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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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1103 8 Bridlecrest Drive SW
Bridlewood Calgary T2Y 0H6

$310,000
Residential beds: 2 baths: 2.0 753 sq. ft. built: 2008

Main Photo: 1103 8 Bridlecrest Drive SW in Calgary: Bridlewood Apartment for sale : MLS®# A2137863
Photo 1: 1103 8 Bridlecrest Drive SW in Calgary: Bridlewood Apartment for sale : MLS®# A2137863
Photo 2: 1103 8 Bridlecrest Drive SW in Calgary: Bridlewood Apartment for sale : MLS®# A2137863
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Status:
Sold
Sold Date:
Jun 26, 2024
Listed Price:
$315,000
Sold Price:
$310,000
Sold in:
20 days
Prop. Type:
Residential
MLS® Num:
A2137863
Bedrooms:
2
Bathrooms:
2
Year Built:
2008
Sunny 2 bedroom, 2 bath main level condo in the admired community of Bridlewood. Bright kitchen boasting walnut cupboards & the remainder is finished in natural light & white tones. The kitchen is open to the living room where you have direct access to a private patio that is covered for year-round enjoyability. Strategically separated on either side of the unit you will find the bedrooms. The primary bedroom offers a large space with a view out to the oversized private patio (most units on the main floor have adjoining patios), a large walk-through closet & 4 pc ensuite. The second bedroom is perfect for overnight guests, play area or home office. A 4 pc. bath and in-suite laundry complete this great unit. This unit comes with one underground heated parking stall so you’ll never have to worry about scraping your windshield again. Your new home is calling!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Negotiable
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
753 sq. ft.
Taxes:
$1,300 / 2024
Tax Assessed Value:
200500.0
Condo Fee:
$393.63
Condo Fee Includes:
Common Area Maintenance, Electricity, Heat, Insurance, Interior Maintenance, Parking, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Trash, Water
Front Exposure:
East
Reg. Size Includes:
Interior Above Grade
Unit Exposure:
West
Floor Location:
Ground
Entry Level:
1
Stories Total:
4
Levels:
Single Level Unit
End Unit:
2+ Common Walls, No One Below
Total Rooms Above Grade:
5
Year built:
2008 (Age: 16)
Bedrooms:
2
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0812875
Heating:
Baseboard
New Constr.:
No
Construction Material:
Stone, Vinyl Siding, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
Carpet, Laminate
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Stall, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Main Level
Condo Fee Frequency:
Monthly
Bridlecrest Pointe
Bridlewood
Parking, Visitor Parking
Dishwasher, Microwave, Refrigerator, Stove(s), Washer/Dryer
N/A
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Entrance
5'5" × 3'7"
Main Floor
Den
8'3" × 6'
Main Floor
Bedroom
12'4" × 9'2"
Main Floor
Walk-In Closet
7'7" × 3'7"
Main Floor
Living/Dining Room Combination
18'9" × 10'4"
Main Floor
Kitchen
8'1" × 7'10"
Main Floor
Laundry
3'4" × 2'7"
Main Floor
Bedroom - Primary
9'11" × 9'10"
Main Floor
Balcony
29'9" × 11'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 8'4"
Main Floor
Yes
4
4'11" x 7'6"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Built-in Features, Closet Organizers, Laminate Counters, Pantry, Storage
Exterior Features:
Other
Patio And Porch Features:
Patio
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-2 d162
Listed Date:
Jun 06, 2024
Days on Mkt:
20
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Listed by eXp Realty
Data was last updated September 29, 2024 at 12:05 AM (UTC)
Diane Richardson
Cell: 403-397-3706