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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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204 52 Mcrae Street
Heritage Okotoks Okotoks T1S 1A6

$374,500
Residential beds: 2 baths: 3.0 1,435 sq. ft. built: 2004

Main Photo: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
Photo 1: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
Photo 2: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
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Photo 33: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2173542
Bedrooms:
2
Bathrooms:
3
Year Built:
2004
Welcome home to the heart of Okotoks! This spacious yet cozy and homey 2-storey condo puts you steps away from local gems like shops, bistros, coffee spots, and restaurants. The main floor, which boasts in-floor heating, features a good-sized kitchen with custom maple cabinets, a sleek tile backsplash, Quartz countertops, stainless steel appliances, and a gas stove (all appliances are less than 5 years old). Oversized windows flood the space with natural light, making it bright and welcoming. On cooler evenings, cozy up by the fireplace with a glass of wine or warm drink in hand. In the morning, step out onto the large West-facing deck to enjoy your coffee and privacy while welcoming a new day. Upstairs, you’ll find a huge primary bedroom with 5-piece bath retreat featuring a double vanity and bright skylight. The second bedroom also hosts its own 4-piece ensuite. Separating the two bedrooms is the conveniently located laundry. Separate from the unit, we can't forget about the three awesome bonus areas this property has to offer! #1 – a dedicated parking stall within the heated, shared garage. #2 – above the garage, you’ll discover an expansive private rooftop patio which is perfect for summer lounging or entertaining friends. #3 - this unit comes with a 347 sqft heated, secured storage room in the basement. You have to see this place in person to truly appreciate all it has to offer. Schedule your showing today! **Please note that the condo fees include all utilities except for electricity**
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Multi Level Unit
Total Living Area:
1,435.01 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$816.50
Condo Fee Includes:
Common Area Maintenance, Gas, Heat, Insurance, Parking, Reserve Fund Contributions, 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:
East
Reg. Size:
Reg. Size Includes:
Unit Exposure:
East, West
Floor Location:
Top
Entry Level:
2
Stories Total:
2
Levels:
Multi Level Unit
End Unit:
2+ Common Walls, No One Above
Total Rooms Above Grade:
4
Year built:
2004 (Age: 20)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
0410521
Heating:
In Floor, Natural Gas
Basement:
See Remarks
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Cement Fiber Board, Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Flat, Membrane
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Laminate, Linoleum
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas, Living Room
Garage:
1
Garage Spaces:
1
Parking:
Alley Access, Single Garage Detached, Titled
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit, Upper Level
Condo Fee Frequency:
Monthly
Z-name Not Listed
Heritage Okotoks
Roof Deck, Secured Parking, Storage
Dishwasher, Microwave Hood Fan, Refrigerator, Washer/Dryer Stacked, Window Coverings
N/A
Board Approval, Pets Allowed
Yes
Floor
Type
Size
Other
Main Floor
Kitchen With Eating Area
12'5" × 12'5"
Main Floor
Living Room
21'1" × 17'5"
2nd Floor
Bedroom
14'10" × 10'
2nd Floor
Bedroom - Primary
21'1" × 17'5"
Basement
Storage
21'4" × 16'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
6'6" x 2'11"
2nd Floor
Yes
4
7'10" x 5'11"
2nd Floor
Yes
5
7'3" x 11'5"
Title to Land:
Fee Simple
Community Features:
Shopping Nearby
Interior Features:
Ceiling Fan(s), Double Vanity, Open Floorplan, Quartz Counters
Exterior Features:
Balcony, BBQ gas line, Courtyard
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Foothills County
Zoning:
D
Listed Date:
Oct 17, 2024
Days on Mkt:
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    Large primary
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    Primary ensuite
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    2nd bedroom ensuite
  • Photo 23: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
    346sqft heated storage
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    346sqft heated storage
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    Shared rooftop patio
  • Photo 29: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
    Shared garage
  • Photo 30: 204 52 Mcrae Street: Okotoks Apartment for sale : MLS®# A2173542
    Middle stall
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Listed by Royal LePage Benchmark
Data was last updated November 13, 2024 at 04:05 AM (UTC)
Area Statistics
Listings on market:
94
Avg list price:
$649,950
Min list price:
$215,000
Max list price:
$3,995,000
Avg days on market:
34
Min days on market:
3
Max days on market:
253
Avg price per sq.ft.:
$383.65
These statistics are generated based on the current listing's property type and located in Okotoks. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706