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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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1006 626 14 Avenue SW
Beltline Calgary T2R 0X4

$325,000
Residential beds: 1 baths: 1.0 492 sq. ft. built: 2013

Main Photo: 1006 626 14 Avenue SW in Calgary: Beltline Apartment for sale : MLS®# A2160484
Photo 1: 1006 626 14 Avenue SW in Calgary: Beltline Apartment for sale : MLS®# A2160484
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2160484
Bedrooms:
1
Bathrooms:
1
Year Built:
2013
This south-facing suite at Calla is a fantastic opportunity for first-time buyers and investors alike. The suite features a smart and functional layout with designated living and dining areas. The modern kitchen has quartz countertops, stainless steel appliances, a sleek subway tile backsplash, an industrial-style sink, and a full breakfast bar. The bedroom benefits from large windows and dual-door closets. The bathroom includes a deep soaker tub, a large vanity mirror, and built-in storage. Additional perks include low condo fees, in-suite laundry, a same-floor private storage locker, and heated underground parking. Residents can also access onsite amenities such as a concierge, a fitness facility, a yoga studio, and steam rooms. Located in the heart of Calgary's vibrant Beltline district, Calla enjoys a prime inner-city location with a Walkscore of 95, offering exceptional accessibility to an array of amenities. Steps away from the suite, you'll find popular grocery stores like Safeway and Co-op, trendy coffee shops such as Analog Coffee and Phil & Sebastian, and a variety of restaurants including Ten Foot Henry, Pigeonhole, and Una Pizza + Wine, all contributing to the lively neighborhood atmosphere. The suite is also within easy walking distance to public transit options and the downtown office core, making it ideal for those who work or study in the city. Close proximity to green spaces like Central Memorial Park provides a touch of nature amidst urban convenience. With everything at your doorstep, this suite truly embodies the convenience and vibrancy of inner-city living.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
492.11 sq. ft.
Main Level Finished Area:
492.11 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$356.62
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, 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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Other
Entry Level:
10
Stories Total:
12
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
4
Year built:
2013 (Age: 11)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
1312515
Heating:
Fan Coil, Natural Gas
New Constr.:
No
Construction Material:
Concrete, Stucco, Wood Siding
Structure Type:
High Rise (5+ stories)
Ensuite:
No
Flooring:
Carpet, Laminate, Tile
Cooling:
Central Air
Fireplaces:
0
Garage:
0
Parking:
Parkade, Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Calla
Beltline
Bicycle Storage, Elevator(s), Fitness Center, Guest Suite, Parking, Recreation Facilities, Recreation Room, Sauna, Secured Parking, Storage, Trash
Dishwasher, Dryer, Electric Range, Microwave Hood Fan, Refrigerator, Washer, Window Coverings
None
Pet Restrictions or Board approval Required
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Living/Dining Room Combination
17'9" × 11'3"
Main Floor
Kitchen
8'4" × 8'2"
Main Floor
Bedroom - Primary
10'2" × 9'
Main Floor
Foyer
5'1" × 4'2"
Main Floor
Laundry
2'11" × 2'3"
Main Floor
Balcony
8'1" × 6'2"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
5'5" x 8'1"
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Park, Playground, Walking/Bike Paths
Interior Features:
No Animal Home, No Smoking Home, Quartz Counters, Breakfast Bar
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
CC-MH
Listed Date:
Sep 02, 2024
Days on Mkt:
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Listed by Century 21 Bamber Realty LTD.
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
231
Avg list price:
$385,000
Min list price:
$188,000
Max list price:
$2,900,000
Avg days on market:
44
Min days on market:
2
Max days on market:
246
Avg price per sq.ft.:
$502
These statistics are generated based on the current listing's property type and located in Beltline. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706