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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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326 Magnolia Way SE
Mahogany Calgary T3M 3S6

$774,900
Residential beds: 3 baths: 3.0 2,194 sq. ft. built: 2024

Main Photo: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 1: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 2: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 3: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 4: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 5: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 6: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 7: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 8: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 9: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
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Photo 12: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
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Photo 21: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 22: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 23: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 24: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 25: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
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Photo 30: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 31: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Photo 32: 326 Magnolia Way SE in Calgary: Mahogany Detached for sale : MLS®# A2175862
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2175862
Bedrooms:
3
Bathrooms:
3
Year Built:
2024
Introducing the exquisite "Tilsa" by Hopewell Residential in the vibrant community of Mahogany. This expansive home is thoughtfully designed for both entertaining and relaxation, featuring a versatile main-floor flex room perfect for work, play, or even a hobby or homework room. The open-concept living and dining area offers an inviting layout, perfect for family gatherings and entertaining friends. At the heart of the home, the kitchen is a chef’s dream, complete with a spacious island, extra drawers for organized storage, a sleek chimney hood fan, and abundant cabinetry. Upstairs, a beautifully placed bonus room separates the primary suite from the additional bedrooms, creating a sense of privacy and the ideal space for family movie nights or cozy evenings watching the big game. The primary bedroom provides a serene retreat, featuring a luxurious 5-piece ensuite and a spacious walk-in closet. Nearby, the upper floor laundry is conveniently located, offering easy access from all bedrooms. Outdoors, summer cookouts will be enjoyed all summer long with the sunny south exposure, while the 9' foundation and secondary entrance make this home ready for future basement development—perfect for a potential secondary suite (A secondary suite would be subject to approval and permitting by the city/municipality). The double attached garage completes this home, offering ample space for your vehicles and storage needs. Mahogany is one of Calgary’s most sought-after lake communities, known for its 63-acre freshwater lake, two private beaches, and over 22,000 square feet of nearby commercial amenities. Perfect for families, Mahogany offers a wide array of parks, pathways, and recreational spaces, as well as quick access to nearby schools, shopping, and the South Health Campus. With its beautiful natural surroundings and vibrant community spirit, Mahogany provides everything needed to create the lifestyle you’ve always envisioned.
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:
2,194 sq. ft.
Main Level Finished Area:
875 sq. ft.
Upper Level Finished Area:
1,319 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Frequency:
Annually
HOA Fee Includes:
Lot Area:
3,379 sq. ft.
Lot Frontage:
29'4¾"
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:
North
Reg. Size:
Reg. Size Includes:
Entry Level:
1
Levels:
Two
Total Rooms Above Grade:
7
Year built:
2024 (Age: 0)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
2311345
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Full, Unfinished
Foundation:
Poured Concrete
Builder:
Hopewell Residential
New Constr.:
Yes
Construction Material:
Brick, Cement Fiber Board, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Upper Level
HOA Fee:
$570.00
Mahogany
Recreation Facilities
Dishwasher, Electric Stove, Garage Control(s), Microwave, Range Hood, Refrigerator
N/A
Utility Right Of Way
Floor
Type
Size
Other
Main Floor
Living Room
12' × 11'6"
Main Floor
Kitchen
15'4" × 8'5"
Main Floor
Dining Room
12' × 11'5"
Main Floor
Flex Space
9'3" × 8'
Main Floor
Mud Room
6'8" × 6'6"
Upper Level
Bonus Room
14'11" × 12'1"
Upper Level
Bedroom - Primary
18'7" × 12'5"
Upper Level
Bedroom
12'3" × 10'1"
Upper Level
Bedroom
12'3" × 10'1"
Upper Level
Laundry
8'8" × 6'8"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
7'8" x 2'10"
Upper Level
Yes
5
10'4" x 11'9"
Upper Level
No
4
7'8" x 8'5"
Title to Land:
Fee Simple
Community Features:
Clubhouse, Fishing, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Tennis Court(s), Walking/Bike Paths
Interior Features:
Double Vanity, Kitchen Island, No Animal Home, No Smoking Home, Open Floorplan, Quartz Counters, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
None
Patio And Porch Features:
None
Lot Features:
Back Yard, Level, Street Lighting, Rectangular Lot, Zero Lot Line
Num. of Parcels:
0
Fencing:
None
Region:
Calgary
Zone:
CAL Zone SE
Zoning:
R-G
Listed Date:
Oct 28, 2024
Days on Mkt:
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Listed by Real Broker
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
105
Avg list price:
$673,900
Min list price:
$284,999
Max list price:
$2,795,000
Avg days on market:
37
Min days on market:
1
Max days on market:
376
Avg price per sq.ft.:
$455.77
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