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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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109 15304 Bannister Road SE
Midnapore Calgary T2X 0M8

$299,900
Residential beds: 2 baths: 2.0 877 sq. ft. built: 2008

Main Photo: 109 15304 Bannister Road SE in Calgary: Midnapore Apartment for sale : MLS®# A2161275
Photo 1: 109 15304 Bannister Road SE in Calgary: Midnapore Apartment for sale : MLS®# A2161275
Photo 2: 109 15304 Bannister Road SE in Calgary: Midnapore Apartment for sale : MLS®# A2161275
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Photo 36: 109 15304 Bannister Road SE in Calgary: Midnapore Apartment for sale : MLS®# A2161275
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2161275
Bedrooms:
2
Bathrooms:
2
Year Built:
2008
LAKE ACCESS! As the owner of this original owner 2 bedroom ground floor apartment you and your guests will have exclusive year round use of the lake and all of its facilities. You'll also have a convenient spacious layout, and ground level access through your private courtyard patio. (with gas hookup) Just a 15 minute walk to the lake, the train station, or Fish Creek Park! Amazing value for first time buyers, investors, or downsizers!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
877.15 sq. ft.
Main Level Finished Area:
877.15 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$746.11
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Water
HOA Fee Frequency:
Annually
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:
West
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southwest
Floor Location:
Ground
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2008 (Age: 16)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0814750
Heating:
In Floor, Natural Gas
New Constr.:
No
Construction Material:
Stucco, Vinyl Siding, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Parkade, Stall, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Laundry Room
HOA Fee:
$150.00
Condo Fee Frequency:
Monthly
Solea
Midnapore
Beach Access, Park, Parking, Visitor Parking
Dishwasher, Dryer, Electric Stove, Microwave Hood Fan, Refrigerator, Washer
N/A
Board Approval, Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Kitchen
12' × 11'9"
Main Floor
Living Room
13'6" × 11'3"
Main Floor
Dining Room
15' × 8'9"
Main Floor
Laundry
6'7" × 5'5"
Main Floor
Bedroom - Primary
17'4" × 13'5"
Main Floor
Bedroom
15'7" × 11'7"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
4'11" x 8'
Main Floor
No
4
4'11" x 9'10"
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
No Smoking Home, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
None
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C2
Listed Date:
Aug 30, 2024
Days on Mkt:
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Listed by Real Broker
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
14
Avg list price:
$394,900
Min list price:
$249,900
Max list price:
$845,000
Avg days on market:
17
Min days on market:
2
Max days on market:
50
Avg price per sq.ft.:
$404.96
These statistics are generated based on the current listing's property type and located in Midnapore. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706