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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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406 225 25 Avenue SW
Mission Calgary T2S 2V2

$499,900
Residential beds: 2 baths: 2.0 975 sq. ft. built: 1984

Main Photo: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 1: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 2: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 3: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 4: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 5: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 6: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 7: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 8: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 9: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 10: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 11: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 12: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 13: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 14: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 15: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 16: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 17: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Photo 18: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2171002
Bedrooms:
2
Bathrooms:
2
Year Built:
1984
Discover your river view sanctuary in Mission—a stunning 2-bedroom, 2-bathroom condo on the 4th floor of the prestigious Riverscape building. This bright and airy residence invites you in with an abundance of natural light and peaceful views of the Elbow River. A private entry keeps your laundry and storage separate from the sleek, contemporary kitchen. The crisp quartz countertops and chic backsplash perfectly complement the clean, bright aesthetic, making this kitchen as functional as it is beautiful. Built-in appliances create the perfect area for entertaining. The kitchen seamlessly flows into the spacious dining and living areas, where large windows frame the view of the river. Just off the living room, step out onto your expansive balcony and take in the stunning views—an ideal spot for your morning coffee or an evening glass of wine. Retreat to the serene primary bedroom, thoughtfully located on the opposite side of the condo for maximum privacy. This spacious room easily accommodates a king-sized bed, a cozy reading nook, and additional furnishings. The walk-through closet, customized with built-in organizers, leads you to the ensuite. The second bedroom offers versatility, perfect for guests or as a stylish home office, with a second bathroom conveniently located just across the hall. Adding to the convenience, the in-unit laundry is tucked away in a large entryway closet, with ample room for further storage. This condo also includes a secure underground parking stall and a storage locker, ensuring all your needs are met. The Riverscape building is impeccably maintained and features an active condo board, along with amenities such as Bluebox delivery service, an exercise room, and an outdoor terrace. Nestled in the vibrant Mission neighbourhood, this location offers the perfect balance of urban convenience and serene livability. You’ll be just steps away from the picturesque Elbow River pathways, trendy restaurants, cafes, and public transportation.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
High-Rise (5+)
Total Living Area:
975 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$687.47
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Professional Management, Reserve Fund Contributions, Security Personnel, Sewer, Snow Removal, Trash, 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:
Other
Entry Level:
1
Stories Total:
13
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1984 (Age: 40)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
8410915
Heating:
Baseboard, Natural Gas
Basement:
None
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Concrete
Structure Type:
High Rise (5+ stories)
Roof:
Tar/Gravel
Ensuite:
Yes
Flooring:
Hardwood, Tile
Cooling:
None
Fireplaces:
0
Garage:
0
Garage Spaces:
1
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit, Laundry Room
Condo Fee Frequency:
Monthly
Riverscape
Mission
Bicycle Storage, Elevator(s), Fitness Center, GCHUT, Park, Parking, Recreation Room, Secured Parking
Built-In Range, Built-In Refrigerator, Dishwasher, Electric Range, Microwave, Washer/Dryer
Portable AC Inserts for windows. Extra flooring, tile and trim pieces, paint.
Pet Restrictions or Board approval Required
Restrictions, Cats OK
Floor
Type
Size
Other
Main Floor
Living Room
16'5" × 15'7"
Main Floor
Kitchen
12'2" × 8'4"
Main Floor
Dining Room
10'4" × 8'4"
Main Floor
Bedroom - Primary
16'2" × 11'
Main Floor
Bedroom
10'3" × 9'4"
Main Floor
Laundry
6'6" × 4'9"
Main Floor
Entrance
12'2" × 3'8"
Main Floor
Balcony
17'4" × 6'1"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
3
4'11" x 7'8"
Main Floor
No
4
4'11" x 7'9"
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Built-in Features, Ceiling Fan(s), Closet Organizers, No Animal Home, No Smoking Home, Open Floorplan, Storage, Walk-In Closet(s)
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-H2
Listed Date:
Oct 04, 2024
Days on Mkt:
  • Photo 1: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
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  • Photo 2: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Huge South Facing patio
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  • Photo 10: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Master
  • Photo 11: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Master
  • Photo 12: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Ensuite
  • Photo 13: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Second Bedroom
  • Photo 14: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Second Bathroom
  • Photo 15: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
    Laundry + Entry Closet
  • Photo 16: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
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  • Photo 18: 406 225 25 Avenue SW in Calgary: Mission Apartment for sale : MLS®# A2171002
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Listed by Diamond Realty & Associates LTD.
Data was last updated November 14, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
37
Avg list price:
$333,000
Min list price:
$199,900
Max list price:
$1,375,000
Avg days on market:
34
Min days on market:
3
Max days on market:
131
Avg price per sq.ft.:
$457.3
These statistics are generated based on the current listing's property type and located in Mission. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706