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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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When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!

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8 Key Cove SW
Airdrie Airdrie T4B 0B7

$709,900
Residential beds: 3 baths: 3.0 2,072 sq. ft. built: 2024

Main Photo: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 1: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 2: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 3: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 4: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 5: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 6: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 7: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 8: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 9: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 10: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 11: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 12: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 13: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 14: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 15: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 16: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 17: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 18: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 19: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 20: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Photo 21: 8 Key Cove SW: Airdrie Detached for sale : MLS®# A2155832
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2155832
Bedrooms:
3
Bathrooms:
3
Year Built:
2024
Explore all Key Ranch has to offer from its breathtaking views of the Rocky Mountains, wide open spaces but still has the hustle and bustle feel of the city. Shopping and an abundance of natural amenities are just minutes away. The best of country and urban living come together in Key Ranch. Key Ranch, located on the west edge of the city of Airdrie, offers the ideal balance between urban and rural living. Key Ranch connects you and your family to the beauty and serene living yet still minutes away from all that you need. From Akash Homes comes the 'Otis-Z' model. With over 2000 square feet of open-concept living space, the Otis is built with your growing family in mind. This single-family home features 3 bedrooms, 2.5 bathrooms, a SEPARATE SIDE ENTRY, quartz counters, electric fireplace in the great room, and an expansive walk-in closet in the primary bedroom. Enjoy extra living space on the main floor with the laundry room on the second floor. Take life to new heights in Key Ranch! **PLEASE NOTE** UNDER CONSTRUCTION! PICTURES ARE OF SIMILAR HOME; ACTUAL HOME, PLANS, FIXTURES, AND FINISHES MAY VARY AND ARE SUBJECT TO AVAILABILITY/CHANGES WITHOUT NOTICE.
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:
2,072 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
3,595 sq. ft.
Lot Frontage:
1'
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:
Levels:
Two
Total Rooms Above Grade:
7
Year built:
2024 (Age: 0)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
3.0 (Full:2, Half:1)
Plan:
2312456
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Full, Unfinished
Foundation:
Poured Concrete
Builder:
Akash Homes Ltd
New Constr.:
Yes
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Laminate, Tile
Cooling:
None
Fireplaces:
1
Fireplace Details:
Electric, Great Room, See Remarks
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
Upper Level
See Remarks
$5,000 CREDIT to the Brick
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
15'8" × 12'1"
Main Floor
Family Room
11'9" × 11'
Main Floor
Dining Room
12'1" × 8'
Main Floor
Mud Room
0 × 0
2nd Floor
Bedroom - Primary
12'7" × 11'5"
2nd Floor
Bedroom
12'1" × 11'1"
2nd Floor
Bedroom
11'1" × 9'9"
2nd Floor
Bonus Room
13'1" × 12'1"
2nd Floor
Laundry
0 × 0
Floor
Ensuite
Pieces
Other
Main Floor
No
2
2nd Floor
No
4
2nd Floor
Yes
5
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Shopping Nearby, Walking/Bike Paths
Interior Features:
Quartz Counters, See Remarks
Exterior Features:
None
Patio And Porch Features:
Deck
Lot Features:
See Remarks
Num. of Parcels:
0
Fencing:
None
Region:
Airdrie
Zoning:
see remarks
Listed Date:
Aug 07, 2024
Days on Mkt:
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Listed by Century 21 All Stars Realty Ltd.
Data was last updated September 28, 2024 at 02:05 AM (UTC)
Area Statistics
Listings on market:
366
Avg list price:
$599,945
Min list price:
$244,000
Max list price:
$3,299,000
Avg days on market:
23
Min days on market:
1
Max days on market:
340
Avg price per sq.ft.:
$363.3
These statistics are generated based on the current listing's property type and located in Airdrie. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706