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)
Contact Diane Richardson Easily With These Simple Steps:
Contact Form: Use the contact form on my website to send me a direct message. Please include your name, email address, and a message, and I will respond as soon as possible.
Phone Number: Call me directly at 403.397.3706 with any questions or to schedule viewings.
Email Address: Reach out to me at Diane for any inquiries or to request additional information.
Live Chat: Utilize the live chat feature on my website for real-time communication and immediate answers to your questions.
When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!
IMMACULATE DREAM HOME in Deer Ridge! Fully Renovated gem with TWO DOUBLE HEATED GARAGES and gorgeous curb appeal, nestled in a quiet cul-de-sac. Relax on the front porch, entertain on the spacious composite deck with a charming covered pergola, or unwind by the wood-burning firepit on the exposed aggregate patio, all surrounded by mature trees. Enjoy peaceful walks through the neighborhood and explore nearby Fish Creek Park Trails and the Bow River Pathways. Inside, the home offers 4 bedrooms, 3.5 baths, and nearly 2,800 square feet of timeless renovations. The expansive living room features gleaming hardwood floors, large windows with custom security bars, allowing the fresh breeze to flow in effortlessly, and two sets of elegant French doors. The formal dining room features a custom-built hutch framed by stone accents, offers direct access to the backyard, and seamlessly connects to the renovated kitchen paradise which boasts maple cabinets, premium granite, a stone tile backsplash, under-cabinet lighting, and top-of-the-line JennAir appliances including a gas cooktop, dual convection ovens, and side-by-side fridge. The sunken family room is the cozy heart of the home, featuring 9’ ceilings, custom paneled walls, a skylight, stone-faced gas fireplace, and sliding patio door. Upstairs, you'll find three spacious bedrooms with hardwood floors and a beautifully renovated 4-piece bath. The sleek primary suite offers floor-to-ceiling built-in wardrobes, beautiful mountain views (on clear days), and a luxurious dual-access ensuite with cultured marble, stone flooring, and upgraded faucets. The finished lower level includes a massive family room, 4th bedroom, laundry, 3pc bath, HUGE flex/storage space, and a cold room. This pie-shaped lot is an outdoor paradise featuring a spacious composite deck with both sunny and covered areas, large patio, low-maintenance artificial turf, mature trees, shrubs, perennials, a potting shed, and a separate storage shed. The second oversized detached garage includes 220V service for a workshop, a 9' overhead door to accommodate a small trailer, and paved alley access. Upgrades includes solid core doors, Duette Honeycomb Hunger Douglas blinds, CAT-6 wiring in Family Room, Living Room and Upper Bedrooms, upgraded windows (2012), hot water tank (2024), 35-year shingles on house (2006) and garage and pergola (2023), Lennox furnace (2006). AMAZINGLY QUIET CUL-DE-SAC location, just steps from the community rink, schools, playgrounds and tennis courts. Minutes from Fish Creek Park and Sikome Lake, with convenient access to Deerfoot, Ring Road, Highway 2, and all amenities and shopping at Deer Run, South Centre, 130th Ave, and Shawnessy. The vibrant community features events like movies in the park, community garden, seasonal festivals, and family winter skates. This DREAM HOME is ready to be yours—book your showing today!
Data was last updated September 20, 2024 at 06:05 PM (UTC)
Area Statistics
Listings on market:
5,132
Avg list price:
$599,900
Min list price:
$134,900
Max list price:
$10,000,000
Avg days on market:
24
Min days on market:
0
Max days on market:
618
Avg price per sq.ft.:
$441.56
These statistics are generated based on the current listing's property type
and located in
Calgary. Average values are
derived using median calculations.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.