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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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245 6868 Sierra Morena Boulevard SW
Signal Hill Calgary T3H 3R6

$425,000
Residential beds: 1 baths: 2.0 887 sq. ft. built: 1998

Main Photo: 245 6868 Sierra Morena Boulevard SW in Calgary: Signal Hill Apartment for sale : MLS®# A2177368
Photo 1: 245 6868 Sierra Morena Boulevard SW in Calgary: Signal Hill Apartment for sale : MLS®# A2177368
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2177368
Bedrooms:
1
Bathrooms:
2
Year Built:
1998
Welcome to the Sierra’s West, one of the most desirable adult communities on the Westside. What makes it so special? When you move into the Sierras, it’s like joining an exclusive club. The amenities in the building are second to none. Starting on the main floor, as you enter the door, the grand entrance leads to the indoor pool, hot tub area, and newly equipped gym. The games area is up the circular staircase, outfitted with pool tables, dartboards, and shuffleboards. There are two car wash stations in the lower parkade, a well-equipped wood shop, a crafts room, a library, two events rooms (one with a piano and dance floor), guest suites that can be used for family and visitors, as well as many cozy seating areas throughout the entire complex, which make it a truly active social community, should you want to take advantage of it. If not, that’s ok because the building is tranquil. This unit is at the front of the building, overlooking the park/soccer fields to the west and the beautiful Rocky Mountains. With one bedroom and a den, it’s an excellent size, featuring new flooring, counters, and backsplash. The west-facing balcony has a tremendous view, and there is an in-suite A/C unit for those hot summer nights. This is one of the units that was upgraded with an ensuite as well. It’s an amazing complex and a fantastic home. For more details and to see our 360 Tour, click the links below.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
887.22 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$586.00
Condo Fee Includes:
Common Area Maintenance, Gas, Heat, Insurance, Maintenance Grounds, Professional Management, Reserve Fund Contributions, Residential Manager, Sewer, 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:
West
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southwest
Floor Location:
Other
Entry Level:
2
Stories Total:
3
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1998 (Age: 26)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:1, Half:1)
Plan:
9712538
Heating:
Baseboard, Natural Gas
New Constr.:
No
Construction Material:
Brick, Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
Ceramic Tile, Vinyl Plank
Cooling:
Wall Unit(s)
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Parkade, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Sierra's West I
Signal Hill
Car Wash, Elevator(s), Fitness Center, Gazebo, Guest Suite, Indoor Pool, Parking, Party Room, Secured Parking, Visitor Parking, Workshop
Dishwasher, Dryer, Electric Oven, Microwave Hood Fan, Range Hood, Refrigerator, Washer
N/A
Adult Living, Condo/Strata Approval, Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Bedroom
12' × 11'3"
Main Floor
Dining Room
7'10" × 7'7"
Main Floor
Kitchen
9'10" × 9'6"
Main Floor
Laundry
8'1" × 5'4"
Main Floor
Living Room
17'8" × 12'5"
Main Floor
Office
14' × 9'2"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
2
4'3" x 5'6"
Main Floor
No
4
7'8" x 8'2"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Pool, Schools Nearby, Shopping Nearby, Sidewalks, Tennis Court(s), Walking/Bike Paths
Interior Features:
French Door, No Animal Home, No Smoking Home, Open Floorplan, Quartz Counters
Exterior Features:
Courtyard
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone W
Zoning:
M-C1
Listed Date:
Nov 07, 2024
Days on Mkt:
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Listed by eXp Realty
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
36
Avg list price:
$610,000
Min list price:
$225,000
Max list price:
$5,900,000
Avg days on market:
33
Min days on market:
3
Max days on market:
168
Avg price per sq.ft.:
$404.45
These statistics are generated based on the current listing's property type and located in Signal Hill. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706