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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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225 20 Avenue NW
Tuxedo Park Calgary T2M 1C3

$495,000
Residential beds: 1 baths: 1.0 966 sq. ft. built: 1911

Main Photo: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 1: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 2: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 3: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 4: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 5: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 6: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
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Photo 21: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 22: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 23: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 24: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 25: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
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Photo 28: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 29: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 30: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Photo 31: 225 20 Avenue NW in Calgary: Tuxedo Park Detached for sale : MLS®# A2165142
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2165142
Bedrooms:
1
Bathrooms:
1
Year Built:
1911
Exceptional Value in this fully detached home in Tuxedo, listed under $500k. This 1.5-storey character home is ideally located just steps from SAIT and minutes from downtown. The bright, open-concept main floor features a spacious living area, a comfortable primary bedroom, and a full 4-piece bathroom. Upstairs, you’ll find a versatile loft that can serve as an extra bedroom or flex space. The south-facing backyard offers a great outdoor area for relaxation or activities. This home is perfect for young families, investors, or first-time buyers, with easy access to shopping, transit, and downtown. Don’t miss this opportunity—reach out to your favourite Realtor today to schedule a showing!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
1 and Half Storey
Total Living Area:
965.69 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
3,121 sq. ft.
Lot Frontage:
25'
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:
North
Reg. Size:
Reg. Size Includes:
Levels:
One and One Half
Total Rooms Above Grade:
5
Year built:
1911 (Age: 113)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
2129O
Heating:
Forced Air
Basement:
Partial, Unfinished
Foundation:
Block, Poured Concrete
New Constr.:
No
Construction Material:
Wood Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Off Street, Parking Pad
Parking Places:
3.0
Parking Total/Covered:
3 / -
Laundry Features:
In Basement
Tuxedo Park
Dryer, Gas Stove, Microwave Hood Fan, Refrigerator, Washer, Window Coverings
N/A
None Known
Floor
Type
Size
Other
Main Floor
Bedroom
14'1" × 7'5"
Main Floor
Dining Room
9'1" × 7'10"
Main Floor
Kitchen
13'6" × 11'9"
Main Floor
Living Room
23'5" × 11'
Upper Level
Loft
20'5" × 12'9"
Basement
Furnace/Utility Room
22'1" × 13'8"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
13'10" x 7'10"
Title to Land:
Fee Simple
Community Features:
Other, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
Built-in Features, Storage, Vaulted Ceiling(s)
Exterior Features:
Fire Pit, Private Yard
Patio And Porch Features:
Patio
Lot Features:
Back Lane, Back Yard, Lawn, Low Maintenance Landscape, Private, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
R-C2
Listed Date:
Sep 12, 2024
Days on Mkt:
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Virtual Tour

Listed by eXp Realty
Data was last updated November 10, 2024 at 02:05 PM (UTC)
Area Statistics
Listings on market:
23
Avg list price:
$799,999
Min list price:
$319,000
Max list price:
$1,200,000
Avg days on market:
57
Min days on market:
3
Max days on market:
203
Avg price per sq.ft.:
$529.48
These statistics are generated based on the current listing's property type and located in Tuxedo Park. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706