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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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322 22 Avenue SW
Mission Calgary T2S 0H4

$1,058,000
Residential beds: 4 baths: 4.0 1,522 sq. ft. built: 1911

Main Photo: 322 22 Avenue SW in Calgary: Mission Detached for sale : MLS®# A2156157
Photo 1: 322 22 Avenue SW in Calgary: Mission Detached for sale : MLS®# A2156157
Photo 2: 322 22 Avenue SW in Calgary: Mission Detached for sale : MLS®# A2156157
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Photo 46: 322 22 Avenue SW in Calgary: Mission Detached for sale : MLS®# A2156157
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156157
Bedrooms:
4
Bathrooms:
4
Year Built:
1911
Welcome to this beautifully renovated four-bedroom home in the heart of Mission, Calgary. Updated in 2023, this home blends modern amenities with timeless character. The main floor features a large kitchen equipped with all-new stainless steel appliances, offering a perfect space for cooking and entertaining. You'll also find a convenient washer and dryer on this level, making laundry a breeze. The second floor boasts three spacious bedrooms, including a primary bedroom with a two-piece ensuite. A full bathroom on this level provides ample space for family or guests. The lower level houses a legal secondary suite, ideal for generating rental income or accommodating extended family. It is currently rented for $1550 per month. Enjoy outdoor living with both a front and back deck, perfect for relaxing or entertaining. The property also includes a single detached garage and an additional parking pad, ensuring plenty of parking options. Located in the vibrant Mission neighborhood, you're just steps away from everything—shops, restaurants, parks, and more. This home is a rare find in one of Calgary's most desirable areas. Don't miss out on this incredible opportunity!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Legal
Home Style:
2 Storey
Total Living Area:
1,521.5 sq. ft.
Main Level Finished Area:
797.4 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
564.7 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
3,250 sq. ft.
Lot Frontage:
25'
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:
Two
Total Rooms Above Grade:
6
Year built:
1911 (Age: 113)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
4.0 (Full:2, Half:2)
Plan:
B1
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Finished, Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Vinyl Siding, Wood Frame, Wood Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Vinyl Plank
Cooling:
None
Fireplaces:
2
Fireplace Details:
Gas
Garage:
1
Garage Spaces:
1
Parking:
Single Garage Detached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Unit
Mission
Built-In Gas Range, Built-In Oven, Dishwasher, Microwave, Range Hood, Washer/Dryer Stacked, Window Coverings
Basement stove, fridge, dryer/wahser, range hood
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
20'5" × 11'1"
Main Floor
Mud Room
6'2" × 3'8"
Main Floor
Laundry
2'10" × 2'10"
Main Floor
Dining Room
13'5" × 11'
Main Floor
Living Room
13'11" × 12'4"
Main Floor
Entrance
9'2" × 4'10"
Upper Level
Bedroom
10'8" × 9'11"
Upper Level
Bedroom
12'5" × 12'4"
Upper Level
Bedroom - Primary
16'7" × 11'
Upper Level
Walk-In Closet
9' × 3'
Lower Level
Bedroom
13'5" × 9'11"
Lower Level
Family Room
13'2" × 11'3"
Lower Level
Kitchen With Eating Area
11'7" × 5'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
5' x 5'1"
Upper Level
No
4
7'8" x 6'2"
Upper Level
Yes
2
7'9" x 2'11"
Lower Level
No
3
8'5" x 4'
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby, Street Lights
Interior Features:
Built-in Features, Kitchen Island, No Smoking Home, Open Floorplan, Quartz Counters
Exterior Features:
Balcony, Garden, Private Yard
Patio And Porch Features:
Balcony(s), Deck
Lot Features:
Back Yard, City Lot, Front Yard, Low Maintenance Landscape
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
DC (pre 1P2007)
Listed Date:
Aug 08, 2024
Days on Mkt:
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Listed by TrustPro Realty
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
37
Avg list price:
$333,000
Min list price:
$199,900
Max list price:
$1,375,000
Avg days on market:
33
Min days on market:
2
Max days on market:
130
Avg price per sq.ft.:
$457.3
These statistics are generated based on the current listing's property type and located in Mission. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706