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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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406 40 Carrington Plaza NW
Carrington Calgary T3P 1X7

$394,900
Residential beds: 2 baths: 2.0 841 sq. ft. built: 2022

Main Photo: 406 40 Carrington Plaza NW in Calgary: Carrington Apartment for sale : MLS®# A2160192
Photo 1: 406 40 Carrington Plaza NW in Calgary: Carrington Apartment for sale : MLS®# A2160192
Photo 2: 406 40 Carrington Plaza NW in Calgary: Carrington Apartment for sale : MLS®# A2160192
Photo 3: 406 40 Carrington Plaza NW in Calgary: Carrington Apartment for sale : MLS®# A2160192
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Photo 24: 406 40 Carrington Plaza NW in Calgary: Carrington Apartment for sale : MLS®# A2160192
Photo 25: 406 40 Carrington Plaza NW in Calgary: Carrington Apartment for sale : MLS®# A2160192
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2160192
Bedrooms:
2
Bathrooms:
2
Year Built:
2022
Newly built in 2022, this two-bedroom, two full-bath south-facing condo is located on the top floor of the building with heated underground parking. The thoughtful layout places two bedrooms and two bathrooms on opposite sides of the living room, offering privacy. Both bedrooms have windows, and the living room opens to a door for easy outdoor access. This condo boasts an efficient design, with every space optimized for functionality. Enjoy luxury vinyl plank flooring, quartz countertops, and various upgrades. The master bedroom includes a walk-in closet and a 4-piece ensuite bathroom, while the second bedroom also has a walk-in closet and its own 4-piece bathroom. The unit features 9-foot ceilings, plus spacious balcony and one titled underground parking space. The condo is close to a beautiful park, perfect for relaxing walks, and within walking distance to a plaza with restaurants, McDonald’s, Shell gas station, gym, pharmacy, doctor’s office, No Frills, and more. With quick access to Stoney Trail and just 15 minutes from Calgary airport, this condo is available for quick possession. Don’t miss out on this gem—book a showing today and discover why Carrington Plaza is a great place to call home.
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:
841 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$338.55
Condo Fee Includes:
Common Area Maintenance, Gas, Heat, Insurance, Parking, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Trash
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:
South
Floor Location:
Top
Entry Level:
4
Stories Total:
4
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
3
Year built:
2022 (Age: 2)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
2210814
Heating:
Baseboard, Electric
New Constr.:
No
Construction Material:
Cement Fiber Board, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
Carpet, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Laundry Room
Condo Fee Frequency:
Monthly
Z-name Not Listed
Carrington
Elevator(s), Parking, Visitor Parking
Dishwasher, Dryer, Electric Range, Microwave Hood Fan, Refrigerator, Washer, Window Coverings
None
Board Approval
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
11'11" × 9'2"
Main Floor
Bedroom
9'10" × 9'
Main Floor
Living Room
11'11" × 11'2"
Main Floor
Laundry
9'10" × 6'4"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
0' x 0'
Main Floor
Yes
4
0' x 0'
Title to Land:
Fee Simple
Community Features:
Park, Playground, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
High Ceilings, Kitchen Island, No Animal Home, No Smoking Home, Pantry, Quartz Counters, Vinyl Windows
Exterior Features:
Balcony, Playground
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone N
Zoning:
DC
Listed Date:
Sep 06, 2024
Days on Mkt:
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Listed by C-Luxury Realty Ltd.
Data was last updated November 10, 2024 at 02:05 PM (UTC)
Area Statistics
Listings on market:
37
Avg list price:
$595,000
Min list price:
$275,000
Max list price:
$1,198,800
Avg days on market:
39
Min days on market:
1
Max days on market:
131
Avg price per sq.ft.:
$397.28
These statistics are generated based on the current listing's property type and located in Carrington. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706