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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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NEXT Open House details
Nov 17, 2024 01:00 PM - 03:00 PM MST

1014 Twin Hills Close
Huntington Drumheller T0J 0Y6

$525,000
Residential beds: 4 baths: 3.0 1,372 sq. ft. built: 1984

Main Photo: 1014 Twin Hills Close: Drumheller Detached for sale : MLS®# A2143945
Photo 1: 1014 Twin Hills Close: Drumheller Detached for sale : MLS®# A2143945
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Open House - Nov 17, 2024
01:00 PM - 03:00 PM MST
NOTES: Open House on Sunday, November 17, 2024 1:00PM - 3:00PM
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2143945
Bedrooms:
4
Bathrooms:
3
Year Built:
1984
**Stunning Four-Level Split with Top-to-Bottom Renovations!** Welcome to this meticulously renovated four-level split home, where no detail has been overlooked. This residence boasts brand-new windows, doors, siding, and a durable tin roof. Step inside to discover gorgeous hardwood floors and elegant quartz countertops that adorn the kitchen & tiled bathrooms With four spacious bedrooms and three modern bathrooms, this home is perfect for family living. Enjoy the luxury of two inviting living rooms, ideal for entertaining or relaxing. Step outside to an extra large deck, perfect for summer gatherings. Situated on two lots, this property offers two driveways and ample RV parking. The triple car garage is complete with an air compressor and is fully heated. This home truly has all the bells and whistles, offering unparalleled comfort and style.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
4 Level Split
Total Living Area:
1,372 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
11,625 sq. ft.
Lot Frontage:
100'
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:
4 Level Split
Total Rooms Above Grade:
3
Year built:
1984 (Age: 40)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
3.0 (Full:3, Half:0)
Plan:
8111554
Heating:
Fireplace(s), Floor Furnace, Natural Gas
Basement:
Full, Partially Finished
Foundation:
Wood
New Constr.:
No
Construction Material:
Cement Fiber Board
Structure Type:
House
Roof:
Metal
Ensuite:
Yes
Flooring:
Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning Stove
Garage:
1
Garage Spaces:
3
Parking:
Additional Parking, Concrete Driveway, Garage Door Opener, Heated Garage, Off Street, Triple Garage Detached
Parking Places:
6.0
Parking Total/Covered:
6 / -
Laundry Features:
In Bathroom
Huntington
Dishwasher, Electric Stove, Microwave Hood Fan, Refrigerator, Washer/Dryer
No
None Known
Floor
Type
Size
Other
Upper Level
Bedroom - Primary
13'4" × 12'10"
Upper Level
Bedroom
9'9" × 9'
Upper Level
Bedroom
9'8" × 9'3"
Lower Level
Bedroom
13'3" × 8'5"
Floor
Ensuite
Pieces
Other
Upper Level
Yes
3
Upper Level
No
4
Lower Level
No
3
Title to Land:
Fee Simple
Community Features:
Sidewalks
Interior Features:
Breakfast Bar, Closet Organizers, No Smoking Home, Pantry, Recessed Lighting, Soaking Tub, Stone Counters
Exterior Features:
BBQ gas line, Lighting, Storage
Patio And Porch Features:
Deck
Lot Features:
Back Yard
Num. of Parcels:
0
Outbuildings:
Shed
Fencing:
Partial
Region:
Drumheller
Zoning:
ND
Listed Date:
Jul 01, 2024
Days on Mkt:
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Virtual Tour

Virtual Tour

Listed by Century 21 PowerRealty.ca
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
40
Avg list price:
$374,950
Min list price:
$96,900
Max list price:
$750,000
Avg days on market:
74
Min days on market:
6
Max days on market:
412
Avg price per sq.ft.:
$304.2
These statistics are generated based on the current listing's property type and located in Drumheller. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706