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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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59 Somerset Manor SW
Somerset Calgary T2T 2T2

$729,900
Residential beds: 4 baths: 4.0 2,214 sq. ft. built: 2000

Main Photo: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 1: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 2: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 3: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 4: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 5: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 6: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 7: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 8: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 9: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 10: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 11: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 12: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 13: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 14: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 15: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 16: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 17: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 18: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 19: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 20: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 21: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 22: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 23: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 24: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 25: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 26: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 27: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 28: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 29: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 30: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 31: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 32: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 33: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 34: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 35: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Photo 36: 59 Somerset Manor SW in Calgary: Somerset Detached for sale : MLS®# A2164221
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2164221
Bedrooms:
4
Bathrooms:
4
Year Built:
2000
Welcome to this stunning two-storey home, located in the sought-after community of Somerset. Embracing an expansive open concept, it offers a generous living space of approximately 3,200 square feet. From the moment you step inside, you are greeted by the hardwood flooring that gracefully flows throughout the main level. The open kitchen is equipped with ample cabinetry, modern appliances, and a dining area that provides access to a lovely, large deck. The spacious family room, completed with an inviting fireplace and abundant windows, floods the space with natural light. Additionally, a laundry/mud room and a 2-piece bathroom on this level add functionality and convenience for the entire family. As you ascend to the second storey, you will discover a generously sized master bedroom, two well-appointed bedrooms, a bonus room, and a 4-piece bathroom. The master bedroom offers a walk-in closet and an alluring 4-piece ensuite. The fully developed basement, complemented by 9-foot ceilings, adds to the overall living space and includes a large entertainment area, a family room, an extra bedroom, and a 3-piece bathroom. The beautiful backyard, featuring a large deck, fruit trees, shrubs, and beautiful roses, is an ideal space for gathering with family and friends. Significantly, several thoughtful upgrades have been implemented: Fresh paint, New fridge, stucco(2022), roofing (2022, Class 4 with impact resistance and 50 years life expectancy), and a water tank (2020). This property enjoys an excellent location, close to schools, playgrounds, a water park, shopping, and LRT access, with easy access to Stoney Trail. Book your private showing today!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey
Total Living Area:
2,213.9 sq. ft.
Main Level Finished Area:
1,145.4 sq. ft.
Upper Level Finished Area:
1,068.5 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
942.5 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
4,682 sq. ft.
Lot Frontage:
34'11"
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:
Northeast
Reg. Size:
Reg. Size Includes:
Levels:
Two
Total Rooms Above Grade:
7
Year built:
2000 (Age: 24)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
9813575
Heating:
Forced Air, Natural Gas
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stucco, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Cork, Hardwood
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Main Level
Somerset
Dishwasher, Dryer, Electric Stove, Range Hood, Washer, Water Softener
None
None Known
Floor
Type
Size
Other
Main Floor
Entrance
12'2" × 7'5"
Main Floor
Laundry
8'8" × 8'6"
Main Floor
Living Room
22'1" × 14'5"
Main Floor
Kitchen
13'5" × 11'9"
Main Floor
Dining Room
13'5" × 9'5"
Main Floor
Pantry
4'4" × 4'4"
Upper Level
Bedroom
13'1" × 10'11"
Upper Level
Bedroom
13'1" × 10'11"
Upper Level
Bonus Room
12'6" × 10'9"
Upper Level
Bedroom - Primary
14' × 13'5"
Upper Level
Walk-In Closet
8'5" × 6'7"
Basement
Game Room
21'6" × 14'
Basement
Family Room
13'5" × 13'3"
Basement
Bedroom
12'7" × 11'2"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
4'7" x 5'
Upper Level
No
4
4'11" x 9'8"
Upper Level
Yes
4
8'5" x 9'
Basement
No
3
6'10" x 8'7"
Title to Land:
Fee Simple
Community Features:
Shopping Nearby
Interior Features:
Jetted Tub, Open Floorplan, Pantry, Walk-In Closet(s)
Exterior Features:
Private Yard
Patio And Porch Features:
Deck
Lot Features:
Fruit Trees/Shrub(s), Level, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone S
Zoning:
R-C1
Listed Date:
Sep 12, 2024
Days on Mkt:
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Listed by Grand Realty
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
33
Avg list price:
$385,000
Min list price:
$249,900
Max list price:
$769,900
Avg days on market:
12
Min days on market:
1
Max days on market:
106
Avg price per sq.ft.:
$378.46
These statistics are generated based on the current listing's property type and located in Somerset. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706