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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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927 Renfrew Drive
Renfrew Calgary T2E 5H8

$800,000
Residential beds: 5 baths: 3.0 1,079 sq. ft. built: 1952

Main Photo: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Photo 1: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Photo 2: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Photo 3: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Photo 4: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Photo 5: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Photo 6: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
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Photo 32: 927 Renfrew Drive in Calgary: Renfrew Detached for sale : MLS®# A2141401
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2141401
Bedrooms:
5
Bathrooms:
3
Year Built:
1952
Discover this rare gem in the Renfrew community—a spacious bungalow on a 50' x 120' RC-2 lot with an illegal suite in the basement and appealing rental income opportunities. This property is conveniently located near major amenities such as shopping centers, restaurants, schools, parks, and major roadways including Highways #1 and #2, making it an ideal investment. The main floor offers a kitchen, living room, and full bathroom, while the basement features a newly renovated common area with a laundry room and an illegal suite with separate entry. The property boasts a south-facing backyard, a double detached garage with additional RV or boat parking, and back lane access.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Illegal
Home Style:
Bungalow
Total Living Area:
1,079.1 sq. ft.
Main Level Finished Area:
1,079.1 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
913.8 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,006 sq. ft.
Lot Frontage:
50'½"
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:
Levels:
One
Total Rooms Above Grade:
6
Year built:
1952 (Age: 72)
Bedrooms:
5 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
2
Bathrooms:
3.0 (Full:3, Half:0)
Plan:
4221GL
Heating:
Forced Air, Natural Gas
Basement:
Finished, Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Laminate, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
1
Parking:
Double Garage Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Lower Level
Renfrew
Refrigerator, Stove(s), Washer/Dryer
N/A
None Known
Floor
Type
Size
Other
Main Floor
Bedroom
12'2" × 10'7"
Main Floor
Kitchen
11'11" × 10'5"
Main Floor
Dining Room
12'3" × 8'11"
Main Floor
Bedroom
11'2" × 8'5"
Main Floor
Bedroom - Primary
12'3" × 11'6"
Main Floor
Entrance
9'9" × 3'6"
Main Floor
Living Room
12'3" × 10'7"
Main Floor
Mud Room
3'6" × 3'1"
Basement
Bedroom
12'1" × 11'2"
Basement
Bedroom
12' × 7'7"
Basement
Great Room
12'10" × 8'10"
Basement
Dining Room
7'11" × 7'8"
Basement
Kitchen
8'1" × 7'10"
Basement
Storage
17'1" × 7'9"
Basement
Laundry
10'11" × 6'1"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 7'8"
Main Floor
No
3
7'10" x 5'7"
Basement
No
4
6'4" x 6'
Title to Land:
Fee Simple
Community Features:
Golf, Playground, Pool
Interior Features:
See Remarks
Exterior Features:
Playground
Patio And Porch Features:
None
Lot Features:
Back Lane, 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 Grand Realty
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
38
Avg list price:
$729,450
Min list price:
$248,000
Max list price:
$2,599,900
Avg days on market:
33
Min days on market:
1
Max days on market:
121
Avg price per sq.ft.:
$514.5
These statistics are generated based on the current listing's property type and located in Renfrew. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706