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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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3812 3 Avenue SW
Spruce Cliff Calgary T3C 0A9

$914,999
Residential beds: 5 baths: 3.0 1,246 sq. ft. built: 1959

Main Photo: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 1: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 2: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 3: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 4: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 5: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
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Photo 20: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 21: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 22: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 23: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Photo 24: 3812 3 Avenue SW in Calgary: Spruce Cliff Detached for sale : MLS®# A2172739
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2172739
Bedrooms:
5
Bathrooms:
3
Year Built:
1959
Welcome to 3812 3 Avenue SW in the sought-after community of Spruce Cliff! This fully renovated corner-lot home offers a unique investment opportunity with a rare legal suit, perfect for generating rental income or providing space for extended family. Enjoy luxurious living with quartz countertops, luxury vinyl flooring, brand-new appliances upstairs and down, and a modern open-concept design that complements its contemporary feel. All electrical and plumbing are newly upgraded for peace of mind. The house is ideally situated just steps from Edworthy Park, with easy access to schools, shopping, and a quick 5-minute commute to downtown Calgary. With its blend of modern finishes and a prime location, this home is designed for comfortable living and long-term value. Book your showing today!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Legal
Home Style:
Bungalow
Total Living Area:
1,246 sq. ft.
Main Level Finished Area:
1,246 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,053 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
4,994 sq. ft.
Lot Frontage:
50'
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:
South
Reg. Size:
Reg. Size Includes:
Levels:
One
Total Rooms Above Grade:
6
Year built:
1959 (Age: 65)
Bedrooms:
5 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
2
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
1476HJ
Heating:
Baseboard, High Efficiency
Basement:
Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stucco, Wood Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Ceramic Tile, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Detached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
In Basement, Main Level, Multiple Locations
Spruce Cliff
Dishwasher, Electric Stove, Microwave, Refrigerator, Washer/Dryer
Garage Door Opener(s)
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
14' × 9'6"
Main Floor
Dining Room
15'10" × 9'4"
Main Floor
Living Room
17'3" × 16'3"
Main Floor
Bedroom - Primary
12'4" × 11'4"
Main Floor
Bedroom
11'3" × 10'2"
Main Floor
Bedroom
10'11" × 8'6"
Basement
Kitchen
18' × 9'4"
Basement
Living Room
14' × 12'1"
Basement
Furnace/Utility Room
13'8" × 9'6"
Basement
Bedroom
16'2" × 10'8"
Basement
Bedroom
13'5" × 11'1"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
4'11" x 8'6"
Main Floor
No
5
7'4" x 7'9"
Basement
No
5
8'8" x 10'2"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Kitchen Island, Laminate Counters, Open Floorplan, Pantry, Quartz Counters, Recessed Lighting, Separate Entrance, Steam Room, Storage, Vinyl Windows
Exterior Features:
Private Entrance, Private Yard
Patio And Porch Features:
Front Porch, Patio
Lot Features:
Back Yard, Corner Lot, Few Trees, Front Yard, Street Lighting
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone W
Zoning:
R-CG
Listed Date:
Oct 12, 2024
Days on Mkt:
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Listed by RE/MAX House of Real Estate
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
31
Avg list price:
$679,900
Min list price:
$274,000
Max list price:
$1,795,000
Avg days on market:
32
Min days on market:
1
Max days on market:
193
Avg price per sq.ft.:
$453.9
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