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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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54 Masters Mews SE
Mahogany Calgary T3M 2B4

$775,000
Residential beds: 3 baths: 3.0 2,020 sq. ft. built: 2014

Main Photo: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 1: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 2: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 3: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
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Photo 5: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
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Photo 22: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 23: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 24: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 25: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 26: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Photo 27: 54 Masters Mews SE in Calgary: Mahogany Detached for sale : MLS®# A2158060
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2158060
Bedrooms:
3
Bathrooms:
3
Year Built:
2014
Nestled within the heart of Mahogany, this exquisite home stands as a testament to modern elegance and convenience. Located on a tranquil cul-de-sac, this fully finished residence offers a rare blend of urban accessibility and suburban tranquility. Upon entry, a spacious foyer welcomes you into a thoughtfully designed layout that seamlessly merges functionality with style. The gourmet kitchen is a chef's delight, boasting top-of-the-line appliances, including a built-in gas range and oven, complemented by ample storage.. The main level is bathed in natural light pouring in from expansive windows that frame the west-facing backyard, creating a warm and inviting ambiance throughout. Upstairs, discover generously sized bedrooms perfect for relaxation, alongside a bright and airy bonus room that serves as an ideal space for entertainment or quiet retreats. The convenience of a separate laundry room adds practicality to the upper level. The master suite is a sanctuary of comfort, featuring large windows that flood the space with natural light. The ensuite bathroom is a masterpiece of luxury, complete with dual vanities, a jetted tub for ultimate relaxation, a spacious walk-in shower, and a well-appointed walk-in closet. Outside, the backyard oasis beckons with its serene atmosphere and thoughtful landscaping. Enjoy the tranquility of mature trees and the privacy of a generously sized deck, perfect for alfresco dining or lounging in the sun. A meticulously maintained hot tub offers year-round relaxation, while a convenient storage shed provides additional space for tools and outdoor gear. This premier location offers unparalleled access to Mahogany's renowned amenities, including the Mahogany Beach Club for summer fun, picturesque wetlands, and miles of scenic walking paths through a pristine nature reserve. Families will appreciate the proximity to esteemed local schools such as Divine Mercy and Mahogany School, ensuring convenience and quality education just moments from your doorstep. Embrace a lifestyle where modern comfort meets community charm.
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:
2,020 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
766 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Frequency:
Annually
HOA Fee Includes:
Lot Area:
3,918 sq. ft.
Lot Frontage:
31'4¾"
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:
East
Reg. Size:
Reg. Size Includes:
Levels:
Two
Total Rooms Above Grade:
7
Year built:
2014 (Age: 10)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
1410953
Heating:
Forced Air, Natural Gas
Basement:
Full, Unfinished
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Composite Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Laminate, Tile
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas, Living Room
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached, Driveway
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Upper Level
HOA Fee:
$570.00
Mahogany
Beach Access, Clubhouse
Built-In Gas Range, ENERGY STAR Qualified Dishwasher, ENERGY STAR Qualified Dryer, ENERGY STAR Qualified Refrigerator, ENERGY STAR Qualified Washer, Microwave, Oven-Built-In, Range Hood, Window Coverings
Hot Tub, Gazebo, Shed
None Known
Floor
Type
Size
Other
Main Floor
Dining Room
12' × 9'10"
Main Floor
Kitchen
13' × 12'10"
Main Floor
Living Room
15'1" × 12'11"
Main Floor
Mud Room
7'2" × 5'5"
Main Floor
Entrance
12' × 7'9"
2nd Floor
Bedroom
12'11" × 12'8"
2nd Floor
Laundry
11' × 6'9"
2nd Floor
Bedroom
11'4" × 10'1"
2nd Floor
Bonus Room
12'2" × 10'5"
2nd Floor
Bedroom - Primary
13'7" × 13'
2nd Floor
Walk-In Closet
7'7" × 5'1"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
5'1" x 4'11"
2nd Floor
No
4
5'6" x 11'
2nd Floor
Yes
5
10'1" x 11'
Title to Land:
Fee Simple
Community Features:
Clubhouse, Fishing, Lake, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Central Vacuum, Double Vanity, Granite Counters, Jetted Tub, Kitchen Island, No Smoking Home, Pantry
Exterior Features:
BBQ gas line
Patio And Porch Features:
Deck
Lot Features:
Back Yard, Cul-De-Sac, Landscaped
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone SE
Zoning:
R-1s
Listed Date:
Aug 15, 2024
Days on Mkt:
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Listed by RE/MAX Landan Real Estate
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
108
Avg list price:
$699,900
Min list price:
$289,900
Max list price:
$2,750,000
Avg days on market:
38
Min days on market:
1
Max days on market:
322
Avg price per sq.ft.:
$453.97
These statistics are generated based on the current listing's property type and located in Mahogany. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706