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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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2201 221 6 Avenue SE
Downtown Commercial Core Calgary T2G 4Z9

$218,000
Residential beds: 1 baths: 1.0 701 sq. ft. built: 1980

Main Photo: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 1: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 2: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 3: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 4: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 5: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 6: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 7: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 8: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Photo 9: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2162208
Bedrooms:
1
Bathrooms:
1
Year Built:
1980
Downtown living with great view of the city, This spacious apartment unit located on the 22nd floor of the Rocky Mountain Court. It features a big bedroom, Large living room, 4 pieces full bathroom, large south facing windows, large balcony. kitchen and eating area. This building has on site concierge and security staffs, Fitness gym, Squash court and steam room. It is closed to LRT station and all amenities in downtown. Seller willing to pay $10,000.00 for buyer to renovate the unit.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
High-Rise (5+)
Total Living Area:
701.25 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$520.00
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Heat, Insurance, Professional Management, Reserve Fund Contributions, Residential Manager, Security, Security Personnel, 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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Other
Entry Level:
1
Stories Total:
29
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
3
Year built:
1980 (Age: 44)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
9312374
Heating:
Baseboard
New Constr.:
No
Construction Material:
Concrete
Structure Type:
High Rise (5+ stories)
Ensuite:
No
Flooring:
Carpet, Laminate
Cooling:
Other
Fireplaces:
0
Garage:
0
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Common Area
Condo Fee Frequency:
Monthly
Rocky Mountain Court
Downtown Commercial Core
Coin Laundry, Elevator(s), Fitness Center, Racquet Courts, Recreation Room, Secured Parking
Refrigerator, Stove(s)
N/A
Board Approval, Building Restriction
Yes
Floor
Type
Size
Other
Main Floor
Living Room
20' × 16'
Main Floor
Bedroom
16'6" × 11'6"
Main Floor
Kitchen
9' × 5'6"
Main Floor
Storage
6'10" × 5'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
0' x 0'
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Elevator, No Animal Home, No Smoking Home
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
DC
Listed Date:
Sep 02, 2024
Days on Mkt:
  • Photo 1: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 1 of 9
  • Photo 2: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 2 of 9
  • Photo 3: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 3 of 9
  • Photo 4: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 4 of 9
  • Photo 5: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 5 of 9
  • Photo 6: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 6 of 9
  • Photo 7: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 7 of 9
  • Photo 8: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 8 of 9
  • Photo 9: 2201 221 6 Avenue SE in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2162208
    Photo 9 of 9
Listed by Grand Realty
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
28
Avg list price:
$521,950
Min list price:
$210,000
Max list price:
$2,250,000
Avg days on market:
44
Min days on market:
1
Max days on market:
127
Avg price per sq.ft.:
$517.41
These statistics are generated based on the current listing's property type and located in Downtown Commercial Core. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706