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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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143 Silver Ridge Rise NW
Silver Springs Calgary T3B 4P6

$599,900
Residential beds: 3 baths: 3.0 1,100 sq. ft. built: 1977

Main Photo: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 1: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 2: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 3: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 4: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 5: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 6: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 7: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 8: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 9: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 10: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 11: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 12: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 13: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 14: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 15: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 16: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 17: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 18: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 19: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 20: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 21: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 22: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 23: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 24: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 25: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 26: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 27: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Photo 28: 143 Silver Ridge Rise NW in Calgary: Silver Springs Detached for sale : MLS®# A2171580
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2171580
Bedrooms:
3
Bathrooms:
3
Year Built:
1977
First time listed on MLS. Great opportunity for a first time buyer to enter the Silver Springs market. Home situated on a quiet street in the heart of Silver Springs. The home has over 1,500 sq ft of developed space on first 3 levels. Walking distance to nearby St. Peter's church and 2 elementary schools in the area (WO Mitchell & St. Sylvester). This 4 level split has been well cared for and owned for over 40 years by the same family. Main level has hardwood throughout, a large kitchen with an island that can seat many, and a sizable dining room for family gatherings. Some appliances have been replaced. French doors open to the rear deck. Backyard is mature with large trees, 2 sheds, and other landscaping. The upper level has 3 bedrooms which includes the primary bedroom which has a walk in closet along 2 piece ensuite. There is a 4 piece bathroom that supports the other 2 bedrooms. The lower level has a large rec room with wood burning fireplace, a small bar, and a 2 piece bath (note: room for a shower with some materials in place). Laundry located on 4 level with furnace, water tank, + tons of storage or could easily be developed into livable space. Home is quick access to main boulevard, Crowchild Trail & new ring road. Don't miss this wonderful opportunity to get invested in the NW Calgary real estate market at the entry level for a detached home.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
4 Level Split
Total Living Area:
1,100 sq. ft.
Main Level Finished Area:
490 sq. ft.
Upper Level Finished Area:
610 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
440 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,252 sq. ft.
Lot Frontage:
49'3"
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:
South
Reg. Size:
Reg. Size Includes:
Levels:
4 Level Split
Total Rooms Above Grade:
6
Year built:
1977 (Age: 47)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:1, Half:2)
Plan:
7610683
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Basement, Wood Burning
Garage:
0
Parking:
None
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Basement
Silver Springs (Calgary)
Dishwasher, Electric Stove, Microwave, Range Hood, Refrigerator
2 sheds in yard
None Known
Floor
Type
Size
Other
Main Floor
Living Room
12'8" × 10'10"
Main Floor
Dining Room
10'9" × 10'8"
Main Floor
Kitchen With Eating Area
11'8" × 10'9"
Upper Level
Bedroom - Primary
11'9" × 10'8"
Upper Level
Bedroom
9'9" × 9'8"
Upper Level
Bedroom
10'9" × 10'8"
Lower Level
Living Room
22' × 19'
Lower Level
Storage
9'9" × 8'7"
Floor
Ensuite
Pieces
Other
Upper Level
No
4
4'5" x 7'5"
Upper Level
Yes
2
3'4" x 4'3"
Lower Level
No
2
6'5" x 5'4"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Pool, Schools Nearby, Shopping Nearby, Sidewalks, Tennis Court(s), Walking/Bike Paths
Interior Features:
Kitchen Island, Laminate Counters, No Smoking Home
Exterior Features:
Private Entrance
Patio And Porch Features:
Patio
Lot Features:
Back Lane, Back Yard, Landscaped, Many Trees, Rectangular Lot, Sloped
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone NW
Zoning:
R-CG
Listed Date:
Oct 16, 2024
Days on Mkt:
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Listed by RE/MAX Real Estate (Mountain View)
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
4,881
Avg list price:
$589,000
Min list price:
$159,900
Max list price:
$10,000,000
Avg days on market:
35
Min days on market:
1
Max days on market:
474
Avg price per sq.ft.:
$435.52
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