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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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401 716 5 Street NE
Bridgeland/Riverside Calgary T2E 3W8

$409,900
Residential beds: 2 baths: 1.0 822 sq. ft. built: 2005

Main Photo: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 1: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 2: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 3: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 4: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 5: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 6: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 7: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 8: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 9: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 10: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 11: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 12: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 13: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 14: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 15: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 16: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 17: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 18: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 19: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 20: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Photo 21: 401 716 5 Street NE in Calgary: Bridgeland/Riverside Apartment for sale : MLS®# A2156777
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156777
Bedrooms:
2
Bathrooms:
1
Year Built:
2005
For more information, please click on Brochure button below. Experience quintessential urban living in Calgary's most sought-after inner-city enclave. The Portico is walking distance from downtown and Bridgeland's restaurants, medical facilities, parks, bike pathways and transit. There is a spectacular city view from this top floor corner unit. With only three other units on the top floor, you'll be part of a peaceful and friendly vibe. The location provides easy access to major arteries without the busyness of constant road traffic. This unit is creatively engineered to ensure angles capture the beautiful downtown vista through bright walls of windows. Accommodating a king sized bed, this 175 sq ft master suite angles the space to allow for the true showstopper - the bright 195 sq ft open concept from the potential reading/office and dining viewing areas. The Portico has titled parking and separate storage, secure bicycle storage and a guest suite. It offers 24/7 off-site security, secured underground owner and visitor parking, and a pet-friendly policy. Meticulously maintained with proactive governance, you can rest easy knowing this property's recently (2016) renovated building envelope, an on target 30-year capital plan (which boasts a healthy reserve fund), and well-managed fees, demonstrate excellent financial standing. For safety and noise considerations, short term rentals are not permitted in this community. The square footage does not include the storage space. Taxes are current and condo fees are effective May 2024. Seller will consider rent-to-own.
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:
822 sq. ft.
Main Level Finished Area:
822 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$618.00
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Gas, Heat, Insurance, Interior Maintenance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Security, Sewer, Snow Removal, Trash, 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:
Southwest
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southwest
Floor Location:
Top
Entry Level:
4
Stories Total:
4
Levels:
Single Level Unit
End Unit:
1 Common Wall, No One Above
Total Rooms Above Grade:
5
Year built:
2005 (Age: 19)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
0511047
Heating:
Baseboard, Fireplace(s), Hot Water
Basement:
None
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stone, Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Tar/Gravel
Ensuite:
No
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Stall, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
The Portico
Bridgeland/Riverside
Elevator(s), Guest Suite, Park, Parking, Secured Parking, Storage, Trash, Visitor Parking
Bar Fridge, Dishwasher, Electric Cooktop, Electric Stove, ENERGY STAR Qualified Dishwasher, Garage Control(s), Garburator, Refrigerator, Washer/Dryer, Window Coverings
N/A
Pet Restrictions or Board approval Required, Utility Right Of Way
Cats OK, Dogs OK
Floor
Type
Size
Other
Main Floor
Kitchen
11'6" × 7'6"
Main Floor
Living Room
15' × 13'
Main Floor
Bedroom - Primary
14' × 12'6"
Main Floor
Bedroom
12' × 9'
Main Floor
Other
10'6" × 9'6"
Main Floor
Furnace/Utility Room
5' × 3'
Main Floor
Storage
6' × 4'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
0' x 0'
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Ceiling Fan(s), Closet Organizers, Elevator, Kitchen Island, Storage
Exterior Features:
Storage
Patio And Porch Features:
Balcony(s)
Lot Features:
City Lot, Few Trees, Landscaped, Street Lighting, Underground Sprinklers, Views
Num. of Parcels:
0
Fencing:
None
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C2
Listed Date:
Aug 10, 2024
Days on Mkt:
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Listed by Easy List Realty
Data was last updated September 20, 2024 at 08:05 PM (UTC)
Area Statistics
Listings on market:
50
Avg list price:
$439,950
Min list price:
$199,000
Max list price:
$2,999,900
Avg days on market:
33
Min days on market:
1
Max days on market:
142
Avg price per sq.ft.:
$558.21
These statistics are generated based on the current listing's property type and located in Bridgeland/Riverside. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706