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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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2428 29 Avenue SW
Richmond Calgary T2T 1N9

$925,000
Residential beds: 4 baths: 2.0 1,057 sq. ft. built: 1952

SOLD OVER THE LISTING PRICE!
Main Photo: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 1: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 2: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 3: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 4: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 5: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 6: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 7: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 8: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 9: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 10: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 11: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Photo 12: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
Status:
Sold
Sold Date:
Jun 19, 2024
Listed Price:
$899,900
Sold Price:
$925,000
Sold in:
5 days
Prop. Type:
Residential
MLS® Num:
A2140640
Bedrooms:
4
Bathrooms:
2
Year Built:
1952
Outstanding investment or redevelopment opportunity on a 50’x125’ lot in Richmond! The current bungalow has 2 bedrooms up & an illegal 2 bedroom basement suite. The prime inner city location can’t be beat - close to vibrant Marda Loop, River Park, excellent schools, shopping, public transit & just minutes to the downtown core. Don’t miss the chance to redevelop or build your dream home in this exceptional location!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
60 Days / Neg
Suite:
Suite - Illegal
Home Style:
Bungalow
Total Living Area:
1,056.72 sq. ft.
Main Level Finished Area:
1,056.72 sq. ft.
Below Grade Finished Area:
1,056.72 sq. ft.
Taxes:
$4,825 / 2024
Tax Assessed Value:
744000.0
Lot Area:
6,243 sq. ft.
Lot Frontage:
50'
Front Exposure:
South
Levels:
One
Total Rooms Above Grade:
5
Year built:
1952 (Age: 72)
Bedrooms:
4
Bedrooms Above Grade:
2
Bedrooms Below Grade:
2
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
4479P
Heating:
Forced Air, Natural Gas
Basement:
Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Hardwood, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
1
Parking:
Single Garage Detached
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Basement, Laundry Room
Richmond
Dryer, Refrigerator, Stove(s), Washer
2nd fridge
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
13' × 12'
Main Floor
Dining Room
14' × 11'
Main Floor
Living Room
15' × 11'6"
Main Floor
Bedroom - Primary
19' × 11'
Main Floor
Bedroom
14' × 11'
Basement
Kitchenette
10'6" × 8'
Basement
Living Room
12'6" × 11'
Basement
Laundry
12'6" × 9'
Basement
Bedroom
13' × 11'
Basement
Bedroom
10' × 9'6"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
Basement
No
3
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Tennis Court(s)
Interior Features:
Soaking Tub
Exterior Features:
Private Entrance, Private Yard
Patio And Porch Features:
Deck, Patio
Lot Features:
Back Lane, Back Yard, Front Yard, Lawn, Landscaped, Level, Rectangular Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
R-C2
Listed Date:
Jun 14, 2024
Days on Mkt:
5
  • Photo 1: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
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  • Photo 2: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 2 of 12
  • Photo 3: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 3 of 12
  • Photo 4: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 4 of 12
  • Photo 5: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 5 of 12
  • Photo 6: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 6 of 12
  • Photo 7: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 7 of 12
  • Photo 8: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 8 of 12
  • Photo 9: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 9 of 12
  • Photo 10: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 10 of 12
  • Photo 11: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 11 of 12
  • Photo 12: 2428 29 Avenue SW in Calgary: Richmond Detached for sale : MLS®# A2140640
    Photo 12 of 12
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Listed by RE/MAX Real Estate (Central)
Data was last updated June 26, 2024 at 08:05 PM (UTC)
Diane Richardson
Cell: 403-397-3706