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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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10 2168 HWY 587
NONE Rural Red Deer County T0M 0K0

$1,295,000
Residential beds: 5 baths: 3.0 1,452 sq. ft.

MAIN WALK OUT BUNGALOW
Photo 1: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 2: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 3: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 4: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 5: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 6: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 7: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 8: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 9: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 10: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 11: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 12: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 13: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 14: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 15: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 16: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 17: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 18: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 19: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 20: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 21: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 22: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 23: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 24: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 25: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 26: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 27: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 28: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 29: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 30: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 31: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 32: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 33: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 34: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 35: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 36: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 37: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 38: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 39: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 40: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 41: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 42: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 43: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 44: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Photo 45: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2104169
Bedrooms:
5
Bathrooms:
3
Fantastic Opportunity: 2 homes offering Multifamily Living on 52 Acres of West Country Ranch Land! Embrace the beauty of rural living just 8 minutes from Hwy QE2! This stunning 52-acre property combines spacious living with practical amenities, making it perfect for families and those seeking a serene lifestyle. The main home features five bedrooms, ideal for large families or hosting guests, and includes a welcoming front walkout basement. The renovated kitchen is a chef's dream, boasting gorgeous Knotty Alder cabinetry, new countertops, and a stylish backsplash. Recent upgrades provide peace of mind, including a newer Forced air furnace, a $20,000 water treatment system, a hot water heater, newer Electrical Panel , newer Submersible water well pump. Located privately away from the main home, you’ll find a well-maintained detached 3-bedroom modular home/Addition and large deck. This comfortable living space has been carefully updated, bright and well cared for and featuring newer electrical panel, and Twin furnaces. It also offers its own water well with newer submersible water well pump, septic, gas, and electric services, ensuring convenience and autonomy for its occupants. For those with a passion for equestrian activities, the property includes a spacious 32’x72’ horse barn equipped with water, power, and gas, along with various stalls and a tack room for all your animal care needs. Additionally, there’s a large 49.5’x57.5’ pole shop/storage building with water access, perfect for parking, a workshop, or equipment storage. An attached RV covered carport measuring 16’x49.5’ adds further convenience for your outdoor adventures. Numerous sheds around the property provide ample space for all your storage needs. The fenced and cross-fenced property ensures privacy and room for your family, horses, or livestock to thrive in a natural environment. With paved access right to your driveway, this property truly offers the best of both worlds. Situated just a few short minutes west of QE2 along the paved Hwy 587, you can immerse yourself in the stunning landscapes of Alberta's West Country while still being close to Calgary and Red Deer for easy commuting. Don’t miss out on this incredible opportunity! This property is a must-see for anyone seeking a rural lifestyle with modern comforts and abundant amenities. Contact us today to schedule your viewing!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Acreage with Residence, Bungalow
Total Living Area:
1,452 sq. ft.
Main Level Finished Area:
15,629.33 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
52 acre(s)
Lot Frontage:
872'9"
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:
South
Levels:
One
Total Rooms Above Grade:
6
Bedrooms:
5 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
2
Bathrooms:
3.0 (Full:3, Half:0)
Heating:
Forced Air, Natural Gas
Basement:
Finished, Full
Foundation:
See Remarks
New Constr.:
No
Construction Material:
Mixed
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Laminate
Cooling:
None
Fireplaces:
1
Fireplace Details:
Family Room, Free Standing, Wood Burning
Garage:
1
Parking:
Quad or More Detached, RV Access/Parking
Parking Covered:
1.0
Parking Total/Covered:
- / 1
Laundry Features:
Main Level, Upper Level
NONE
Dishwasher, Gas Stove, Refrigerator, Washer/Dryer, Water Conditioner
n/a
None Known
Floor
Type
Size
Other
Main Floor
Living Room
17'6" × 13'
Main Floor
Dining Room
12'5" × 10'10"
Main Floor
Kitchen
12' × 10'6"
Main Floor
Laundry
11'6" × 7'6"
Main Floor
Bedroom - Primary
15'2" × 11'2"
Main Floor
Bedroom
10'4" × 9'8"
Main Floor
Bedroom
10' × 9'
Lower Level
Family Room
15'6" × 12'
Lower Level
Bedroom
10'10" × 8'
Lower Level
Bedroom
10'10" × 10'10"
Lower Level
Other
25' × 10'6"
Lower Level
Workshop
23' × 12'6"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
Main Floor
Yes
3
Lower Level
No
3
Title to Land:
Fee Simple
Community Features:
None
Interior Features:
Granite Counters
Exterior Features:
Balcony
Patio And Porch Features:
Deck
Lot Features:
Farm
Num. of Parcels:
0
Outbuildings:
Shed, Barn, Shop
Fencing:
Fenced
Nearest Town:
Bowden
Region:
Red Deer County
Zoning:
AG
Listed Date:
Jan 29, 2024
Days on Mkt:
  • Photo 1: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    MAIN WALK OUT BUNGALOW
  • Photo 2: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 2 of 45
  • Photo 3: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Large shop/garage
  • Photo 4: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    BARN
  • Photo 5: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 5 of 45
  • Photo 6: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    LOOKING NORTH
  • Photo 7: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    2ND RESIDENCE
  • Photo 8: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    2ND RESIDENCE
  • Photo 9: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    BUNGLAOW
  • Photo 10: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    MAINBUNGALOW
  • Photo 11: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    top main house
  • Photo 12: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 12 of 45
  • Photo 13: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    main well shed
  • Photo 14: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    welcome
  • Photo 15: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    living room
  • Photo 16: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    living
  • Photo 17: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    living
  • Photo 18: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 18 of 45
  • Photo 19: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 19 of 45
  • Photo 20: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 20 of 45
  • Photo 21: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Photo 21 of 45
  • Photo 22: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    bed
  • Photo 23: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    bed
  • Photo 24: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    main bath
  • Photo 25: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    bed 2
  • Photo 26: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    primary bed
  • Photo 27: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    primary to ensuite
  • Photo 28: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    ensuite
  • Photo 29: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    ensuite
  • Photo 30: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    hall main
  • Photo 31: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    spiral down (unfinished)
  • Photo 32: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    spiral to lower
  • Photo 33: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    spiral/ family room
  • Photo 34: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    main lower entry
  • Photo 35: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    walkout level family
  • Photo 36: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    family room
  • Photo 37: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    hallway walkout level
  • Photo 38: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    3pc shower walkout level
  • Photo 39: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    3pc shower walkout level
  • Photo 40: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    bed 4 lower
  • Photo 41: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    Bed 5 walkout level
  • Photo 42: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    shed,/small barn
  • Photo 43: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    barn
  • Photo 44: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    shop north no concrete
  • Photo 45: 10 2168 HWY 587: Rural Red Deer County Detached for sale : MLS®# A2104169
    shop south concrete floor
Listed by RE/MAX ACA Realty
Data was last updated November 13, 2024 at 02:05 AM (UTC)
Area Statistics
Listings on market:
82
Avg list price:
$897,000
Min list price:
$184,900
Max list price:
$5,900,000
Avg days on market:
77
Min days on market:
6
Max days on market:
630
Avg price per sq.ft.:
$473.38
These statistics are generated based on the current listing's property type and located in Rural Red Deer County. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706