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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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118 126 14 Avenue SW
Beltline Calgary T2R 0L9

$359,900
Residential beds: 2 baths: 2.0 1,032 sq. ft. built: 1999

Main Photo: 118 126 14 Avenue SW in Calgary: Beltline Apartment for sale : MLS®# A2170964
Photo 1: 118 126 14 Avenue SW in Calgary: Beltline Apartment for sale : MLS®# A2170964
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2170964
Bedrooms:
2
Bathrooms:
2
Year Built:
1999
Welcome to this 9ft-ceilings 2-bedroom condo with big office, which can be converted to 3rd bedroom. Polo Terrace offering an open concept apartment and over 1,000 square feet of renovated living space. Perfectly situated in the desired Calgary community of Beltline. This condo also includes a functional kitchen with stainless steel appliances, in-suite laundry, a natural gas fireplace, and titled parking stall. The condominium has a healthy reserve fund and has actively been making upgrades to the property including the following in the last five years: New Garage Overhead Door & System, Fire Device Upgrade throughout Building, Intercom Upgrade, Security System Upgrade, LED Lighting Upgrade, Lobby Renovation, Common Area New Carpet Install, Painting of Common Area Halls throughout Building, and Newer Roof. The condo is located within walking distance of the trendy restaurants, coffee shops, shopping, night life, Victoria train station, 17th Avenue, Stampede grounds, and the Saddledome. This is a rare opportunity to purchase a desirable sunny south facing charming corner condo in an unbeatable location. Excellent value!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
1,032 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$692.15
Condo Fee Includes:
Gas, Heat, Insurance, Interior Maintenance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, 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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Ground
Entry Level:
1
Stories Total:
5
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1999 (Age: 25)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
9912839
Heating:
Hot Water
New Constr.:
No
Construction Material:
Brick, Stucco
Structure Type:
High Rise (5+ stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Laminate
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Additional Parking, Oversized, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Polo Terrace
Beltline
Park
Dishwasher, Dryer, Electric Stove, Range Hood, Refrigerator, Washer
Furniture is negotiable
Board Approval
Restrictions
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
13'10" × 10'9"
Main Floor
Kitchen
11'7" × 10'7"
Main Floor
Living Room
13'9" × 12'5"
Main Floor
Bedroom
11'5" × 10'8"
Main Floor
Office
11'2" × 7'6"
Main Floor
Laundry
7'11" × 6'
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
7'11" x 5'
Main Floor
No
4
5'9" x 8'9"
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Breakfast Bar, French Door, Kitchen Island
Exterior Features:
Storage
Patio And Porch Features:
Enclosed
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
CC-MH
Listed Date:
Oct 04, 2024
Days on Mkt:
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Listed by Grand Realty
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
235
Avg list price:
$385,000
Min list price:
$188,000
Max list price:
$2,900,000
Avg days on market:
43
Min days on market:
1
Max days on market:
448
Avg price per sq.ft.:
$503.8
These statistics are generated based on the current listing's property type and located in Beltline. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706