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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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When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!

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101 Lazaro Close
Laredo Red Deer T4R 0R7

$920,000
Residential beds: 3 baths: 4.0 2,116 sq. ft. built: 2018

Main Photo: 101 Lazaro Close: Red Deer Detached for sale : MLS®# A2156422
Photo 1: 101 Lazaro Close: Red Deer Detached for sale : MLS®# A2156422
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156422
Bedrooms:
3
Bathrooms:
4
Year Built:
2018
101 Lazaro Close offers an extraordinary living experience, perfectly complemented by a beautiful park just outside your yard. As you step inside, you'll immediately see yourself entertaining friends and family in the expansive, open-concept main floor. The oversized kitchen, featuring quality appliances, flows effortlessly into the dining area and great room. With soaring ceilings and abundant natural light, the space exudes a warm, inviting atmosphere. Adjacent to the kitchen is a large butler's pantry—ideal for a coffee station or extra food prep. It also provides easy access to the mudroom, perfect for unloading groceries directly from the finished garage. French doors to a partially covered, expansive deck, where summer nights can be spent relaxing in the hot tub. The main floor also includes a versatile office space that can easily be converted into a fourth bedroom if needed. Upstairs is where you will find a cozy sitting area that overlooks the main floor, offering a peaceful retreat. The Master Bedroom is a true oasis, generously sized to accommodate any bedroom suite. The luxurious ensuite features double sinks, a large tiled shower, a stand-alone soaker tub, and a walk-in closet complete with its own laundry area.The lower level is designed with comfort and entertainment in mind, boasting a wet bar in the family room, two additional bedrooms, one ensuite bathroom, a separate bathroom, plus another laundry room. The home remains cozy in the winter with in-floor heating in the basement and garage, and cool in the summer with central air conditioning. The fully finished yard, maintenance-free decking, and vinyl fencing mean there's nothing left to do but move in and enjoy this spectacular home.
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:
2,116 sq. ft.
Main Level Finished Area:
1,176 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,070 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,601 sq. ft.
Lot Frontage:
35'4"
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:
Southwest
Reg. Size:
Reg. Size Includes:
Levels:
Two
Total Rooms Above Grade:
7
Year built:
2018 (Age: 6)
Bedrooms:
3 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
2
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
1324102
Heating:
High Efficiency, In Floor, Natural Gas
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stone, Vinyl Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Vinyl
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas, Living Room
Garage:
1
Garage Spaces:
3
Parking:
Driveway, Heated Garage, Off Street, Other, RV Access/Parking, Triple Garage Attached
Parking Places:
3.0
Parking Total/Covered:
3 / -
Laundry Features:
In Basement, Laundry Room, Multiple Locations, Upper Level
Laredo
Bar Fridge, Built-In Freezer, Built-In Refrigerator, Central Air Conditioner, Dishwasher, Garage Control(s), Microwave, Range Hood, Wall/Window Air Conditioner, Washer/Dryer
NA
None Known
Floor
Type
Size
Other
Main Floor
Dining Room
15'11" × 11'7"
Main Floor
Foyer
12'11" × 5'8"
Main Floor
Kitchen
15'4" × 15'
Main Floor
Living Room
18'6" × 16'
Main Floor
Mud Room
8'9" × 8'7"
Main Floor
Office
10'11" × 8'11"
Main Floor
Pantry
12'9" × 8'7"
Upper Level
Laundry
10'4" × 6'3"
2nd Floor
Loft
12'10" × 12'9"
2nd Floor
Bedroom - Primary
17' × 14'
2nd Floor
Walk-In Closet
10'4" × 8'6"
Lower Level
Bedroom
12'8" × 9'6"
Lower Level
Bedroom
14'7" × 9'11"
Lower Level
Laundry
9'1" × 7'10"
Lower Level
Game Room
20'11" × 14'11"
Lower Level
Furnace/Utility Room
11' × 8'9"
Basement
Other
9'3" × 2'6"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
2nd Floor
Yes
5
Lower Level
No
4
Lower Level
Yes
4
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Walking/Bike Paths
Interior Features:
Central Vacuum, Closet Organizers, Double Vanity, High Ceilings, Kitchen Island, Open Floorplan, Pantry, Quartz Counters, Storage, Vaulted Ceiling(s), Vinyl Windows, Walk-In Closet(s), Wet Bar
Exterior Features:
Covered Courtyard, Private Yard
Patio And Porch Features:
Covered, Deck, Front Porch
Lot Features:
Back Lane, Backs on to Park/Green Space, Corner Lot, Few Trees, Low Maintenance Landscape, Landscaped, Level, Pie Shaped Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Red Deer
Zoning:
R1
Listed Date:
Aug 09, 2024
Days on Mkt:
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Listed by RE/MAX real estate central alberta
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
209
Avg list price:
$469,900
Min list price:
$79,900
Max list price:
$2,200,000
Avg days on market:
36
Min days on market:
3
Max days on market:
295
Avg price per sq.ft.:
$324.18
These statistics are generated based on the current listing's property type and located in Red Deer. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706