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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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4624 49 Street
Parkvale (Red Deer) Red Deer T4N 1T5

$324,900
Residential beds: 4 baths: 2.0 1,035 sq. ft. built: 1953

Main Photo: 4624 49 Street: Red Deer Detached for sale : MLS®# A2153800
Photo 1: 4624 49 Street: Red Deer Detached for sale : MLS®# A2153800
Photo 2: 4624 49 Street: Red Deer Detached for sale : MLS®# A2153800
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Photo 27: 4624 49 Street: Red Deer Detached for sale : MLS®# A2153800
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2153800
Bedrooms:
4
Bathrooms:
2
Year Built:
1953
This meticulously renovated bungalow in the historic Parkvale neighborhood offers a blend of modern convenience and historic charm. Situated on two spacious lots with versatile R1A zoning, this property is ideal for both residential and commercial use. The mature landscaping enhances the curb appeal, while the south-facing front deck provides a relaxing spot to enjoy the surroundings. Step inside to discover stunning original hardwood flooring and sloped ceilings that exude character. The living room boasts ample natural light from a large window and seamlessly flows into the formal dining area with built-in shelving. The kitchen features white cabinets, generous counter space, and a cozy dining nook, with a separate rear entry for added convenience. The main level comprises three bedrooms and a well-appointed 4-piece bathroom with built-in shelving. Downstairs, the fully finished basement offers a versatile space with tile flooring, including a spacious family room with a gas fireplace, a fourth bedroom, a den that can easily be converted into a fifth bedroom, a 3-piece bathroom, laundry facilities, and ample storage options. Outside, the backyard is a private oasis with a sizable deck, mature landscaping, a shed, and a fully fenced yard with access to the paved rear parking pad, perfect for multiple vehicles or an RV. The property is conveniently located near various amenities and parks, including Coronation and Barrett Park, offering paved pathways along Piper Creek and the Red Deer River. Numerous upgrades, such as windows, shingles, soffits/fascia, electrical, and plumbing, have been completed, ensuring a move-in ready experience for the new owner. Don't miss this opportunity to own a beautifully renovated home in a sought-after neighborhood with a wealth of recreational opportunities nearby.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bungalow
Total Living Area:
1,035 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,250 sq. ft.
Lot Frontage:
50'
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:
Unit Exposure:
South
Levels:
One
Total Rooms Above Grade:
6
Year built:
1953 (Age: 71)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
K8
Heating:
Forced Air, Natural Gas
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Hardwood, Linoleum, Tile
Cooling:
None
Fireplaces:
2
Fireplace Details:
Electric, Family Room, Free Standing, Gas, Living Room, Mantle, See Remarks
Garage:
0
Parking:
Additional Parking, Alley Access, Asphalt, Oversized, Parking Pad, Paved, RV Access/Parking, See Remarks
Parking Places:
8.0
Parking Total/Covered:
8 / -
Laundry Features:
In Basement
Parkvale (Red Deer)
Dryer, Gas Stove, Refrigerator, Washer
-fridge -stove -washer -dryer -window coverings -electric fireplace
None Known
Floor
Type
Size
Other
Main Floor
Kitchen With Eating Area
12'8" × 9'6"
Main Floor
Dining Room
9'6" × 8'8"
Main Floor
Living Room
14' × 12'
Main Floor
Bedroom
11'5" × 10'
Main Floor
Bedroom - Primary
12' × 11'
Main Floor
Bedroom
9'2" × 8'6"
Basement
Family Room
22'6" × 10'11"
Basement
Other
12'6" × 9'9"
Basement
Bedroom
12'7" × 11'4"
Basement
Den
12'10" × 8'2"
Basement
Foyer
12' × 4'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
5'2" x 8'9"
Basement
No
3
5'10" x 9'4"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Pool, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Tennis Court(s), Walking/Bike Paths
Interior Features:
Bookcases, Ceiling Fan(s), Natural Woodwork, No Animal Home, No Smoking Home, See Remarks, Vinyl Windows
Exterior Features:
Private Entrance, Private Yard, Storage
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Back Yard, Front Yard, Low Maintenance Landscape, Landscaped, Level
Num. of Parcels:
0
Fencing:
Fenced
Region:
Red Deer
Zoning:
R1A
Listed Date:
Jul 30, 2024
Days on Mkt:
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Listed by Century 21 Advantage
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
211
Avg list price:
$465,900
Min list price:
$84,900
Max list price:
$2,200,000
Avg days on market:
37
Min days on market:
1
Max days on market:
297
Avg price per sq.ft.:
$322.91
These statistics are generated based on the current listing's property type and located in Red Deer. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706