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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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23 Lake Crimson Close
Lake Bonavista Calgary T2J 3K8

$999,000
Residential beds: 4 baths: 4.0 1,833 sq. ft. built: 1972

Main Photo: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
Photo 1: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
Photo 2: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
Photo 3: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
Photo 4: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
Photo 5: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
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Photo 40: 23 Lake Crimson Close in Calgary: Lake Bonavista Detached for sale : MLS®# A2177104
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2177104
Bedrooms:
4
Bathrooms:
4
Year Built:
1972
Good street. Great house. Lake Bonavista. The Hat Trick. Clean and bright FOUR bedroom 2 storey split with 2 skylights. Renovated kitchen with lots of cabinet space and a pantry. Custom millwork on rails and stairs. Wood burning fireplace. Main floor office. Main floor laundry. Gas BBQ line. Large deck. Private SOUTH backyard w/BIG pie lot. Full developed basement with side vs centre stair for better basement flow. Basement bedroom has a 3 piece bathroom. Large storage shed. Attached double garage is 21' x 21' with gas heater and 240 power for Dad. 23 Lake Crimson is as nice as the pictures!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey Split
Total Living Area:
1,833 sq. ft.
Main Level Finished Area:
1,206 sq. ft.
Upper Level Finished Area:
728.6 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Frequency:
Annually
HOA Fee Includes:
Lot Area:
5,887 sq. ft.
Lot Frontage:
44'7¾"
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:
North
Reg. Size:
Reg. Size Includes:
Levels:
Two
Total Rooms Above Grade:
8
Year built:
1972 (Age: 52)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
1230LK
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Wood Frame, Wood Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
In Hall
HOA Fee:
$367.00
Lake Bonavista
None
Dishwasher, Dryer, Garage Control(s), Microwave Hood Fan, Refrigerator, Washer, Water Conditioner, Window Coverings
N/A
None Known
Floor
Type
Size
Other
Main Floor
Living Room
17'4" × 14'6"
Main Floor
Dining Room
11'11" × 9'
Main Floor
Kitchen
12'4" × 11'10"
Main Floor
Family Room
16'1" × 11'11"
Main Floor
Office
9' × 8'7"
2nd Floor
Bedroom - Primary
13'4" × 13'1"
2nd Floor
Bedroom
10' × 9'9"
2nd Floor
Bedroom
9'8" × 8'7"
Lower Level
Game Room
28'5" × 13'8"
Lower Level
Bedroom
19'1" × 7'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
4'4" x 4'11"
2nd Floor
No
4
6'1" x 7'5"
2nd Floor
Yes
3
6'1" x 6'2"
Lower Level
No
3
5'11" x 7'11"
Title to Land:
Fee Simple
Community Features:
Fishing, None, Park, Playground
Interior Features:
Built-in Features, Granite Counters, No Animal Home, No Smoking Home, Pantry
Exterior Features:
None
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Pie Shaped Lot, Private
Num. of Parcels:
0
Outbuildings:
Shed
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone S
Zoning:
R-CG
Listed Date:
Nov 07, 2024
Days on Mkt:
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Listed by TREC The Real Estate Company
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
21
Avg list price:
$949,900
Min list price:
$299,800
Max list price:
$4,450,000
Avg days on market:
19
Min days on market:
2
Max days on market:
93
Avg price per sq.ft.:
$619.14
These statistics are generated based on the current listing's property type and located in Lake Bonavista. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706