting and expansive atmosphere. The kitchen boasts a large center island with seating, ample hickory cabinetry including a corner pantry, granite countertops, and a built-in side bar/ buffet for additional storage. The living room is highlighted by a built-in gas fireplace, while the dining room offers direct access to a partially covered 2 tiered deck, perfect for outdoor entertaining. The main floor includes a generously sized master bedroom with large south-facing windows and a walk-in closet. The five-piece ensuite features a jetted tub, a walk-in shower with a bench, and a double vanity. Another large bedroom, a four-piece bathroom, and a laundry room with cabinetry that connects to the three-car heated garage complete the main floor. The garage is also wired for a welder or could change the plug for an electric vehicle. The bright lower level has the same beautiful finishings as upstairs. With large windows and nine-foot ceilings it offers a massive recreation room, two additional spacious bedrooms (one with a walk-in closet), another four-piece bathroom, and a mechanical room. Additional features include in-floor heating in both the garage and the lower level, a boiler system, and central air conditioning. The professionally landscaped yard is a true oasis, featuring a rock fountain, wrought iron fencing, beautiful perennials, and meticulous edging. There is also a unique rock pathway to the 10 X 10 shed. The large south-facing deck, partially covered and finished with maintenance-free decking, includes a pergola. Enjoy the convenience of walking paths on two sides of the home, making this property a perfect blend of comfort and style.
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:
1,570 sq. ft.
Main Level Finished Area:
1,570 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,570 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
7,778 sq. ft.
Lot Frontage:
62'11"
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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Levels:
One
Total Rooms Above Grade:
6
Year built:
2008 (Age: 16)
Bedrooms:
4 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
2
Bathrooms:
3.0 (Full:3, Half:0)
Plan:
0715166
Heating:
In Floor, Forced Air
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stone, Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Linoleum, Tile
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas, Living Room
Garage:
1
Garage Spaces:
3
Parking:
Triple Garage Attached
Parking Places:
6.0
Parking Total/Covered:
6 / -
Laundry Features:
Main Level
NONE
Central Air Conditioner, Dishwasher, Garage Control(s), Microwave, Refrigerator, Stove(s), Washer/Dryer
shed, all window coverings, pergola on deck
None Known
Floor
Type
Size
Other
Main Floor
Entrance
7'6" × 6'8"
Main Floor
Office
12'8" × 10'
Main Floor
Kitchen
13'8" × 11'
Main Floor
Dining Room
12'6" × 8'
Main Floor
Living Room
14'4" × 13'9"
Main Floor
Bedroom - Primary
16'7" × 13'1"
Main Floor
Walk-In Closet
6'1" × 5'9"
Main Floor
Laundry
9'9" × 5'
Main Floor
Bedroom
11'6" × 9'9"
Basement
Bedroom
20'9" × 8'9"
Basement
Living Room
17'4" × 10'2"
Basement
Furnace/Utility Room
13' × 8'
Basement
Family Room
26'9" × 14'8"
Basement
Bedroom
12'7" × 12'2"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
5
5'5" x 13'2"
Main Floor
No
4
8'8" x 4'10"
Basement
No
4
8'2" x 9'6"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Ceiling Fan(s), Granite Counters, High Ceilings, Kitchen Island, Open Floorplan, Pantry, See Remarks, Vaulted Ceiling(s), Walk-In Closet(s)
Exterior Features:
None
Patio And Porch Features:
Deck, See Remarks
Lot Features:
Back Yard, Landscaped
Num. of Parcels:
0
Fencing:
Fenced
Region:
Mountain View County
Zoning:
R1
Listed Date:
Jul 22, 2024
Days on Mkt:
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    8.9 X20.9 bedroom
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Listed by CIR Realty
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