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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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55 Margate Place NE
Marlborough Calgary T2A 3E4

$569,900
Residential beds: 4 baths: 2.0 1,081 sq. ft. built: 1971

Main Photo: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 1: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 2: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 3: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 4: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 5: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 6: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 7: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 8: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 9: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 10: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 11: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 12: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 13: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 14: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 15: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 16: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 17: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 18: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 19: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 20: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 21: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 22: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 23: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 24: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 25: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 26: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 27: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 28: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 29: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
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Photo 31: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 32: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
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Photo 34: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 35: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 36: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 37: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 38: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 39: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Photo 40: 55 Margate Place NE in Calgary: Marlborough Detached for sale : MLS®# A2173018
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2173018
Bedrooms:
4
Bathrooms:
2
Year Built:
1971
Double front drive attached garage!! Welcome to 55 Margate Place NE. This fantastic bungalow on a pie-shaped lot in a quiet cul-de-sac with an illegal basement suite is ready for its new owners. The main floor has been fully updated with new flooring, carpet, paint, lighting, and appliances. The open-concept main floor is made to entertain with plenty of natural light. The main floor has two bedrooms, a three-piece bathroom, and a den/office that was formerly a bedroom and could be easily converted back if needed. Head to the basement, where you will find a spacious living room, a wood-burning fireplace and a kitchen with a dining area. Two bedrooms and a 4-piece bathroom complete the basement. The backyard has a new fence, deck, and plenty of room to enjoy those warm summer nights. This home is move-in ready and awaiting a new family. Book your private showing today!!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Illegal
Home Style:
Bungalow
Total Living Area:
1,081 sq. ft.
Main Level Finished Area:
1,081 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
774 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
4,650 sq. ft.
Lot Frontage:
46'9"
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:
East
Reg. Size:
Reg. Size Includes:
Levels:
One
Total Rooms Above Grade:
6
Year built:
1971 (Age: 53)
Bedrooms:
4 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
2
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
312LK
Heating:
Central
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Ceramic Tile, Vinyl
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Parking Places:
4.0
Parking Total/Covered:
4 / -
Laundry Features:
In Unit, Lower Level
Marlborough
Dishwasher, Electric Range, Microwave, Refrigerator, Washer/Dryer
N/A
None Known
Floor
Type
Size
Other
Main Floor
Kitchen
12'1" × 9'9"
Main Floor
Living Room
15'8" × 12'7"
Main Floor
Dining Room
8'3" × 8'
Main Floor
Bedroom - Primary
13'6" × 9'11"
Main Floor
Bedroom
10'1" × 9'11"
Main Floor
Den
11'2" × 9'6"
Basement
Living Room
16'2" × 15'5"
Basement
Eat in Kitchen
13'9" × 10'7"
Basement
Bedroom
11'1" × 8'11"
Basement
Bedroom
12'5" × 8'11"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
Basement
No
4
Title to Land:
Fee Simple
Community Features:
Schools Nearby, Shopping Nearby
Interior Features:
No Animal Home, No Smoking Home, Open Floorplan
Exterior Features:
Private Yard
Patio And Porch Features:
Deck
Lot Features:
Back Yard, Cul-De-Sac, Pie Shaped Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone NE
Zoning:
R-CG
Listed Date:
Oct 15, 2024
Days on Mkt:
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    New range and fridge
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    spacious open concept
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    Seperate entrance
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    Illegal basement suite
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Listed by Paramount Real Estate Corporation
Data was last updated November 13, 2024 at 12:05 AM (UTC)
Area Statistics
Listings on market:
10
Avg list price:
$599,000
Min list price:
$475,000
Max list price:
$659,900
Avg days on market:
33
Min days on market:
6
Max days on market:
71
Avg price per sq.ft.:
$522.15
These statistics are generated based on the current listing's property type and located in Marlborough. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706