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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 10, 2024 12:00 PM - 03:30 PM MST

550 Marina Drive
Westmere Chestermere T1X 0P1

$999,998
Residential beds: 6 baths: 4.0 3,099 sq. ft. built: 2013

Main Photo: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
Photo 1: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
Photo 2: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
Photo 3: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
Photo 4: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
Photo 5: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
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Photo 43: 550 Marina Drive: Chestermere Detached for sale : MLS®# A2150171
Open House - Nov 10, 2024
12:00 PM - 03:30 PM MST
NOTES: Open House on Sunday, November 10, 2024 12:00PM - 3:30PM Open House on Sunday Nov 10, 2024 from 12:00 PM - 3:30 PM
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2150171
Bedrooms:
6
Bathrooms:
4
Year Built:
2013
Welcome to this stunning residence in the Westmere neighbourhood! With over 4300 square feet of living space, this exceptional home offers 6 spacious bedrooms, 4 well-appointed bathrooms, and a convenient attached double garage. As you step inside, you'll be greeted by the bright, airy foyer leading to the expansive open-concept living area. The main floor features a stylish living room with soaring ceilings and large windows, a formal dining area, a powder room, a private office, and a cozy family room with a warm fireplace. The gourmet kitchen has granite countertops, a spacious pantry, and a large island with a breakfast bar. The laundry room is also conveniently located on the main level. The upper level offers a comfortable loft area, a full bathroom, and four well-sized bedrooms, including the majestic master suite. There is a 5-piece ensuite bathroom, a walk-in closet, and a private balcony with lake views. But that's not all - this incredible home also features a fully finished walk-out basement, perfect for entertaining or relaxing. The expansive rec room is waiting for your personal touch, and there are two additional bedrooms and a full bathroom. The patio area can be accessed through the rec room, providing seamless indoor-outdoor living. With its prime location in Westmere, this home offers easy access to Chestermere Station Way and 16th Ave NE, making it a commuter's dream. Don't miss out on this incredible opportunity to own this beautiful house in one of Calgary's most sought-after neighbourhoods!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey
Total Living Area:
3,099 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,509 sq. ft.
Lot Frontage:
43'1"
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:
Southwest
Reg. Size:
Reg. Size Includes:
Unit Exposure:
West
Levels:
Two
Total Rooms Above Grade:
9
Year built:
2013 (Age: 11)
Bedrooms:
6 (Above Grd: 4)
Bedrooms Above Grade:
4
Bedrooms Below Grade:
2
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
1014197
Heating:
Forced Air
Basement:
Finished, Full, Walk-Out To Grade
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Mixed, Stone, Stucco, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas
Garage:
1
Garage Spaces:
4
Parking:
Double Garage Attached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Main Level
Westmere
Central Air Conditioner, Dishwasher, Dryer, Electric Oven, Electric Stove, Garage Control(s), Microwave, Refrigerator, Washer
n/a
None Known
Floor
Type
Size
Other
Main Floor
Living Room
15'2" × 14'7"
Main Floor
Dining Room
14'5" × 12'
Main Floor
Kitchen
18'5" × 11'2"
Main Floor
Living Room
14'5" × 12'
Main Floor
Den
10'10" × 8'11"
Upper Level
Bedroom - Primary
17'2" × 14'
Upper Level
Bedroom
12'7" × 11'6"
Upper Level
Bedroom
12'8" × 10'11"
Upper Level
Bedroom
19'10" × 14'6"
Basement
Bedroom
15'7" × 11'7"
Basement
Bedroom
13'4" × 8'1"
Basement
Game Room
33'9" × 18'4"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
5' x 5'
Upper Level
Yes
5
14'1" x 17'6"
Upper Level
No
4
14'11" x 10'11"
Basement
No
4
4'11" x 9'6"
Title to Land:
Fee Simple
Community Features:
Fishing, Golf, Lake, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Bookcases, Granite Counters, High Ceilings, No Smoking Home
Exterior Features:
Balcony, BBQ gas line
Patio And Porch Features:
Balcony(s), Front Porch, Patio
Lot Features:
Back Yard, Landscaped, Views
Num. of Parcels:
0
Fencing:
None
Region:
Chestermere
Zoning:
R-1
Listed Date:
Jul 16, 2024
Days on Mkt:
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Listed by eXp Realty
Data was last updated November 10, 2024 at 02:05 PM (UTC)
Area Statistics
Listings on market:
215
Avg list price:
$655,000
Min list price:
$235,000
Max list price:
$3,150,000
Avg days on market:
39
Min days on market:
1
Max days on market:
226
Avg price per sq.ft.:
$360.13
These statistics are generated based on the current listing's property type and located in Chestermere. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706