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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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204 8231 Elbow Drive SW
Chinook Park Calgary T2V 1K6

$220,000
Residential beds: 2 baths: 1.0 852 sq. ft. built: 1960

Main Photo: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 1: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 2: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 3: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 4: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 5: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 6: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 7: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
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Photo 17: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
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Photo 19: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Photo 20: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2162653
Bedrooms:
2
Bathrooms:
1
Year Built:
1960
Discover this charming two-bedroom condo in Chinook Park, where comfort, convenience, and affordability come together seamlessly. Located in a family-friendly neighborhood, this spacious unit is filled with natural light from its west-facing kitchen and living room windows, creating a warm and inviting atmosphere. The open floor plan is perfect for modern living, and the well-maintained building ensures peace and quiet. This condo offers exceptional access to the best of city living. Just steps away, you'll find Starbucks and Shoppers Drug Mart, with the C-Train station within walking distance for an easy commute to the downtown core. With the Glenmore Reservoir, Heritage Park, Rockyview Hospital, schools, parks, bike paths, shopping, and dining options all nearby, everything you need is right at your doorstep. Enjoy the convenience of an assigned parking stall with a plug-in, coin-operated laundry facilities in the building, and the option to install in-suite laundry for added comfort. As an added bonus, condo fees are low and include all utilities except electricity, making this an affordable opportunity for homeownership. With a "no pets" policy, the complex maintains a peaceful and quiet environment. This owner-occupied unit is ideal for first-time homebuyers, downsizers, or investors looking for a great opportunity in a highly desirable inner-city location. Don’t miss your chance to own a piece of Chinook Park!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
852 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$530.00
Condo Fee Includes:
Gas, Heat, Insurance, Parking, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Water
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:
East
Reg. Size:
Reg. Size Includes:
Unit Exposure:
West
Floor Location:
Below Grade
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
1 Common Wall, No One Below
Total Rooms Above Grade:
5
Year built:
1960 (Age: 64)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
9511565
Heating:
Baseboard
New Constr.:
No
Construction Material:
Stucco, Vinyl Siding, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Ceramic Tile, Laminate, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Common Area
Condo Fee Frequency:
Monthly
Z-name Not Listed
Chinook Park
Laundry, Picnic Area, Visitor Parking
Electric Stove, Refrigerator
N/A
Pets Not Allowed
No
Floor
Type
Size
Other
Main Floor
Entrance
6'1" × 4'
Main Floor
Kitchen
9'6" × 9'
Main Floor
Dining Room
9'11" × 8'8"
Main Floor
Living Room
17'1" × 12'11"
Main Floor
Bedroom - Primary
11'9" × 9'10"
Main Floor
Bedroom
11'9" × 9'10"
Main Floor
Storage
6'7" × 3'7"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
7'8" x 4'11"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Ceiling Fan(s), Open Floorplan
Exterior Features:
Courtyard
Patio And Porch Features:
None
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C2
Listed Date:
Sep 12, 2024
Days on Mkt:
  • Photo 1: 204 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2162653
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Listed by MaxWell Canyon Creek
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
5,132
Avg list price:
$599,900
Min list price:
$134,900
Max list price:
$10,000,000
Avg days on market:
24
Min days on market:
0
Max days on market:
618
Avg price per sq.ft.:
$441.56
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