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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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203 1730 7 Street SW
Lower Mount Royal Calgary T2T 2W6

$199,900
Residential beds: 1 baths: 1.0 500 sq. ft. built: 1967

Main Photo: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 1: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 2: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 3: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 4: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 5: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 6: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
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Photo 17: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
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Photo 19: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Photo 20: 203 1730 7 Street SW in Calgary: Lower Mount Royal Apartment for sale : MLS®# A2178380
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2178380
Bedrooms:
1
Bathrooms:
1
Year Built:
1967
Welcome to the heart of Calgary's vibrant downtown! Located in the sought-after Lower Mount Royal community, just steps off the Beltline, this charming condo offers the perfect blend of urban convenience and neighborhood charm. With shopping, grocery stores, restaurants, bars, and vibrant nightlife all within walking distance, everything you need is right outside your door. Perfectly situated, this condo boasts close proximity to the Saddledome, public transit, —making it ideal for various lifestyles. Inside, you'll find a thoughtfully designed layout featuring a spacious 4-piece bathroom, a well-equipped kitchen, and the convenience of in-unit laundry. Additional perks include an assigned parking stall, a storage unit, and a meticulously maintained building that radiates pride of ownership. This single unit is priced under $200,000, making it a fantastic opportunity for first-time buyers or investors looking to own a piece of one of Calgary’s top communities. Don't miss out on this rare find—affordable downtown living at its finest!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
500 sq. ft.
Main Level Finished Area:
500 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$576.36
Condo Fee Includes:
Heat, Insurance, Parking, Reserve Fund Contributions, Residential Manager, Sewer, Snow Removal, Trash, Water
HOA Fee Frequency:
Monthly
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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Other
Entry Level:
2
Stories Total:
4
Levels:
Single Level Unit
End Unit:
1 Common Wall
Total Rooms Above Grade:
3
Year built:
1967 (Age: 57)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
0510018
Heating:
Boiler, None
Basement:
None
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Brick, Concrete, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Flat
Ensuite:
No
Flooring:
Ceramic Tile, Laminate
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Assigned, Parkade
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Z-name Not Listed
Lower Mount Royal
Parking, Snow Removal, Storage, Trash, Visitor Parking
Dishwasher, Electric Stove, Refrigerator, Washer/Dryer
N/A
See Remarks
Restrictions
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
12'3" × 9'3"
Main Floor
Kitchen
10' × 9'11"
Main Floor
Living Room
10'1" × 7'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 6'11"
Title to Land:
Fee Simple
Community Features:
None
Interior Features:
Storage, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C2
Listed Date:
Nov 09, 2024
Days on Mkt:
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Listed by CIR Realty
Data was last updated November 14, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
26
Avg list price:
$338,500
Min list price:
$183,900
Max list price:
$850,000
Avg days on market:
32
Min days on market:
5
Max days on market:
90
Avg price per sq.ft.:
$404.32
These statistics are generated based on the current listing's property type and located in Lower Mount Royal. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706