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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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1339 56 Avenue NW
North Haven Upper Calgary T2K 5M2

$699,000
Residential beds: 4 baths: 3.0 1,263 sq. ft. built: 1976

Main Photo: 1339 56 Avenue NW in Calgary: North Haven Upper Detached for sale : MLS®# A2175035
Photo 1: 1339 56 Avenue NW in Calgary: North Haven Upper Detached for sale : MLS®# A2175035
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2175035
Bedrooms:
4
Bathrooms:
3
Year Built:
1976
This is that highly desired and rare bilevel that includes a separate entrance to the lower level.. The lower level kitchen includes a double stainless steel sink, second electric stove and second refrigerator. A very spacious rumpus room, a full bath, a second wood burning, brick faced fireplace. There is a fourth bedroom and another room that could be your home office, a second basement bedroom or your hobby room. The furnace and the hot water tank have been upgraded and replaced. This is a very spacious bi-level on a large fenced lot, tucked away on a rather quiet street in Upper North Haven. The location couldn't be better as the home is positioned two blocks from 14th street but also just two blocks from the coveted Nose Hill Provincial park You will be impressed by the main floorpan that includes one of two majestic wood burning fireplaces along with a 'Formal' dining room and even a west facing elevated deck. The asphalt shingles were installed in 2021 which increases the R-Factor of the home plus you can live in comfort knowing you will likely never have to replace it as new owners. A most functional home with great curb appeal and with all levels of schooling close by along with shopping, restaurants, playgrounds,, churches, public transportation and very easy access to major thoroughfares in all directions. Another benefit is quick possession is possible.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Illegal
Home Style:
Bi-Level
Total Living Area:
1,262.83 sq. ft.
Main Level Finished Area:
1,262.83 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
1,110.99 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,715 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:
East
Reg. Size:
Reg. Size Includes:
Unit Exposure:
East
Floor Location:
Below Grade
Levels:
Bi-Level
Total Rooms Above Grade:
6
Year built:
1976 (Age: 48)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
7510568
Heating:
Fireplace(s), Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Finished, Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Vinyl Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Linoleum
Cooling:
None
Fireplaces:
2
Fireplace Details:
Brick Facing, Gas Starter, Wood Burning
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Detached, Oversized
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Lower Level
North Haven Upper
Dishwasher, Dryer, Electric Stove, Garage Control(s), Range Hood, Refrigerator, Stove(s), Washer
N/A
None Known
Floor
Type
Size
Other
Main Floor
Dining Room
12'10" × 8'10"
Main Floor
Living Room
16'4" × 14'4"
Main Floor
Bedroom
13' × 7'11"
Main Floor
Bedroom - Primary
12'6" × 11'4"
Main Floor
Bedroom
11'5" × 9'10"
Main Floor
Kitchen
13' × 12'4"
Basement
Game Room
25'6" × 18'8"
Basement
Furnace/Utility Room
9'6" × 8'3"
Basement
Bedroom
13'8" × 8'9"
Basement
Kitchen
8'1" × 7'11"
Basement
Bonus Room
17' × 8'1"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
2
6' x 4'10"
Main Floor
No
4
7'7" x 7'
Basement
No
4
7'6" x 8'1"
Title to Land:
Fee Simple
Community Features:
Park, Pool, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Ceiling Fan(s), Laminate Counters, No Animal Home, No Smoking Home, Separate Entrance, Storage
Exterior Features:
Balcony, Private Entrance, Private Yard
Patio And Porch Features:
Balcony(s), Deck, Patio
Lot Features:
Back Lane, Back Yard, Fruit Trees/Shrub(s), Front Yard, Lawn, Landscaped
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone N
Zoning:
R-CG
Listed Date:
Oct 24, 2024
Days on Mkt:
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Listed by Royal LePage Benchmark
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
4,830
Avg list price:
$588,352
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:
475
Avg price per sq.ft.:
$435.02
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