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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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2213, 2215 23 Street SW
Richmond Calgary T2T 5H6

$1,199,000
Residential beds: 6 baths: 5.0 1,592 sq. ft. built: 1950

Main Photo: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 1: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 2: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 3: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 4: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 5: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 6: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 7: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 8: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
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Photo 20: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 21: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 22: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 23: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 24: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 25: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Photo 26: 2213, 2215 23 Street SW in Calgary: Richmond Full Duplex for sale : MLS®# A2150750
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2150750
Bedrooms:
6
Bathrooms:
5
Year Built:
1950
This listing includes two semi-detached houses with 3 suites. Terrific location + situated on a 50 x 160 foot flat lot with west backyard to be enjoyed by all tenants as well as a large four car garage with a gas heater. Excellent investment/holding property. Currently the total monthly rent is $5575 per month plus utilities + two of the tenants are long term tenants. Nice curb appeal with newer roof - 2015, The upper suite is a cute renovated bungalow style home with large living room, 2 big bedrooms + nice layout. It is rented for $2000 per month with a lease till June 1, 2025. Below it is the second suite which is a legal suite , rented with a lease until July 1, 2025 for $1425 per month + offers large windows, renovated kitchen, 2 bedrooms + 2 bathrooms. The third unit, 2213, is bright + has a wood burning fireplace spacious bright kitchen + 3 bedrooms down. This one rents for $2150 per month with a lease until July 1, 2025. Excellent location close to shopping, restaurants, parks + downtown.
Property Type:
Residential
Property Sub Type:
Full Duplex
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Legal
Home Style:
Bungalow, Side by Side
Total Living Area:
1,591.77 sq. ft.
Main Level Finished Area:
1,591.77 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,360.22 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
8,223 sq. ft.
Lot Frontage:
51'4¼"
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:
Entry Level:
1
Levels:
One
End Unit:
1 Common Wall
Total Rooms Above Grade:
10
Year built:
1950 (Age: 74)
Bedrooms:
6 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
4
Bathrooms:
5.0 (Full:4, Half:1)
Plan:
5140AG
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stone, Stucco, Wood Frame, Wood Siding
Structure Type:
Duplex
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Linoleum
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
4
Parking:
Heated Garage, Quad or More Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
In Basement, Main Level
Richmond
Dishwasher, Dryer, Electric Stove, Garage Control(s), Refrigerator, Washer, Window Coverings
Diswashers are x2, All other appliances are x3
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
9'6" × 8'
Main Floor
Dining Room
12'9" × 9'10"
Main Floor
Living Room
18'10" × 12'
Main Floor
Foyer
7'6" × 7'3"
Main Floor
Laundry
3' × 2'6"
Main Floor
Covered Porch
11'5" × 7'9"
Main Floor
Bedroom - Primary
12'7" × 12'
Main Floor
Bedroom
12' × 10'6"
Main Floor
Kitchen
12' × 7'10"
Main Floor
Dining Room
16'3" × 11'4"
Main Floor
Living Room
16' × 14'2"
Main Floor
Foyer
6'4" × 3'6"
Basement
Kitchen With Eating Area
15'6" × 8'8"
Basement
Living Room
14' × 11'
Basement
Flex Space
13' × 12'
Basement
Furnace/Utility Room
7'6" × 5'9"
Basement
Bedroom
12' × 11'4"
Basement
Bedroom - Primary
13'6" × 11'
Basement
Bedroom
9'6" × 8'3"
Basement
Bedroom
9'6" × 8'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
7' x 8'7"
Main Floor
No
2
3'5" x 7'
Basement
No
4
5' x 8'
Basement
Yes
4
5' x 7'6"
Basement
No
4
5' x 6'10"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby
Interior Features:
See Remarks
Exterior Features:
Private Entrance
Patio And Porch Features:
Deck, Patio
Lot Features:
Back Lane, Back Yard, Landscaped, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
R-C2
Listed Date:
Jul 24, 2024
Days on Mkt:
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Listed by Real Estate Professionals Inc.
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
31
Avg list price:
$850,000
Min list price:
$179,900
Max list price:
$2,299,900
Avg days on market:
36
Min days on market:
2
Max days on market:
197
Avg price per sq.ft.:
$516.88
These statistics are generated based on the current listing's property type and located in Richmond. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706