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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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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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8628 Atlas Drive SE
Acadia Calgary T2H 1R3

$739,900
Residential beds: 5 baths: 2.0 1,078 sq. ft. built: 1968

Main Photo: 8628 Atlas Drive SE in Calgary: Acadia Detached for sale : MLS®# A2158435
Photo 1: 8628 Atlas Drive SE in Calgary: Acadia Detached for sale : MLS®# A2158435
Photo 2: 8628 Atlas Drive SE in Calgary: Acadia Detached for sale : MLS®# A2158435
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2158435
Bedrooms:
5
Bathrooms:
2
Year Built:
1968
Stunningly Renovated Bungalow in Desirable Acadia! Welcome to this beautifully renovated bungalow, where no detail has been spared! Located in the heart of popular Acadia, this home features: Main Level: 3 spacious bedrooms including a luxurious primary suite. Kitchen: Brand new high-gloss HPL cabinets and gleaming quartz countertops. Living Areas: Vaulted ceilings with abundant pot lights, fresh knockdown ceilings, and new vinyl plank flooring. Bathrooms: Stylishly updated with a new 4-piece full bath on the main level and a 3-piece bath in the Legal Suite. Finishes: Fresh paint, modern wall décor, new doors, baseboards, casings, and lighting throughout. Appliances: All new, high-quality appliances included. The lower level features a separate entrance to a fully legal two-bedroom suite, complete with a kitchen, spacious family/dining room, and ample storage. Enjoy the outdoors with a large private yard, perfect for gardening and recreation. The expansive (21ft x 23ft) garage offers plenty of space, and the property is fully fenced for privacy. Conveniently located close to parks, schools, playgrounds, and shopping, this home is perfect for those looking to live up and rent down. Don’t miss out on this opportunity to own a turn-key property in a sought-after neighborhood. Call today for your private viewing!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Legal
Home Style:
Bungalow
Total Living Area:
1,078.1 sq. ft.
Main Level Finished Area:
1,078.1 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
991.2 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,500 sq. ft.
Lot Frontage:
50'
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:
Floor Location:
Ground
Levels:
One
Total Rooms Above Grade:
6
Year built:
1968 (Age: 56)
Bedrooms:
5 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
2
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
5476JK
Heating:
Central, Forced Air, Natural Gas
Basement:
Finished, Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Cedar, Composite Siding, Stone, Stucco
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Tile, Vinyl
Cooling:
None
Fireplaces:
1
Fireplace Details:
Electric, Family Room, Glass Doors, Tile
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Detached, Garage Door Opener, Insulated, Oversized
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Basement
Acadia
Dishwasher, Dryer, Electric Range, ENERGY STAR Qualified Refrigerator, Garage Control(s), Range, Range Hood, Refrigerator, Washer
N/A
None Known
Floor
Type
Size
Other
Main Floor
Living Room
13'4" × 12'11"
Main Floor
Kitchen
13'2" × 10'4"
Main Floor
Dining Room
11'10" × 9'6"
Main Floor
Bedroom - Primary
12'9" × 10'
Main Floor
Bedroom
10'8" × 8'6"
Main Floor
Bedroom
10'7" × 8'7"
Main Floor
Mud Room
6'10" × 3'5"
Main Floor
Entrance
9' × 6'
Main Floor
Entrance
6' × 3'3"
Basement
Family Room
11'8" × 10'7"
Basement
Kitchen With Eating Area
19'1" × 14'4"
Basement
Bedroom
11'5" × 10'7"
Basement
Bedroom
10'11" × 8'7"
Basement
Flex Space
9'8" × 4'11"
Basement
Laundry
7'2" × 2'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
5' x 9'1"
Basement
No
3
6'8" x 7'2"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Breakfast Bar, Closet Organizers, Kitchen Island, No Animal Home, No Smoking Home, Quartz Counters, Recessed Lighting, Separate Entrance
Exterior Features:
Garden, Playground, Private Yard
Patio And Porch Features:
Patio
Lot Features:
Back Lane, Back Yard, City Lot, Front Yard, Landscaped, Street Lighting, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone S
Zoning:
R-C1
Listed Date:
Aug 16, 2024
Days on Mkt:
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Listed by Century 21 Bamber Realty LTD.
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
15
Avg list price:
$625,000
Min list price:
$214,900
Max list price:
$789,900
Avg days on market:
22
Min days on market:
1
Max days on market:
70
Avg price per sq.ft.:
$554.46
These statistics are generated based on the current listing's property type and located in Acadia. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706