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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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407 2505 17 Avenue SW
Richmond Calgary T3E 7V3

$419,500
Residential beds: 2 baths: 1.0 798 sq. ft. built: 2011

Main Photo: 407 2505 17 Avenue SW in Calgary: Richmond Apartment for sale : MLS®# A2167101
Photo 1: 407 2505 17 Avenue SW in Calgary: Richmond Apartment for sale : MLS®# A2167101
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Photo 33: 407 2505 17 Avenue SW in Calgary: Richmond Apartment for sale : MLS®# A2167101
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2167101
Bedrooms:
2
Bathrooms:
1
Year Built:
2011
Experience breathtaking views, an unbeatable location, and modern luxury living in this stunning, sound-proofed (concrete) building with 9-foot ceilings. This spacious 2-bedroom unit offers incredible unobstructed downtown views through its floor-to-ceiling windows. Perfect for investors, this unit is set up for short-term stays (minimum 1 month) and features a creative contemporary design. It comes fully furnished with a long-term tenant in place, smart TV, linens, crockery, small appliances, and tasteful wall decor. Enjoy fireworks during Stampede and New Year's Eve from your 8' x 16' balcony. Both bedrooms provide stunning sunrises and exhilarating nighttime skyline views. The open-concept living space, featuring hardwood floors, is ideal for entertaining. The chef’s kitchen boasts sleek quartz countertops, European-inspired cabinets, upgraded stainless steel appliances, under-cabinet lighting, and a spacious breakfast bar—sure to impress friends and family. Additional features include laundry and storage space, individual furnace and air conditioning controls, one titled underground heated parking stall, and secured bike storage. Located near Crowchild Trail, 17th Ave SW, and downtown, you’ll have easy access to shopping at Westbrook Mall, the LRT, and a variety of amenities. The first two floors of the building house commercial spaces, including Village Flatbread, True Gents Barbershop, Red Rock Ophthalmology, and Velo Cafe. Don’t miss the opportunity to see this exceptional unit—perfect for your new home or as an investment property.
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:
798.1 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$708.53
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Heat, Insurance, Professional Management, Reserve Fund Contributions, 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:
Northeast
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southeast
Floor Location:
Other
Entry Level:
4
Stories Total:
9
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2011 (Age: 13)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
1111123
Heating:
Forced Air, Natural Gas
New Constr.:
No
Construction Material:
Concrete, Metal Siding
Structure Type:
High Rise (5+ stories)
Ensuite:
No
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
Sep. HVAC Units
Fireplaces:
0
Garage:
0
Garage Spaces:
1
Parking:
Parkade, Stall, Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit, Laundry Room
Condo Fee Frequency:
Monthly
The Casel
Richmond
Bicycle Storage, Elevator(s), Parking
Built-In Oven, Dishwasher, Gas Cooktop, Microwave, Refrigerator, Washer/Dryer Stacked, Window Coverings
Furniture negotiable
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Entrance
8'11" × 5'7"
Main Floor
Laundry
5'1" × 3'2"
Main Floor
Kitchen With Eating Area
9'6" × 9'4"
Main Floor
Dining Room
9'9" × 7'4"
Main Floor
Bedroom
11'1" × 10'11"
Main Floor
Living Room
17'9" × 11'9"
Main Floor
Furnace/Utility Room
3'7" × 2'11"
Main Floor
Bedroom - Primary
11'7" × 10'6"
Main Floor
Balcony
15'1" × 7'9"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
7'11" x 8'
Title to Land:
Fee Simple
Community Features:
Golf, Park, Playground, Pool, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Kitchen Island, No Animal Home, No Smoking Home, Open Floorplan, Quartz Counters, Soaking Tub
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
C-COR1 f4.74h32
Listed Date:
Sep 20, 2024
Days on Mkt:
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Listed by First Place Realty
Data was last updated November 10, 2024 at 02:05 PM (UTC)
Area Statistics
Listings on market:
25
Avg list price:
$999,000
Min list price:
$249,900
Max list price:
$2,299,900
Avg days on market:
51
Min days on market:
2
Max days on market:
123
Avg price per sq.ft.:
$517.35
These statistics are generated based on the current listing's property type and located in Richmond. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706