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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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3128 3000 Millrise Point SW
Millrise Calgary T2Y 3W4

$200,000
Residential beds: 1 baths: 1.0 644 sq. ft. built: 2001

Main Photo: 3128 3000 Millrise Point SW in Calgary: Millrise Apartment for sale : MLS®# A2177737
Photo 1: 3128 3000 Millrise Point SW in Calgary: Millrise Apartment for sale : MLS®# A2177737
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2177737
Bedrooms:
1
Bathrooms:
1
Year Built:
2001
Not just a home, but a lifestyle at Legacy Estates in Millrise! This 60+ adult building has it all...Amenities include a lounge with billiards, shuffle board, card tables, expansive library with books, puzzles, board games & exercise equipment too! There's a craft room, a rooftop patio, a guest suite for your out of town guests, car wash bay, and loads of social events planned throughout the week. The Bistro offers weeknight dinners prepared by the on site gourmet chef and monthly Sunday family dinners as well! That is just the common areas of this building. Enter the privacy of your own suite to new vinyl plank flooring, open concept kitchen and dining area, 1 bedroom, 1 bath, with in suite laundry and the AMAZING insulated covered balcony which can be an additional lounge room as this space can easily be used year round. Easy access to LRT, shopping, fish creek park and more. Join the lifestyle at Legacy Estates in Millrise!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
643.57 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$425.89
Condo Fee Includes:
Amenities of HOA/Condo, Caretaker, Common Area Maintenance, Electricity, Gas, Heat, Insurance, Interior Maintenance, Maintenance Grounds, Parking, Professional Management, Reserve Fund Contributions, Sewer, 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:
Southeast
Floor Location:
Ground
Entry Level:
1
Stories Total:
4
Levels:
Single Level Unit
End Unit:
1 Common Wall, End Unit, No One Below
Total Rooms Above Grade:
3
Year built:
2001 (Age: 23)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
0111781
Heating:
Baseboard, Electric
Basement:
None
New Constr.:
No
Construction Material:
Concrete, Vinyl Siding, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
None
Parking Places:
0.0
Parking Total/Covered:
0 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Legacy Estates in Millrise
Millrise
Car Wash, Elevator(s), Fitness Center, Guest Suite, Party Room, Roof Deck, Secured Parking, Trash, Visitor Parking
Dishwasher, Electric Range, Microwave, Refrigerator, Washer/Dryer Stacked, Window Coverings
None
Adult Living
Restrictions, Cats OK, Dogs OK
Floor
Type
Size
Other
Main Floor
Bedroom
12'5" × 11'11"
Main Floor
Kitchen
11'2" × 7'3"
Main Floor
Living Room
18'5" × 17'2"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
7' x 10'7"
Title to Land:
Fee Simple
Community Features:
Park, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
No Animal Home, No Smoking Home
Exterior Features:
Balcony
Patio And Porch Features:
Enclosed
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C2
Listed Date:
Nov 08, 2024
Days on Mkt:
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Listed by Century 21 Bamber Realty LTD.
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
13
Avg list price:
$529,900
Min list price:
$200,000
Max list price:
$689,000
Avg days on market:
22
Min days on market:
5
Max days on market:
84
Avg price per sq.ft.:
$413.2
These statistics are generated based on the current listing's property type and located in Millrise. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706