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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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1909 7 Avenue S
Victoria Park (Lethbridge) Lethbridge T1J 1M4

$600,000
Residential beds: 8 baths: 6.0 4,286 sq. ft. built: 1947

Main Photo: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 1: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 2: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 3: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 4: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 5: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 6: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 7: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 8: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 9: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
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Photo 46: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 47: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 48: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Photo 49: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2164318
Bedrooms:
8
Bathrooms:
6
Year Built:
1947
A Stately Home in a Prime South Lethbridge Location! Discover the potential of this magnificent 4,200 sq ft home, perfectly situated on a massive 75-foot lot in one of South Lethbridge's most sought-after locations! Just a few blocks from Henderson Lake, park, golf course, and pool, this home offers an unmatched lifestyle in a prime 7th Avenue address. All the heavy lifting has been done for you—new roof with insulation, updated downspouts, electrical, plumbing, heating, windows, doors, and even some bathrooms and flooring. Most rooms are at the studs, ready for you to bring your vision to life with your choice of colors, finishes, and materials. Picture yourself in your million-dollar dream home, customized to perfection. This expansive property features 5 bedrooms, 4 bathrooms, 3 new furnaces, an extra-large double garage, 2 fireplaces, and 2 balconies for you to enjoy. The original owner and architect's touches, combined with their vision to expand the home in the 1970s, have created a foundation for an elegant and grand residence. Imagine reviving this stately home with a modern flair, transforming it into a stunning masterpiece that reflects your personal style. The opportunity to create something truly special awaits—don't miss your chance to turn this dream into reality!
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:
4,286 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
9,371 sq. ft.
Lot Frontage:
75'
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:
11
Year built:
1947 (Age: 77)
Bedrooms:
8 (Above Grd: 5)
Bedrooms Above Grade:
5
Bedrooms Below Grade:
3
Bathrooms:
6.0 (Full:4, Half:2)
Plan:
4353S
Heating:
Forced Air
Basement:
Full, Unfinished
Foundation:
Combination, Poured Concrete
New Constr.:
No
Construction Material:
Brick, Stucco
Structure Type:
House
Roof:
Flat Torch Membrane
Ensuite:
Yes
Flooring:
Vinyl Plank
Cooling:
Central Air
Fireplaces:
2
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Multiple Locations
Victoria Park (Lethbridge)
Central Air Conditioner, Dishwasher, Electric Range, Refrigerator, Washer/Dryer
Leftover poly and insulation and new furnace (un-installed) in main floor utility room.
None Known
Floor
Type
Size
Other
Main Floor
Living Room
31'2" × 26'3"
Main Floor
Kitchen
18'5" × 10'11"
Main Floor
Dining Room
12'10" × 9'6"
Main Floor
Kitchen
12'10" × 10'4"
Main Floor
Bedroom
12'4" × 10'4"
Main Floor
Living Room
21'5" × 14'11"
2nd Floor
Bedroom - Primary
15'8" × 11'5"
2nd Floor
Walk-In Closet
15'8" × 11'6"
2nd Floor
Bedroom
12'2" × 10'7"
2nd Floor
Bedroom
18'4" × 12'7"
2nd Floor
Bedroom
14'6" × 11'7"
2nd Floor
Family Room
30'11" × 19'
Basement
Laundry
9'11" × 9'3"
Basement
Bedroom
9'11" × 8'10"
Basement
Bedroom
12'11" × 9'10"
Basement
Bedroom
11'5" × 10'7"
Basement
Family Room
23'10" × 13'2"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
Main Floor
No
4
2nd Floor
Yes
4
10'7" x 7'6"
2nd Floor
No
4
10'7" x 7'
Basement
Yes
2
Basement
No
3
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Sidewalks
Interior Features:
See Remarks
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s), Front Porch
Lot Features:
Back Lane
Num. of Parcels:
0
Fencing:
Fenced
Region:
Lethbridge
Zoning:
R-L
Listed Date:
Sep 10, 2024
Days on Mkt:
  • Photo 1: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
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    Exterior Concept
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    Entry Concept
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    Living Room Concept
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    Upstairs Family Room Concept
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    Primary Concept
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    Ensuite Concept
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  • Photo 46: 1909 7 Avenue S: Lethbridge Detached for sale : MLS®# A2164318
    Henderson Lake
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    Full Basement RMS

Virtual Tour

Listed by Grassroots Realty Group
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
320
Avg list price:
$465,000
Min list price:
$109,000
Max list price:
$2,500,000
Avg days on market:
41
Min days on market:
1
Max days on market:
599
Avg price per sq.ft.:
$346.95
These statistics are generated based on the current listing's property type and located in Lethbridge. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706