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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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6204 155 Skyview ranch way
Skyview Ranch Calgary T3N 0L6

$315,000
Residential beds: 2 baths: 2.0 832 sq. ft. built: 2013

Main Photo: 6204 155 Skyview ranch way in Calgary: Skyview Ranch Apartment for sale : MLS®# A2163980
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2163980
Bedrooms:
2
Bathrooms:
2
Year Built:
2013
Discover modern living in this spacious 2-bedroom, 2-bathroom condo, perfectly suited for first-time homeowners. This unit offers easy access to main roads such as Stoney Trail and Metis Trail, allowing your future home to give you easier access to city navigation. The unit comes equipped with stainless steel appliances, granite counter tops, and a nice breakfast bar for any visitors! Nearby you can find convenient shopping locations for your daily needs as well.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
831.89 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$406.01
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Trash
HOA Fee Frequency:
Annually
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:
East
Reg. Size:
Reg. Size Includes:
Unit Exposure:
East
Floor Location:
Other
Entry Level:
2
Stories Total:
4
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2013 (Age: 11)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
1213317
Heating:
Baseboard
New Constr.:
No
Construction Material:
Stone, Vinyl Siding, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
Carpet, Cork, Linoleum
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
HOA Fee:
$78.75
Condo Fee Frequency:
Monthly
SkyWest Condominiums
Skyview Ranch
Elevator(s)
Dishwasher, Electric Stove, Microwave, Microwave Hood Fan, Refrigerator, Washer/Dryer, Window Coverings
N/A
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
14'2" × 10'7"
Main Floor
Living Room
14'11" × 14'5"
Main Floor
Kitchen
10'5" × 9'4"
Main Floor
Foyer
9'4" × 7'6"
Main Floor
Bedroom
13' × 9'8"
Main Floor
Balcony
10'2" × 6'3"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
4'11" x 7'11"
Main Floor
No
4
8'2" x 4'11"
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights, Walking/Bike Paths
Interior Features:
Granite Counters, Walk-In Closet(s)
Exterior Features:
Balcony, BBQ gas line, Storage
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone NE
Zoning:
M-2
Listed Date:
Sep 09, 2024
Days on Mkt:
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Virtual Tour

Listed by eXp Realty
Data was last updated November 11, 2024 at 06:05 PM (UTC)
Area Statistics
Listings on market:
117
Avg list price:
$354,900
Min list price:
$234,900
Max list price:
$890,000
Avg days on market:
37
Min days on market:
2
Max days on market:
160
Avg price per sq.ft.:
$391.46
These statistics are generated based on the current listing's property type and located in Skyview Ranch. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706