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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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204 328 Cedar Crescent SW
Spruce Cliff Calgary T3C 2Y8

$294,500
Residential beds: 1 baths: 1.0 786 sq. ft. built: 1967

Main Photo: 204 328 Cedar Crescent SW in Calgary: Spruce Cliff Apartment for sale : MLS®# A2172423
Photo 1: 204 328 Cedar Crescent SW in Calgary: Spruce Cliff Apartment for sale : MLS®# A2172423
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Photo 44: 204 328 Cedar Crescent SW in Calgary: Spruce Cliff Apartment for sale : MLS®# A2172423
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2172423
Bedrooms:
1
Bathrooms:
1
Year Built:
1967
Very large fantastic balcony with a gorgeous view of Douglas fir Walking Trail, River Valley, nature, trees and privacy! CONCRETE BUILDING with CITY VIEWS! Where in Calgary can you buy an upgraded condo surrounded by green space backing onto Douglas Fir Trail with bike paths/walkways leading to the river, Edworthy Park and Shaganappi Golf Course, gorgeous valley, Bow River and downtown VIEWS, seclusion & privacy, and minutes to the LRT? THIS IS IT! Good sized entrance into the unit. The kitchen has been opened up. A wall of windows and patio doors leading out to the balcony and view. Loads of cabinets, lots of counter space and eating area with 4 bar stools. Downstairs: Laundry area, bathroom, gigantic assigned storage space for this unit, entertainment area for owner’s use, bike storage, exit to outdoors and one assigned parking stall with lots of street parking. Right across from the condo building is a very nice park. Walk to the Community Centre, strip mall with restaurant and much more. The Board is very diligent and has done many upgrades to the building inside and out. Laundry allowed in unit with Board approval.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
786.1 sq. ft.
Main Level Finished Area:
786.1 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$587.56
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Heat, Reserve Fund Contributions, Trash
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:
Southwest
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Northeast
Floor Location:
Other
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
1 Common Wall, End Unit
Total Rooms Above Grade:
5
Year built:
1967 (Age: 57)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
9011426
Heating:
Baseboard, Boiler, Natural Gas, Radiant
Basement:
None
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Stucco
Structure Type:
Low Rise (2-4 stories)
Ensuite:
No
Flooring:
Laminate
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Off Street, On Street, Parking Lot, Paved, Plug-In, Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Common Area, In Basement, See Remarks
Condo Fee Frequency:
Monthly
Z-name Not Listed
Spruce Cliff
Bicycle Storage, Coin Laundry, Party Room, Storage
Dishwasher, Electric Stove, Microwave, Microwave Hood Fan, Refrigerator, Window Coverings
4 Bar stools, Speakers and Receiver, 2 White Wardrobes in Den, Bedroom Closet Unit in bedroom
Pet Restrictions or Board approval Required, Pets Allowed
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Living Room
11'11" × 11'5"
Main Floor
Dining Room
11'11" × 8'
Main Floor
Kitchen With Eating Area
14' × 7'5"
Main Floor
Bedroom - Primary
11'11" × 9'10"
Main Floor
Den
12'4" × 12'
Main Floor
Storage
4'4" × 4'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 7'5"
Title to Land:
Fee Simple
Community Features:
Golf, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Tennis Court(s), Walking/Bike Paths
Interior Features:
No Animal Home, No Smoking Home, Open Floorplan, See Remarks, Storage, Tile Counters, Wired for Sound
Exterior Features:
Balcony, Storage
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone W
Zoning:
M-C1
Listed Date:
Oct 11, 2024
Days on Mkt:
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Listed by Real Estate Professionals 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