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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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20 Covington Court NE
Coventry Hills Calgary T3K 4L9

$575,000
Residential beds: 4 baths: 3.0 1,288 sq. ft. built: 1996

Main Photo: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 1: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 2: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 3: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 4: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 5: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 6: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 7: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 8: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 9: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 10: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
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Photo 12: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
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Photo 34: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 35: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Photo 36: 20 Covington Court NE in Calgary: Coventry Hills Detached for sale : MLS®# A2161354
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2161354
Bedrooms:
4
Bathrooms:
3
Year Built:
1996
*** Open House Saturday October 19, 10 AM - 12 PM*** * New shingles on the home and garage are in the process of being replaced* This delightful south-facing two-story house boasts an abundance of natural light, creating a warm and welcoming living space. Its prime location places you just steps away from nearby parks, landmark cinema, and a diverse selection of restaurants, ensuring entertainment and dining options are always within reach. For those who enjoy staying active, the local recreation center and extensive walking and biking trails are easily accessible. The property is also conveniently situated only a 10-minute drive from the airport, making travel simple and stress-free. The combination of proximity to these amenities and the serene residential setting makes this home an ideal choice for both relaxation and convenience. The vibrant community offers a perfect balance of peaceful living and easy access to city life. Whether you're exploring local trails or enjoying a night out, you'll appreciate the ease and comfort of this well-located home. Experience the best of Coventry Hills with a property that caters to both your everyday needs and your adventurous spirit.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey
Total Living Area:
1,288 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
3,304 sq. ft.
Lot Frontage:
29'10"
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:
1996 (Age: 28)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
9412113
Heating:
Forced Air
Basement:
Full, Partially Finished
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Laminate, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Detached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
Main Level
Coventry Hills
Dishwasher, Dryer, Electric Stove, Range Hood, Refrigerator, Washer, Window Coverings
n/a
None Known
Floor
Type
Size
Other
Main Floor
Living Room
12'11" × 12'6"
Main Floor
Eat in Kitchen
10' × 9'3"
Main Floor
Dining Room
9'3" × 8'10"
Main Floor
Laundry
5'11" × 5'3"
2nd Floor
Bedroom - Primary
12'11" × 11'3"
2nd Floor
Walk-In Closet
7'11" × 3'3"
2nd Floor
Bedroom
10' × 9'2"
2nd Floor
Bedroom
9'10" × 9'3"
Basement
Game Room
19'6" × 9'10"
Basement
Bedroom
11'10" × 10'
Basement
Furnace/Utility Room
8' × 6'6"
Basement
Storage
16'1" × 5'10"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
5'11" x 4'5"
2nd Floor
Yes
4
7'5" x 4'11"
2nd Floor
No
4
4'11" x 7'3"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby
Interior Features:
Granite Counters, Kitchen Island
Exterior Features:
Fire Pit
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Cul-De-Sac
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone N
Zoning:
R-1N
Listed Date:
Aug 28, 2024
Days on Mkt:
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Listed by Real Estate Solutions Ltd.
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
27
Avg list price:
$598,000
Min list price:
$380,000
Max list price:
$769,900
Avg days on market:
22
Min days on market:
4
Max days on market:
92
Avg price per sq.ft.:
$413.64
These statistics are generated based on the current listing's property type and located in Coventry Hills. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706