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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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10 144133 530 Avenue W
NONE Rural Foothills County T0L 1H0

$2,699,990
Agri-Business beds: 5 baths: 2.0 1,900 sq. ft.

Main Photo: 10 144133 530 Avenue W: Rural Foothills County Agriculture for sale : MLS®# A2169372
Photo 1: 10 144133 530 Avenue W: Rural Foothills County Agriculture for sale : MLS®# A2169372
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Photo 46: 10 144133 530 Avenue W: Rural Foothills County Agriculture for sale : MLS®# A2169372
Status:
Active
Prop. Type:
Agri-Business
MLS® Num:
A2169372
Bedrooms:
5
Bathrooms:
2
Discover a stunning panoramic mountain view at this exceptional property, located just 12 minutes south of Diamond Valley. Spanning 155 acres in a prime location, this parcel includes a double modular home with a basement, a recently built high-quality 160' x 60' steel Quonset, and a spacious heated workshop. The property is primarily zoned for agricultural use, with approximately 2.5 acres designated for commercial purposes. While the residence requires some investment, it promises a leisurely, country-style lifestyle in a private setting, yet conveniently close to all amenities. The bungalow offers approximately 1,900 sq. ft. of living space above grade, featuring 5 bedrooms (4 upstairs and 1 downstairs), 1 en-suite bathroom, 1 four-piece bathroom, and 2 half baths. Enjoy breathtaking panoramic views from the house, with no visible wetlands except for a small area in one corner of the property. The land generates nominal income from local farming and an additional $8,000 per year from oil surface lease income. The topography is favorable, with gently rolling features, and the property is gated and mostly fenced. Please leave offers open 3-4 weeks. The property is being sold on an “as is, where is’ basis pursuant to a Court supervised sales process. Lastly, there is no RPR. Please reach out for more information on the excellent opportunity or to book a showing.
Property Type:
Agri-Business
Property Sub Type:
Agriculture
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bungalow
Current Use:
Agricultural, Commercial
Major Use Description:
Land Only, Other, See Remarks
Total Living Area:
1,900 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
156 acre(s)
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:
Reg. Size:
Reg. Size Includes:
Levels:
One
Total Rooms Above Grade:
7
Bedrooms:
5 (Above Grd: 4)
Bedrooms Above Grade:
4
Bedrooms Below Grade:
1
Bathrooms:
2.0 (Full:2, Half:0)
Basement:
Full
New Constr.:
No
Ensuite:
Yes
Garage:
0
Parking:
RV Access/Parking, Workshop in Garage
Mobile Home Lenght:
50'
Mobile Home Width:
38'
NONE
Appliances, if any sold "as is, where is".
Call Lister
Floor
Type
Size
Other
Main Floor
Living Room
31'6" × 30'2"
Main Floor
Kitchen
12'6" × 10'8"
Main Floor
Bedroom - Primary
12'4" × 10'4"
Main Floor
Foyer
11'7" × 10'2"
Main Floor
Bedroom
10'2" × 9'5"
Main Floor
Bedroom
10' × 8'1"
Main Floor
Bedroom
11'10" × 11'4"
Basement
Family Room
22'1" × 13'4"
Basement
Bedroom
10'6" × 8'9"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
6' x 8'
Main Floor
No
4
6' x 8'
Title to Land:
Fee Simple
Access To Property:
Gravel Road
Num. of Parcels:
0
Outbuildings:
Quonset, Workshop
Fencing:
Fenced
Nearest Town:
Diamond City
Region:
Foothills County
Zoning:
A-DC27
Listed Date:
Sep 28, 2024
Days on Mkt:
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Listed by RE/MAX Real Estate (Central)
Data was last updated November 14, 2024 at 05:30 AM (UTC)
Diane Richardson
Cell: 403-397-3706