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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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2108 530 3 Street SE
Downtown East Village Calgary T2G 0G7

$699,900
Residential beds: 2 baths: 2.0 1,152 sq. ft. built: 2024

Main Photo: 2108 530 3 Street SE in Calgary: Downtown East Village Apartment for sale : MLS®# A2164517
Photo 1: 2108 530 3 Street SE in Calgary: Downtown East Village Apartment for sale : MLS®# A2164517
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2164517
Bedrooms:
2
Bathrooms:
2
Year Built:
2024
Experience the pinnacle of modern elegance in this expansive suite, in the Premium building Arris Residences. From this lofty vantage point, you'll be mesmerized by unparalleled city and river views. Inside, an open living space awaits, graced with floor-to-ceiling windows that flood the room with natural light and offer breathtaking vista views at every turn. The generously sized living and dining areas seamlessly meld with the gourmet kitchen, featuring exquisite quartz countertops, a welcoming island with a breakfast bar, custom cabinetry, and a suite of full-size stainless-steel appliances including a gas cooktop. It's a culinary haven perfect for hosting and entertaining. The primary bedroom is a genuine sanctuary, boasting a spacious walk-in closet and a spa-inspired four-piece ensuite with dual sinks and an oversized glass-enclosed shower. An additional well-appointed second bedroom and a four-piece bathroom off the foyer ensure comfort and convenience for guests. For those in need of a private workspace or den, a secluded office provides a tranquil setting for productivity. This exceptional residence also includes a private balcony, central air conditioning, full size in-suite laundry, parking space(EV options available), and a designated storage locker. Arris is a community that mirrors your lifestyle and values, offering an urban experience brimming with amenities like no other. Enjoy access to an indoor pool, hot tub, steam and sauna rooms, premium fitness facilities, and social spaces. Additionally, you have direct access to over 170,000 square feet of essential services, including the new urban-format Real Canadian Superstore and various lifestyle retailers, all conveniently located within the building itself. **Photos are from our show suite**
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:
1,152 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$824.82
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Gas, Heat, Insurance, Reserve Fund Contributions, Sewer, 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:
West
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southwest
Floor Location:
Other
Entry Level:
21
Stories Total:
41
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2024 (Age: 0)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
2410668
Heating:
Forced Air
Builder:
Bosa Development
New Constr.:
Yes
Construction Material:
Concrete, Metal Siding
Structure Type:
High Rise (5+ stories)
Ensuite:
Yes
Flooring:
Tile, Vinyl
Cooling:
Central Air
Fireplaces:
0
Garage:
0
Parking:
Stall, Tandem, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Arris Residences
Downtown East Village
Elevator(s), Fitness Center, Indoor Pool, Party Room, Sauna, Spa/Hot Tub, Visitor Parking
Dishwasher, Gas Range, Microwave, Refrigerator, Washer/Dryer, Window Coverings
n/a
None Known
Yes
Floor
Type
Size
Other
Main Floor
Dining Room
11'5" × 11'
Main Floor
Bedroom - Primary
14'11" × 11'11"
Main Floor
Entrance
9'8" × 6'2"
Main Floor
Den
8'5" × 8'5"
Main Floor
Bedroom
12'11" × 11'3"
Main Floor
Kitchen
14'6" × 9'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 8'
Main Floor
Yes
4
8'4" x 8'10"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
High Ceilings, No Animal Home, No Smoking Home
Exterior Features:
Balcony
Patio And Porch Features:
Deck
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
DC
Listed Date:
Sep 10, 2024
Days on Mkt:
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Listed by City Homes Realty
Data was last updated September 20, 2024 at 06:05 PM (UTC)
Area Statistics
Listings on market:
73
Avg list price:
$399,900
Min list price:
$224,900
Max list price:
$899,000
Avg days on market:
43
Min days on market:
1
Max days on market:
233
Avg price per sq.ft.:
$575.69
These statistics are generated based on the current listing's property type and located in Downtown East Village. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706