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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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120 Oaktree Close SW
Oakridge Calgary T2V 4E5

$299,700
Residential beds: 2 baths: 1.0 502 sq. ft. built: 1975

Main Photo: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 1: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 2: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 3: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 4: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 5: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 6: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 7: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 8: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 9: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 10: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 11: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 12: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 13: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 14: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 15: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 16: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 17: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 18: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 19: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 20: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Photo 21: 120 Oaktree Close SW in Calgary: Oakridge Semi Detached (Half Duplex) for sale : MLS®# A2129115
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2129115
Bedrooms:
2
Bathrooms:
1
Year Built:
1975
Welcome to your new home, where comfort meets affordability. Nestled within walking distance of essential amenities such as grocery stores, coffee shops, restaurants, and public transportation, this charming 2-bedroom duplex offers convenience at its finest. This complex is conveniently located near the Glenmore Reservoir boat launch, Southland pool and splash park and a paved bike path. As you step inside, you'll be greeted by a spacious living area featuring a vaulted ceiling adorned with exposed beams, complemented by a cozy fireplace that sets the perfect ambiance. The kitchen boasts ample working space and storage, catering to your culinary needs with ease. Both bedrooms offer generous proportions, ideal for a small family or roommates looking to share a space. Outside, a fenced yard overlooks lush greenery, providing a serene retreat. And yes, for dog lovers, this complex welcomes furry companions. Convenience extends to parking, with a designated stall conveniently located right outside the door, supplemented by ample street parking for guests. Washer, dryer and dishwasher are all less than 6 months old. Welcome to your new haven, where comfort, convenience, and charm await. The property is currently rented at $2,250/month plus utilities. Tenant has a fixed lease until March 31, 2025.
Property Type:
Residential
Property Sub Type:
Semi Detached (Half Duplex)
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bi-Level, Side by Side
Total Living Area:
502.42 sq. ft.
Main Level Finished Area:
502.42 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
359.43 sq. ft.
Taxes:
Tax Assessed Value:
Condo Fee:
$518.00
Condo Fee Includes:
Maintenance Grounds, Professional Management, Reserve Fund Contributions, Snow Removal, Trash
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:
Southeast
Reg. Size:
Reg. Size Includes:
Entry Level:
1
Levels:
Bi-Level
End Unit:
1 Common Wall
Total Rooms Above Grade:
3
Year built:
1975 (Age: 49)
Bedrooms:
2 (Above Grd: 0)
Bedrooms Above Grade:
0
Bedrooms Below Grade:
2
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
7510584
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Wood
New Constr.:
No
Construction Material:
Stucco, Wood Siding
Structure Type:
Duplex
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Laminate
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
0
Parking:
Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Oakridge Village
Oakridge
None
Dishwasher, Electric Stove, Refrigerator, Washer/Dryer, Window Coverings
NA
Board Approval, Utility Right Of Way
Restrictions
Floor
Type
Size
Other
Main Floor
Kitchen
11'8" × 5'11"
Main Floor
Dining Room
13'1" × 9'9"
Main Floor
Living Room
13' × 10'10"
Basement
Bedroom - Primary
13'1" × 10'9"
Basement
Bedroom
10'9" × 8'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 7'7"
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Beamed Ceilings, No Smoking Home
Exterior Features:
Private Yard
Patio And Porch Features:
Deck
Lot Features:
Back Yard
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C1
Listed Date:
May 05, 2024
Days on Mkt:
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Listed by Real Broker
Data was last updated June 29, 2024 at 08:05 PM (UTC)
Area Statistics
Listings on market:
12
Avg list price:
$853,950
Min list price:
$284,000
Max list price:
$1,339,000
Avg days on market:
13
Min days on market:
2
Max days on market:
108
Avg price per sq.ft.:
$567.08
These statistics are generated based on the current listing's property type and located in Oakridge. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706