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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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1405 55 Spruce Place SW
Spruce Cliff Calgary T2R 1S4

$349,500
Residential beds: 2 baths: 2.0 770 sq. ft. built: 2005

Main Photo: 1405 55 Spruce Place SW in Calgary: Spruce Cliff Apartment for sale : MLS®# A2167637
Photo 1: 1405 55 Spruce Place SW in Calgary: Spruce Cliff Apartment for sale : MLS®# A2167637
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Photo 36: 1405 55 Spruce Place SW in Calgary: Spruce Cliff Apartment for sale : MLS®# A2167637
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2167637
Bedrooms:
2
Bathrooms:
2
Year Built:
2005
Welcome to this Amazing 770 sq ft two bedroom two bathroom condo in BRAVA. The best amenities live here!! Underground heated parking, massive swimming pool, heated jacuzzi, Modern weight and fitness room, games room complete with billiards, table tennis, multi purpose rooms, all accessible by a +15 walkway system. Underground visitor parking, locked bike storage, well manicured grounds and with 24 hour onsite security. Steps from the C-Train station (close to downtown), Westbrook Mall (Safeway and Walmart), Shaganappi Golf Course, bike pathway systems along Edworthy Park, and transportation routes. This condo has hardwood floors throughout with two spacious bedrooms, large kitchen with breakfast bar island, granite countertops (bathrooms as well) , High ceilings with full height windows so natural daylight is everywhere. Beautiful South West Views of the mountains, cozy gas fireplace finishes off the large living room. Primary suite offers full ensuite bath. Second bedroom can be your flex room for a great home office or anything you require. In-suite laundry with brand new washer, dryer. Balcony is large with great views and includes a gas-line for your BBQ. Additional storage locker is included Fantastic layout with two full baths, in-suite laundry, two bedrooms, heated parking, the best of all amenities, inner city location - come see this condo!!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
770 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$630.00
Condo Fee Includes:
Common Area Maintenance, Gas, Heat, Insurance, Professional Management, Reserve Fund Contributions, Security, Sewer, 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:
East
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southwest
Floor Location:
Other
Entry Level:
14
Stories Total:
26
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
4
Year built:
2005 (Age: 19)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0612906
Heating:
Baseboard, Boiler
New Constr.:
No
Construction Material:
Concrete, Metal Siding
Structure Type:
High Rise (5+ stories)
Ensuite:
Yes
Flooring:
Ceramic Tile, Hardwood
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Garage Spaces:
1
Parking:
Stall, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Brava
Spruce Cliff
Bicycle Storage, Fitness Center, Indoor Pool, Party Room, Recreation Room, Secured Parking, Spa/Hot Tub, Storage, Trash, Visitor Parking
Dishwasher, Electric Range, Microwave Hood Fan, Refrigerator, Window Coverings, Washer/Dryer
n/a
None Known
Restrictions
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
12'4" × 11'2"
Main Floor
Bedroom
9'1" × 9'1"
Main Floor
Living Room
17'6" × 11'8"
Main Floor
Kitchen With Eating Area
9'5" × 8'3"
Main Floor
Balcony
13'11" × 6'11"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
0' x 0'
Main Floor
No
3
0' x 0'
Title to Land:
Fee Simple
Community Features:
Golf, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
See Remarks
Exterior Features:
Balcony
Patio And Porch Features:
None
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone W
Zoning:
DC (pre 1P2007)
Listed Date:
Sep 20, 2024
Days on Mkt:
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Listed by Boutique Properties Inc.
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
30
Avg list price:
$683,450
Min list price:
$274,000
Max list price:
$1,795,000
Avg days on market:
35
Min days on market:
3
Max days on market:
195
Avg price per sq.ft.:
$462.6
These statistics are generated based on the current listing's property type and located in Spruce Cliff. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706