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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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  2. Phone Number: Call me directly at 403.397.3706 with any questions or to schedule viewings.

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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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111 1505 27 Avenue SW
South Calgary Calgary T2T 1G5

$425,000
Residential beds: 2 baths: 2.0 1,076 sq. ft. built: 1999

Main Photo: 111 1505 27 Avenue SW in Calgary: South Calgary Apartment for sale : MLS®# A2119510
Photo 1: 111 1505 27 Avenue SW in Calgary: South Calgary Apartment for sale : MLS®# A2119510
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Photo 24: 111 1505 27 Avenue SW in Calgary: South Calgary Apartment for sale : MLS®# A2119510
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Photo 27: 111 1505 27 Avenue SW in Calgary: South Calgary Apartment for sale : MLS®# A2119510
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2119510
Bedrooms:
2
Bathrooms:
2
Year Built:
1999
Welcome to this stunning corner loft nestled in the vibrant neighborhood of South Calgary, within walking distance from Calgary's Downtown Core, Marda Loop, and 17th Avenue. As you step into the loft, you're greeted by a spacious foyer. Follow the stunning hardwood floors that lead you into the expansive living area, boasting impressive 17-foot ceilings. Large windows adorn the space, inviting streams of natural light to enter the room, creating an inviting ambiance that's perfect for hosting gatherings. The well-appointed kitchen has a moveable kitchen island that offers the flexibility to customize the layout to suit your needs. Whether you're preparing a gourmet meal or enjoying a casual breakfast, this space effortlessly blends style with functionality. Around the corner you will find the large secondary bedroom accompanied by a 4-pc bathroom and stacked washer/dryer. Venture upstairs to discover the massive primary bedroom. This luxurious retreat boasts an updated en suite bathroom, offering a sanctuary of relaxation. This loft is being sold with TWO heated underground parking stalls. Book your viewing today and don’t miss out on this incredible inner-city opportunity.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Loft/Bachelor/Studio
Total Living Area:
1,075.81 sq. ft.
Main Level Finished Area:
717.49 sq. ft.
Upper Level Finished Area:
358.32 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$705.00
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Trash
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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Floor Location:
Ground
Entry Level:
1
Stories Total:
4
Levels:
Multi Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1999 (Age: 25)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0111647
Heating:
In Floor
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Hardwood, Tile
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Heated Garage, Parkade, Underground
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Unit, Main Level
Condo Fee Frequency:
Monthly
Z-name Not Listed
South Calgary
Elevator(s), Secured Parking
Dryer, Electric Stove, Microwave Hood Fan, Refrigerator, Washer, Window Coverings
N/A
Board Approval, Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Living/Dining Room Combination
20'4" × 9'7"
Main Floor
Kitchen
13'8" × 8'5"
Main Floor
Bedroom
12'6" × 9'7"
Main Floor
Foyer
7'11" × 4'7"
Main Floor
Laundry
5'4" × 3'
Upper Level
Bedroom - Primary
18' × 10'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'10" x 8'1"
Upper Level
Yes
4
8'2" x 9'9"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
High Ceilings, Stone Counters
Exterior Features:
None
Patio And Porch Features:
Patio
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C1 d144
Listed Date:
Apr 03, 2024
Days on Mkt:
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Listed by Century 21 Bamber Realty LTD.
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
36
Avg list price:
$644,950
Min list price:
$235,000
Max list price:
$2,395,000
Avg days on market:
49
Min days on market:
4
Max days on market:
223
Avg price per sq.ft.:
$450.7
These statistics are generated based on the current listing's property type and located in South Calgary. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706