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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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1131 Millcrest Rise SW
Millrise Calgary T2Y 2L9

$599,000
Residential beds: 3 baths: 3.0 1,549 sq. ft. built: 1983

Main Photo: 1131 Millcrest Rise SW in Calgary: Millrise Detached for sale : MLS®# A2178205
Photo 1: 1131 Millcrest Rise SW in Calgary: Millrise Detached for sale : MLS®# A2178205
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Photo 31: 1131 Millcrest Rise SW in Calgary: Millrise Detached for sale : MLS®# A2178205
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2178205
Bedrooms:
3
Bathrooms:
3
Year Built:
1983
Welcome to this charming 2-story home featuring a newly renovated interior and a highly functional floor plan. Bay windows in both the living room and formal dining room bring in plenty of natural light. The spacious kitchen includes a cozy breakfast nook overlooking the family room, which has a warm fireplace. A combined mudroom and laundry area next to the powder room and family room adds convenience. The second floor offers a master bedroom with a 4-piece ensuite bath and a large closet, along with well-sized second and third bedrooms and a main 4-piece bathroom. The main floor has brand-new Easy-Street vinyl tiles with cushioned foam backing for added warmth and comfort, while the second floor features new carpeting throughout. Freshly painted, the home is upgraded with modern architectural moldings. Outside, a spacious deck in the south-facing backyard is perfect for BBQs and a play area for kids, and the oversized garage easily accommodates two large vehicles. The partially finished basement offers potential for a future recreation room or bedroom. This home is ideally located within walking distance of schools, playgrounds, parks, and bus routes, with C-train access and shopping centers nearby.
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
Total Living Area:
1,549 sq. ft.
Main Level Finished Area:
862.7 sq. ft.
Upper Level Finished Area:
686 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
762.6 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
3,208 sq. ft.
Lot Frontage:
29'6"
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:
7
Year built:
1983 (Age: 41)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
8211011
Heating:
Forced Air, Natural Gas
Basement:
Full, Unfinished
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Vinyl
Cooling:
None
Fireplaces:
1
Fireplace Details:
Brick Facing, Family Room, Wood Burning
Garage:
1
Garage Spaces:
2
Parking:
Alley Access, Double Garage Detached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
Main Level
Millrise
Dishwasher, Electric Stove, Refrigerator
NA
None Known
Floor
Type
Size
Other
Main Floor
Entrance
6'5" × 3'11"
Main Floor
Living Room
14' × 11'
Main Floor
Dining Room
10' × 7'8"
Main Floor
Kitchen
16'2" × 9'4"
Main Floor
Family Room
14'1" × 12'
Main Floor
Laundry
8'6" × 5'11"
2nd Floor
Bedroom - Primary
12'7" × 12'2"
2nd Floor
Bedroom
10'10" × 8'8"
2nd Floor
Bedroom
10'7" × 9'3"
Basement
Furnace/Utility Room
18'11" × 11'7"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
3'1" x 7'
2nd Floor
Yes
4
5' x 9'7"
2nd Floor
No
3
9'2" x 4'11"
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
No Animal Home, No Smoking Home, Open Floorplan, Quartz Counters
Exterior Features:
Other
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Landscaped, Level, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone S
Zoning:
R-C1
Listed Date:
Nov 08, 2024
Days on Mkt:
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Listed by Grand Realty
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