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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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2 Elma Street W
Heritage Okotoks Okotoks T1S 1J7

$1,459,000
Residential beds: 3 baths: 4.0 4,290 sq. ft. built: 1903

Main Photo: 2 Elma Street W: Okotoks Detached for sale : MLS®# A2150507
Photo 1: 2 Elma Street W: Okotoks Detached for sale : MLS®# A2150507
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Photo 33: 2 Elma Street W: Okotoks Detached for sale : MLS®# A2150507
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2150507
Bedrooms:
3
Bathrooms:
4
Year Built:
1903
Income generator and heritage home all in one, the opportunities and ways you can use this home are endless. Located just steps off the beautiful Elizabeth Street in Old Town Okotoks. Located on a massive corner lot on Elma street, with ample parking (12 stalls) back alley access and street parking. There are 3 wonderful tenants that lease 3 separate income generating spaces on the main floor. Each leased space has its own entrance and bathroom recently renovated to be unique and tasteful to each lessor. Upstairs there is over 2282 square feet of living space, with an additional 931 square feet of storage in the basement. 2 bedrooms with attached bathrooms each, and the master suite is located on the 3rd floor in an open concept loft space with attached 3 piece bathroom. 4 separate entrances to the upstairs make the potential for the upper levels endless. Turn it into an AirBNB, create more office spaces to lease out and still have room to have a small rental apartment. All renos that have been done have been keeping the heritage home aspect in mind and the upkeep has been meticulously done over the past years.The back yard has been prepared for a garage with a potential carriage house addition.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
3 Storey
Total Living Area:
4,290 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
11,733 sq. ft.
Lot Frontage:
100'1"
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:
Three Or More
Total Rooms Above Grade:
8
Year built:
1903 (Age: 121)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
4563I
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Brick/Mortar, Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Hardwood, Laminate, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Alley Access, Off Street, Parking Pad
Parking Places:
12.0
Parking Total/Covered:
12 / -
Laundry Features:
In Basement, Main Level
Heritage Okotoks
Dishwasher, Dryer, Gas Stove, Microwave Hood Fan, Refrigerator, Washer, Water Softener
Fridge in Salon
See Remarks
Floor
Type
Size
Other
2nd Floor
Bedroom
13'9" × 13'9"
2nd Floor
Bedroom
15'4" × 11'5"
2nd Floor
Living Room
18'5" × 15'2"
2nd Floor
Kitchen
22' × 12'5"
2nd Floor
Den
13'2" × 11'5"
2nd Floor
Family Room
13'3" × 9'11"
3rd Floor
Bedroom - Primary
22'10" × 12'3"
3rd Floor
Den
12'7" × 8'8"
Floor
Ensuite
Pieces
Other
2nd Floor
No
3
2nd Floor
Yes
2
2nd Floor
Yes
3
3rd Floor
Yes
3
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby, Walking/Bike Paths
Interior Features:
High Ceilings, No Animal Home, No Smoking Home
Exterior Features:
None
Patio And Porch Features:
Deck, Front Porch
Lot Features:
Back Yard, Corner Lot, Front Yard, Landscaped
Num. of Parcels:
0
Fencing:
None
Region:
Foothills County
Zoning:
D
Listed Date:
Jul 18, 2024
Days on Mkt:
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Listed by Century 21 Foothills Real Estate
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
109
Avg list price:
$658,500
Min list price:
$265,000
Max list price:
$3,995,000
Avg days on market:
17
Min days on market:
1
Max days on market:
200
Avg price per sq.ft.:
$410.75
These statistics are generated based on the current listing's property type and located in Okotoks. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706