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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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1403 624 8 Avenue SE
Downtown East Village Calgary T2G 0M3

$325,000
Residential beds: 1 baths: 1.0 441 sq. ft. built: 2018

Main Photo: 1403 624 8 Avenue SE in Calgary: Downtown East Village Apartment for sale : MLS®# A2135160
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2135160
Bedrooms:
1
Bathrooms:
1
Year Built:
2018
Welcome to this beautiful 1-bedroom, 1-bathroom unit in Ink by Battistella, located in the highly desirable East Village community! You'll love the open layout, high ceilings, smooth concrete floors, and floor-to-ceiling windows that create a bright and inviting space. The kitchen features stainless steel appliances and ample cooking space. Spend summer evenings on your balcony with beautiful views! Enjoy the convenience of in-suite laundry, a spacious bedroom, and a 4-piece bathroom perfect for busy professionals. Additional amenities include a car/bike wash bay and bike storage. Relax on the rooftop patio with panoramic views of downtown Calgary, get together with friends and neighbours in the party room, or explore the many walkways, restaurants, gyms, shops, and the river that East Village offers. Everything you need is nearby, including the LRT station, Superstore, Saddledome, Calgary Zoo, Inglewood, and your downtown office within walking distance! Plus, you'll have your own underground TITLED parking stall and an ASSIGNED storage unit for all your gear!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
High-Rise (5+)
Total Living Area:
441.3 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$369.18
Condo Fee Includes:
Caretaker, Common Area Maintenance, Heat, Parking, Reserve Fund Contributions, Security, Snow Removal, Trash, Water
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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Floor Location:
Top
Entry Level:
14
Stories Total:
14
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
3
Year built:
2018 (Age: 6)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
1811769
Heating:
Forced Air, Natural Gas
New Constr.:
No
Construction Material:
Concrete, Metal Siding
Structure Type:
High Rise (5+ stories)
Ensuite:
No
Flooring:
Concrete
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Stall, Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Z-name Not Listed
Downtown East Village
Bicycle Storage, Car Wash, Elevator(s), Roof Deck, Secured Parking, Snow Removal, Storage, Trash, Visitor Parking
Dishwasher, Microwave Hood Fan, Refrigerator, Stove(s), Washer/Dryer
na
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Entrance
4'1" × 3'6"
Main Floor
Kitchen With Eating Area
13'6" × 10'
Main Floor
Living Room
10'7" × 8'9"
Main Floor
Bedroom - Primary
8'11" × 8'11"
Main Floor
Balcony
21'1" × 6'10"
Main Floor
Laundry
8'5" × 4'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
4'11" x 8'10"
Title to Land:
Fee Simple
Community Features:
Fishing, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
High Ceilings, Open Floorplan, See Remarks
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
CC-EPR
Listed Date:
May 26, 2024
Days on Mkt:
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Listed by eXp Realty
Data was last updated June 27, 2024 at 10:05 AM (UTC)
Area Statistics
Listings on market:
52
Avg list price:
$407,450
Min list price:
$235,000
Max list price:
$1,460,000
Avg days on market:
30
Min days on market:
3
Max days on market:
155
Avg price per sq.ft.:
$583.08
These statistics are generated based on the current listing's property type and located in Downtown East Village. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706