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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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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!

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203 8231 Elbow Drive SW
Chinook Park Calgary T2V 1K6

$214,999
Residential beds: 2 baths: 1.0 847 sq. ft. built: 1960

Main Entrance
Photo 1: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 2: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 3: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 4: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 5: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 6: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 7: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 8: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 9: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 10: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 11: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 12: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 13: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 14: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 15: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 16: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 17: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Photo 18: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2171242
Bedrooms:
2
Bathrooms:
1
Year Built:
1960
Huge Price Reduction for Quick Sale , Already Rented Unit and tenants want to stay further Positive Cash Flow Unit .Lowest price. Unit will not last longer!!!! Great unit for investment or live in opportunity in desirable area of city. Explore this delightful corner unit in the popular southwest area perfect for With low condo fees and affordable pricing compared to newer developments, this unit offers exceptional value in a desirable chinook park neighborhood known for its quiet, residential atmosphere. Enjoy convenient access to grocery stores, coffee shops, and public transit, including the Heritage C-Train station for easy downtown commutes. The upgraded unit features new lights, paint, blinds, modern stove, hood fan and a large windows that flood the space with natural light. Two spacious bedrooms, ample storage, and a reserved parking stall with a winter plug-in enhance comfort and convenience. Plus, you'll be close to Henry Wise Wood like schools, Excellent walk in score of 9.8, shopping at Chinook Centre, and outdoor activities at Glenmore Reservoir and community centers. With a strong community feel and easy access to major roads, this property is a fantastic investment or live in opportunity—don’t miss your chance!
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:
847.49 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$553.34
Condo Fee Includes:
Gas, Heat, Insurance, Parking, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Water
HOA Fee Includes:
Lot Area:
10 sq. ft.
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:
West
Reg. Size:
Reg. Size Includes:
Unit Exposure:
West
Floor Location:
Below Grade
Entry Level:
1
Stories Total:
2
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1960 (Age: 64)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
9511565
Heating:
Baseboard, Boiler, Hot Water
New Constr.:
No
Construction Material:
Mixed
Structure Type:
Low Rise (2-4 stories)
Ensuite:
No
Flooring:
Laminate, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Common Area
Condo Fee Frequency:
Monthly
Z-name Not Listed
Chinook Park
Laundry, Picnic Area, Visitor Parking
Electric Stove, Range Hood, Refrigerator
N/A
Condo/Strata Approval
No
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
11'10" × 9'11"
Main Floor
Bedroom
9'11" × 9'11"
Main Floor
Dining Room
9'11" × 8'9"
Main Floor
Kitchen
9'6" × 8'5"
Main Floor
Living Room
17'1" × 13'
Floor
Ensuite
Pieces
Other
Main Floor
No
4
7'9" x 6'8"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Walking/Bike Paths
Interior Features:
High Ceilings, Soaking Tub
Exterior Features:
Courtyard
Patio And Porch Features:
None
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C2
Listed Date:
Oct 07, 2024
Days on Mkt:
  • Photo 1: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Main Entrance
  • Photo 2: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Front
  • Photo 3: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Living Area
  • Photo 4: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Living Area/Kitchen/Dinning
  • Photo 5: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Dinning Area
  • Photo 6: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Kitchen
  • Photo 7: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Lobby
  • Photo 8: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Lobby
  • Photo 9: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Primary Bedroom
  • Photo 10: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Primary Bedroom
  • Photo 11: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Secondary Bedroom
  • Photo 12: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Secondary Bedroom
  • Photo 13: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    4pc Bath
  • Photo 14: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Laundary
  • Photo 15: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Laundary
  • Photo 16: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Parking
  • Photo 17: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Photo 17 of 18
  • Photo 18: 203 8231 Elbow Drive SW in Calgary: Chinook Park Apartment for sale : MLS®# A2171242
    Outide Parking
Listed by RE/MAX Real Estate (Central)
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
4,937
Avg list price:
$589,000
Min list price:
$159,900
Max list price:
$10,000,000
Avg days on market:
35
Min days on market:
1
Max days on market:
473
Avg price per sq.ft.:
$435.58
These statistics are generated based on the current listing's property type and located in Calgary. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706