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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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2816 18 Street SW
South Calgary Calgary T2T 1K1

$1,399,900
Multi-Family 1,871 sq. ft. built: 1959

Main Photo: 2816 18 Street SW in Calgary: South Calgary Full Duplex for sale : MLS®# A2135655
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Photo 49: 2816 18 Street SW in Calgary: South Calgary Full Duplex for sale : MLS®# A2135655
Status:
Active
Prop. Type:
Multi-Family
MLS® Num:
A2135655
Year Built:
1959
Welcome, to one of the best investment opportunities in South Calgary. This Detached 4-plex with two illegal suites is situated on a 125 X 42 ft M-C1 corner lot, located in the heart of South Calgary. All 4 units are 2 bedrooms with 1 4pc bath and the oversized double detached garage is rented out separately. Excellent revenue property with over $8,000 monthly gross income so rent, hold, or redevelop. This property has a prime inner-city location perfectly situated between Marda Loop and 17th Ave. In a city where location is everything, you can walk to downtown and have quick access to U of C, Mount Royal, hospitals, and major traffic routes. This is a rare opportunity to own a revenue property, on a spacious lot, in one of the most sought-after neighbourhoods in all of Calgary.
Property Type:
Multi-Family
Property Sub Type:
Full Duplex
Transaction Type:
For Sale
Possession:
Possession Date:
Home Style:
Side by Side
Total Living Area:
1,871.34 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,242 sq. ft.
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:
Reg. Size:
Reg. Size Includes:
Year built:
1959 (Age: 65)
Bathrooms:
- (Full:-, Half:-)
Plan:
4479P
Structure Type:
Duplex
Ensuite:
No
Garage:
0
Parking Places:
2.0
Parking Total/Covered:
2 / -
South Calgary
None
None Known
Title to Land:
Fee Simple
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C1
Listed Date:
Jun 01, 2024
Days on Mkt:
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Listed by CIR Realty
Data was last updated November 10, 2024 at 02:05 PM (UTC)
Area Statistics
Listings on market:
19
Avg list price:
$1,348,888
Min list price:
$875,000
Max list price:
$4,280,000
Avg days on market:
47
Min days on market:
2
Max days on market:
162
Avg price per sq.ft.:
$589.78
These statistics are generated based on the current listing's property type and located in Calgary. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706