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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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1601 920 5 Avenue SW
Downtown Commercial Core Calgary T2P 5P6

$325,000
Residential beds: 1 baths: 1.0 659 sq. ft. built: 2006

Main Photo: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
Photo 1: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
Photo 2: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
Photo 3: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
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Photo 23: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
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Photo 31: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2156098
Bedrooms:
1
Bathrooms:
1
Year Built:
2006
Move up in the world with this 16TH FLOOR CORNER condo!! This clean 1-bed condo is in a well-maintained concrete condo building with 7-day/week concierge, 2 elevators, heated indoor parking and in-suite laundry! Just one block away from the Bow River, you can enjoy evening strolls or bike rides exploring the beautiful park spaces that Calgary has to offer along the river pathways! Cross the bridge into Kensington and check out some of the city's best restaurants, cafes, boutique stores and stock up on groceries, all within a short walk. The c-train is two blocks away so you can easily head up to U of C or down to the Saddledome for an event! Inside this corner suite, you'll enjoy a wood kitchen with granite counters, under-cabinet lighting, stainless steel appliances and plenty of storage space. The dining area fits a full table or could be converted to a work-from-home setup. The spacious living room has wall-to-wall windows to enjoy natural sunlight all day long - but don't worry about the heat! This building has central AC :) In the winter, you can enjoy the cozy gas fireplace. Your private balcony is perfect for cooking on the grill! Primary bedroom has double closets and a cheater door to the full bathroom. BONUS - this unit is being offered fully furnished including all kitchen & household goods so you can move right in or add it to your rental portfolio as a furnished rental. Immediate possession available.
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:
659 sq. ft.
Main Level Finished Area:
659 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$534.69
Condo Fee Includes:
Common Area Maintenance, Heat, Insurance, Parking, Professional Management, Reserve Fund Contributions
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:
Southwest
Floor Location:
Other
Entry Level:
16
Stories Total:
27
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
4
Year built:
2006 (Age: 18)
Bedrooms:
1 (Above Grd: 1)
Bedrooms Above Grade:
1
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
0514424
Heating:
Fan Coil
New Constr.:
No
Construction Material:
Concrete
Structure Type:
High Rise (5+ stories)
Ensuite:
No
Flooring:
Carpet, Ceramic Tile
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Five West Phase I
Downtown Commercial Core
Car Wash, Elevator(s), Party Room
Dishwasher, Electric Range, Microwave Hood Fan, Refrigerator, Washer/Dryer
All furniture & household goods are included in the sale
Board Approval
Yes
Floor
Type
Size
Other
Main Floor
Bedroom - Primary
14'9" × 10'9"
Main Floor
Kitchen
13'6" × 8'6"
Main Floor
Dining Room
10'10" × 9'8"
Main Floor
Living Room
18'10" × 16'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
Title to Land:
Fee Simple
Community Features:
Shopping Nearby, Sidewalks
Interior Features:
Closet Organizers, Elevator, Granite Counters, No Animal Home, No Smoking Home, Open Floorplan
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
CR20-C20/R20
Listed Date:
Aug 13, 2024
Days on Mkt:
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    View from balcony
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    View from balcony
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    View from balcony
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    View from balcony
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    Concierge desk
  • Photo 27: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
    Lobby
  • Photo 28: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
    Common patio area
  • Photo 29: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
    Common patio area
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    Party room
  • Photo 31: 1601 920 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2156098
    Party room
Listed by Century 21 Bamber Realty LTD.
Data was last updated September 28, 2024 at 02:05 AM (UTC)
Area Statistics
Listings on market:
36
Avg list price:
$354,900
Min list price:
$159,000
Max list price:
$2,250,000
Avg days on market:
37
Min days on market:
2
Max days on market:
157
Avg price per sq.ft.:
$475.66
These statistics are generated based on the current listing's property type and located in Downtown Commercial Core. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706