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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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NEXT Open House details
Sep 22, 2024 11:00 AM - 01:00 PM MDT

111 923 15 Avenue SW
Beltline Calgary T2R 0S2

$374,900
Residential beds: 2 baths: 3.0 1,292 sq. ft. built: 1998

Main Photo: 111 923 15 Avenue SW in Calgary: Beltline Apartment for sale : MLS®# A2165854
Photo 1: 111 923 15 Avenue SW in Calgary: Beltline Apartment for sale : MLS®# A2165854
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Open House - Sep 22, 2024
11:00 AM - 01:00 PM MDT
NOTES: Open House on Sunday, September 22, 2024 11:00AM - 1:00PM
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2165854
Bedrooms:
2
Bathrooms:
3
Year Built:
1998
Amazing opportunity to own a 2-bedroom, 2.5 bathroom 2-storey townhome with titled underground parking in the heart of the trendy 17 Ave district! Open concept main floor with a huge living room and gas fireplace and central kitchen makes it a great space for entertaining family and friends. There is a large storage room on the main level as well. Upstairs boasts a large master bedroom with walkthrough closet and nicely appointed 4 piece ensuite. You will also find another large bedroom with walk-in closet, another full 4 piece bathroom and in suite laundry! Sunny south exposure allows for great natural lighting throughout the unit. The ground level patio provides another option as a private entrance and an outdoor space you can enjoy. The Savoy is extremely pet friendly and is centrally located with a quick walk to the downtown core and even shorter walk to everything 17 Ave has to offer! Don't miss this one!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Multi Level Unit
Total Living Area:
1,292.31 sq. ft.
Main Level Finished Area:
642.38 sq. ft.
Upper Level Finished Area:
649.93 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$939.12
Condo Fee Includes:
Common Area Maintenance, 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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Ground
Entry Level:
1
Stories Total:
4
Levels:
Multi Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
4
Year built:
1998 (Age: 26)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
9812322
Heating:
In Floor, Natural Gas
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Laminate
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Heated Garage, Parkade, Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
The Savoy
Beltline
Elevator(s), Secured Parking, Storage, Visitor Parking
Dishwasher, Dryer, Electric Stove, Microwave Hood Fan, Refrigerator, Window Coverings
N/A
Pet Restrictions or Board approval Required
Yes
Floor
Type
Size
Other
Main Floor
Kitchen
11' × 7'6"
Main Floor
Living/Dining Room Combination
19'8" × 14'4"
Main Floor
Flex Space
12'6" × 8'2"
Upper Level
Bedroom
12' × 9'
Upper Level
Bedroom - Primary
16' × 10'4"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
Upper Level
No
4
Upper Level
Yes
4
Title to Land:
Fee Simple
Community Features:
Playground
Interior Features:
No Smoking Home
Exterior Features:
None
Patio And Porch Features:
Patio
Lot Features:
Landscaped
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
CC-MH
Listed Date:
Sep 14, 2024
Days on Mkt:
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Listed by Charles
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
259
Avg list price:
$379,900
Min list price:
$175,000
Max list price:
$2,900,000
Avg days on market:
29
Min days on market:
1
Max days on market:
394
Avg price per sq.ft.:
$509.61
These statistics are generated based on the current listing's property type and located in Beltline. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706