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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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2109 4001B 49 Street NW
Varsity Calgary T3A 2C9

$217,500
Residential beds: 2 baths: 1.0 892 sq. ft. built: 1976

Main Photo: 2109 4001B 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2156748
Photo 1: 2109 4001B 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2156748
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156748
Bedrooms:
2
Bathrooms:
1
Year Built:
1976
Prime Location Alert! Discover this beautifully renovated 2-bedroom suite in the highly sought-after Varsity Village. The whole home has been repainted and is ready to go. This west-facing unit boasts modern upgrades, including a redesigned kitchen and bathroom, along with new tile flooring throughout. As you enter, you'll be greeted by a cozy living room featuring a gas fireplace and access to a charming west-facing patio. The suite includes two spacious bedrooms with ample closet space and an additional office. The building is well-maintained, offering amenities such as an elevator, resident manager, and the potential for secure heated underground parking. Enjoy scenic views of Varsity Village and proximity to a park, walkways, and the path to the ridge overlooking the Bow River, or simply walk across the street to Market Mall. This age-restricted complex (25+) does not allow pets. With its convenient location near the University of Calgary, Children’s Hospital, Foothills Hospital, and Market Mall, this is an ideal place to call home. Move in and start enjoying!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
892.3 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$665.00
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Sewer, Trash, Water
HOA Fee Includes:
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:
Unit Exposure:
West
Floor Location:
Ground
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
No One Below
Total Rooms Above Grade:
6
Year built:
1976 (Age: 48)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
7711582
Heating:
Baseboard
New Constr.:
No
Construction Material:
Brick, Wood Frame, Wood Siding
Structure Type:
Low Rise (2-4 stories)
Ensuite:
No
Flooring:
Ceramic Tile
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Carport, Stall, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Varsity Villas
Varsity
Elevator(s), Parking, Visitor Parking
Electric Stove, Range Hood, Refrigerator, Washer/Dryer Stacked
n/a
Adult Living
No
Floor
Type
Size
Other
Main Floor
Walk-In Closet
5' × 4'11"
Main Floor
Bedroom - Primary
13'3" × 11'7"
Main Floor
Bedroom
11' × 8'2"
Main Floor
Laundry
3' × 2'4"
Main Floor
Office
8'3" × 4'11"
Main Floor
Living Room
17'4" × 13'8"
Main Floor
Balcony
13'2" × 4'8"
Main Floor
Dining Room
11'6" × 7'
Main Floor
Kitchen
8'2" × 7'3"
Main Floor
Entrance
9'2" × 3'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 7'11"
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Pantry
Exterior Features:
None
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone NW
Zoning:
M-C2
Listed Date:
Aug 11, 2024
Days on Mkt:
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Listed by RE/MAX iRealty Innovations
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
45
Avg list price:
$429,900
Min list price:
$195,800
Max list price:
$2,390,000
Avg days on market:
27
Min days on market:
5
Max days on market:
215
Avg price per sq.ft.:
$428.59
These statistics are generated based on the current listing's property type and located in Varsity. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706