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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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120 6868 Sierra Morena Boulevard SW
Signal Hill Calgary T3H 3R6

$475,000
Residential beds: 2 baths: 2.0 1,357 sq. ft. built: 1997

Main Photo: 120 6868 Sierra Morena Boulevard SW in Calgary: Signal Hill Apartment for sale : MLS®# A2162969
Photo 1: 120 6868 Sierra Morena Boulevard SW in Calgary: Signal Hill Apartment for sale : MLS®# A2162969
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Photo 28: 120 6868 Sierra Morena Boulevard SW in Calgary: Signal Hill Apartment for sale : MLS®# A2162969
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2162969
Bedrooms:
2
Bathrooms:
2
Year Built:
1997
This former show home is a corner unit offering 2 bedrooms, over 1300 sqft and features a non-slip epoxy stone flooring in the foyer, laundry room, 3-piece entrance bathroom, Walkin closet and Ensuite for your safety and ease of use. The condo also makes great use of space with various pocket doors and french doors alike. The unit offers lots of natural sunlight and offers a wraparound south and west facing balcony. Inside you will find 2 well-appointed bedrooms and 2 full bathrooms. The ensuite features a jetted spa bath and separate walkin shower. There open galley kitchen is adorned with oak cabinets, a sunshine ceiling and onyx granite counters. A breakfast nook, spacious formal Dining room and a large living room featuring a gas fireplace make it complete. This Condo complex is one of Calgary's premiere buildings with the following amenities: 2 underground car wash bays, Gym, Pool, Hot Tub, State of the Art Gym, Pool and Snooker tables, Library, Card and TV room, Crafts room, Wood working shop, Massive Party Room with full Kitchen and Dance floor. This condo includes two assigned parking stalls and two storage lockers. Come view this amazing Condo today.
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:
1,357 sq. ft.
Main Level Finished Area:
1,357 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$873.82
Condo Fee Includes:
Caretaker, Common Area Maintenance, Electricity, Gas, Heat, Insurance, Parking, Professional Management, Reserve Fund Contributions, Residential Manager, 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:
Northeast
Floor Location:
Ground
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1997 (Age: 27)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
9811060
Heating:
Baseboard, Fireplace Insert, Hot Water, Natural Gas, Radiant
New Constr.:
No
Construction Material:
Brick, Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Clay Tile
Ensuite:
Yes
Flooring:
Hardwood, Stone
Cooling:
Wall Unit(s)
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Garage Spaces:
2
Parking:
Enclosed, Garage Door Opener, Parkade, Secured, Stall, Underground
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Unit, Laundry Room, Main Level
Condo Fee Frequency:
Monthly
Sierra's West I
Signal Hill
Car Wash, Elevator(s), Fitness Center, Gazebo, Guest Suite, Indoor Pool, Parking, Party Room, Picnic Area, Recreation Room, Secured Parking, Service Elevator(s), Spa/Hot Tub, Storage, Trash, Visitor Parking
Dishwasher, Dryer, Electric Range, Garage Control(s), Garburator, Microwave, Range Hood, Refrigerator, Wall/Window Air Conditioner, Washer, Window Coverings
Desk, Pull Out Couch, Reclining Love Seat and Single and Kitchen table and 4 chair set.
Adult Living
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Kitchen
15'6" × 9'
Main Floor
Breakfast Nook
11' × 9'
Main Floor
Laundry
9' × 6'
Main Floor
Dining Room
13'3" × 12'6"
Main Floor
Bedroom - Primary
14' × 11'10"
Main Floor
Walk-In Closet
10' × 5'
Main Floor
Bedroom
12'6" × 7'6"
Main Floor
Living Room
14'4" × 13'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
5' x 10'6"
Main Floor
Yes
4
7' x 8'3"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Ceiling Fan(s), Closet Organizers, Double Vanity, French Door, Granite Counters, Jetted Tub, No Animal Home, No Smoking Home, Open Floorplan, Pantry, Soaking Tub, Storage, Track Lighting, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
Balcony, BBQ gas line, Covered Courtyard, Outdoor Grill, Private Entrance, Storage
Patio And Porch Features:
Balcony(s), Wrap Around
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone W
Zoning:
M-C1 d55
Listed Date:
Sep 04, 2024
Days on Mkt:
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Listed by RE/MAX Realty Professionals
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
36
Avg list price:
$610,000
Min list price:
$225,000
Max list price:
$5,900,000
Avg days on market:
33
Min days on market:
3
Max days on market:
168
Avg price per sq.ft.:
$404.45
These statistics are generated based on the current listing's property type and located in Signal Hill. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706