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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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  2. Phone Number: Call me directly at 403.397.3706 with any questions or to schedule viewings.

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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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50 White Pelican Way
McGregor Lake (Rural Vulcan County) Rural Vulcan County T1R 0X5

$85,000
Land

Main Photo: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 1: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 2: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 3: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
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Photo 12: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 13: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 14: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 15: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 16: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 17: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 18: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Photo 19: 50 White Pelican Way: Rural Vulcan County Residential Land for sale : MLS®# A2118355
Status:
Active
Prop. Type:
Land
MLS® Num:
A2118355
Back on market due to financing...Welcome to the beautiful Lake McGregor Country Estates Resort. There are only a few lake lots left that are ready for you to bring your custom builder. This lot is on the ridge overlooking the lake. This gated 4 season community is an amazing family orientated resort that offers year round enjoyment for the whole family. The amenities include both an indoor and outdoor pool, clubhouse with games room, gym, hot tub, sauna, and events room . Private Marina , boat storage, tennis courts, beach volleyball, and playground. All of this is included in your $300/month HOA fees! Check out the Lake McGregor Resort website for more info. Services are brought to the property line. This is a gated community and will require a gate code and an appointment! Note the drawings of the house are plans the owners had drawn up for building but you can build your own dream house!
Property Type:
Land
Property Sub Type:
Residential Land
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Frequency:
Monthly
HOA Fee Includes:
Lot Area:
3,915 sq. ft.
Lot Frontage:
36'7¾"
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:
Reg. Size:
Reg. Size Includes:
Bathrooms:
- (Full:-, Half:-)
Ensuite:
No
Garage:
0
HOA Fee:
$300.00
McGregor Lake (Rural Vulcan County)
Beach Access, Boating, Clubhouse, Coin Laundry, Fitness Center, Indoor Pool, Outdoor Pool, Park, Parking, Party Room, Playground, Recreation Facilities, Recreation Room
N/A
Development Restriction, Easement Registered On Title
Title to Land:
Fee Simple
Num. of Parcels:
0
Fencing:
Partial
Nearest Town:
Vulcan
Region:
Vulcan County
Zoning:
RR
Listed Date:
Apr 01, 2024
Days on Mkt:
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Listed by RE/MAX Landan Real Estate
Data was last updated September 20, 2024 at 06:05 PM (UTC)
Area Statistics
Listings on market:
22
Avg list price:
$152,250
Min list price:
$62,900
Max list price:
$915,000
Avg days on market:
114
Min days on market:
9
Max days on market:
384
These statistics are generated based on the current listing's property type and located in Rural Vulcan County. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706