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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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402 1229 Cameron Avenue SW
Lower Mount Royal Calgary T2T 0L1

$579,900
Residential beds: 2 baths: 2.0 1,489 sq. ft. built: 1981

Main Photo: 402 1229 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2168320
Photo 1: 402 1229 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2168320
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Photo 41: 402 1229 Cameron Avenue SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2168320
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2168320
Bedrooms:
2
Bathrooms:
2
Year Built:
1981
Downsize and still have it all! Looking for the lockup and leave lifestyle but don’t want to compromise? This is it! This massive 2 bedroom 2 bathroom executive condo boasts just under 1500sqft of luxury living in Mount Royal. This fully renovated South Facing unit boasts a massive south facing patio that overlooks a courtyard offering plenty of sunshine and privacy. Large windows let plenty of natural light in. A massive living room with remote controlled gas fireplace makes an exceptional space for entertaining. Kitchen features modern open shelf glass cabinets, quarts countertops and stainless steel appliances. Primary retreat is hidden behind double French doors featuring a walk in closet and a 4 piece ensuite. Large in suite laundry room as well as an additional large storage room that can be used as a pantry or could be converted into an office. If all that isn’t enough storage there is an additional external storage unit. Your two parking stalls are partitioned from the rest of the parkade so its like having your own 2 car garage, you never have to worry about your car being damaged by someone parking beside you. As an added bonus, both your unit and parking stall are just steps away from the elevator. This building also offers a common room that is setup for movie nights and features a treadmill and weights, the location offers so much more. Being nestled in Mount Royal offers serene streets with mature trees and some of Calgary’s most luxurious real estate All this while being less then 2 blocks away from 17th avenue and all the shopping, dining and entertainment it has to offer.
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:
1,489 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$1,125.25
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Gas, Insurance, Maintenance Grounds, Professional Management, Reserve Fund Contributions, 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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Other
Entry Level:
1
Stories Total:
6
Levels:
Single Level Unit
End Unit:
End Unit
Total Rooms Above Grade:
5
Year built:
1981 (Age: 43)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
8110659
Heating:
Baseboard, Central, Fireplace(s)
New Constr.:
No
Construction Material:
Concrete
Structure Type:
Low Rise (2-4 stories)
Roof:
Membrane, Tile
Ensuite:
Yes
Flooring:
Vinyl Plank
Cooling:
None
Fireplaces:
1
Fireplace Details:
Blower Fan, Gas
Garage:
0
Parking:
Assigned, Enclosed, Heated Garage, Parkade, See Remarks, Side By Side
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Carriage Villas
Lower Mount Royal
Elevator(s), Fitness Center, Party Room, Secured Parking, Snow Removal, Storage, Trash
Electric Stove, Oven, Range Hood, Refrigerator
N/A
None Known
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Balcony
19'4" × 9'5"
Main Floor
Bedroom
13'7" × 9'8"
Main Floor
Dining Room
14'3" × 12'1"
Main Floor
Entrance
10'10" × 6'9"
Main Floor
Kitchen
18'1" × 7'7"
Main Floor
Laundry
10'11" × 7'9"
Main Floor
Living Room
21'7" × 18'11"
Main Floor
Pantry
7'6" × 6'3"
Main Floor
Bedroom - Primary
18' × 10'7"
Main Floor
Walk-In Closet
9'6" × 4'7"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
7'4" x 7'7"
Main Floor
Yes
4
7'6" x 8'7"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Granite Counters, See Remarks, Stone Counters, Storage, Walk-In Closet(s)
Exterior Features:
Balcony, BBQ gas line
Patio And Porch Features:
Deck, Patio, Porch
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C2
Listed Date:
Sep 24, 2024
Days on Mkt:
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Virtual Tour

Virtual Tour

Listed by Tink
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Area Statistics
Listings on market:
26
Avg list price:
$338,500
Min list price:
$183,900
Max list price:
$850,000
Avg days on market:
31
Min days on market:
4
Max days on market:
89
Avg price per sq.ft.:
$404.32
These statistics are generated based on the current listing's property type and located in Lower Mount Royal. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706