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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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405 4514 54 Avenue
NONE Olds T4H 1W5

$301,000
Residential beds: 2 baths: 2.0 1,151 sq. ft. built: 1999

SOLD OVER THE LISTING PRICE!
Main Photo: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 1: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 2: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 3: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 4: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 5: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 6: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 7: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 8: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 9: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 10: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 11: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 12: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 13: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 14: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 15: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 16: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Photo 17: 405 4514 54 Avenue: Olds Apartment for sale : MLS®# A2143966
Status:
Sold
Sold Date:
Jun 28, 2024
Listed Price:
$279,900
Sold Price:
$301,000
Sold in:
6 days
Prop. Type:
Residential
MLS® Num:
A2143966
Bedrooms:
2
Bathrooms:
2
Year Built:
1999
Home! This will be your first thought as you walk in the door of this 55+ condo. Featuring 2 bdrms, large laundry room, a very open kitchen/living/dining area, and best of all, a wrap around deck on the southwest side of the building! On a clear day you also have a spectacular view of the Mountains. When you are ready to hang up the snow shovel, and park the lawnmower this will be the home for you.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Immediate
Suite:
No
Home Style:
Apartment
Total Living Area:
1,150.51 sq. ft.
Taxes:
$1,836.87 / 2024
Condo Fee:
$473.00
Condo Fee Includes:
Caretaker, Common Area Maintenance, Heat, Insurance, Parking, Reserve Fund Contributions, Sewer, Snow Removal, Water
Lot Area:
0 sq. ft.
Front Exposure:
Southwest
Reg. Size:
1,159.7 sq. ft.
Reg. Size Includes:
Storage Area
Unit Exposure:
Southwest
Floor Location:
Top
Entry Level:
4
Stories Total:
4
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
1999 (Age: 25)
Bedrooms:
2
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
9912493
Heating:
Hot Water, Natural Gas
Basement:
None
Foundation:
Poured Concrete
Builder:
Span West Developments
New Constr.:
No
Construction Material:
Concrete, Vinyl Siding
Structure Type:
Low Rise (2-4 stories)
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Laminate, Linoleum
Cooling:
Window Unit(s)
Fireplaces:
0
Garage:
0
Parking:
Heated Garage, Off Street, Parkade
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit, Laundry Room
Condo Fee Frequency:
Monthly
Z-name Not Listed
NONE
Elevator(s), Storage, Visitor Parking, Workshop
Dishwasher, Dryer, Electric Stove, Refrigerator, Washer, Window Coverings
none
Adult Living
No
Floor
Type
Size
Other
Main Floor
Living Room
16'10" × 10'8"
Main Floor
Dining Room
10'8" × 8'3"
Main Floor
Kitchen
11'3" × 10'7"
Main Floor
Bedroom
11'4" × 10'
Main Floor
Bedroom - Primary
12'10" × 11'2"
Main Floor
Laundry
8'6" × 5'4"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
Main Floor
No
3
Title to Land:
Fee Simple
Community Features:
Playground, Pool
Interior Features:
No Animal Home, No Smoking Home
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Lot Features:
Fruit Trees/Shrub(s), Landscaped, Level, Views
Num. of Parcels:
0
Region:
Mountain View County
Zoning:
R3
Listed Date:
Jun 22, 2024
Days on Mkt:
6
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Listed by RE/MAX ACA Realty
Data was last updated September 29, 2024 at 06:05 AM (UTC)
Diane Richardson
Cell: 403-397-3706