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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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204 1235 Cameron Avenue SW
Lower Mount Royal Calgary T2T 0L1

$499,000
Residential beds: 2 baths: 2.0 1,217 sq. ft. built: 2000

Main Photo: 204 1235 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2148972
Photo 1: 204 1235 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2148972
Photo 2: 204 1235 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2148972
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Photo 43: 204 1235 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2148972
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2148972
Bedrooms:
2
Bathrooms:
2
Year Built:
2000
Urban lifestyle enthusiasts will find this executive 2 bedroom + 2 bath condo in the heart of lower Mt Royal irresistible. Located in a small, well-managed building where units like this rarely become available, with titled underground parking, it boasts great square footage and layout, with gorgeous hardwood & tile floors and beautiful crown mouldings. The gourmet kitchen features granite countertops, a centre island, and top-of-the-line appliances including a Sub-Zero fridge + Wolf gas cooktop. The spacious great room is adorned with an elegant stone-finished gas fireplace, complemented by a large dining nook and built-in work station. The large primary bedroom offers a luxurious 5 piece ensuite & walk-in closet, while the generous second bedroom is accompanied by a 4 piece bath and in-suite laundry with full-size washer and dryer. Enjoy stunning city views from your private outdoor patio with a gas line. Situated steps from vibrant 17th Avenue, residents will enjoy easy access to trendy shops, restaurants, and all amenities that make inner-city living so desirable. Whether it’s exploring cafes, indulging in fine dining, or enjoying the nightlife, everything is at your doorstep!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
1,217 sq. ft.
Main Level Finished Area:
1,217 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$1,019.28
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, 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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Floor Location:
Other
Entry Level:
2
Stories Total:
1
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
6
Year built:
2000 (Age: 24)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0012761
Heating:
In Floor, Natural Gas
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Tile
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas, Living Room, Stone
Garage:
0
Parking:
Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
The Royal
Lower Mount Royal
Elevator(s), Storage, Visitor Parking
Dishwasher, Dryer, Garburator, Gas Cooktop, Oven-Built-In, Range Hood, Refrigerator, Washer, Window Coverings
N/A
Pet Restrictions or Board approval Required
Yes
Floor
Type
Size
Other
Main Floor
Living Room
13'10" × 11'11"
Main Floor
Dining Room
9'11" × 9'7"
Main Floor
Kitchen
21'10" × 11'4"
Main Floor
Foyer
9'9" × 9'1"
Main Floor
Bedroom - Primary
14'7" × 11'7"
Main Floor
Bedroom
12'10" × 12'3"
Main Floor
Laundry
6'5" × 5'6"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
5
Main Floor
No
4
Title to Land:
Fee Simple
Community Features:
Playground, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Built-in Features, Crown Molding, Double Vanity, Granite Counters, Kitchen Island, Walk-In Closet(s)
Exterior Features:
Balcony, BBQ gas line
Patio And Porch Features:
Balcony(s)
Lot Features:
Views
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C2
Listed Date:
Jul 12, 2024
Days on Mkt:
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    Lobby
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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:
32
Avg list price:
$409,900
Min list price:
$189,900
Max list price:
$1,399,000
Avg days on market:
17
Min days on market:
1
Max days on market:
105
Avg price per sq.ft.:
$421.7
These statistics are generated based on the current listing's property type and located in Lower Mount Royal. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706