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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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When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!

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103 15233 1 Street SE
Midnapore Calgary T2X 2A2

$320,000
Residential beds: 2 baths: 2.0 697 sq. ft. built: 2015

Main Photo: 103 15233 1 Street SE in Calgary: Midnapore Apartment for sale : MLS®# A2169810
Photo 1: 103 15233 1 Street SE in Calgary: Midnapore Apartment for sale : MLS®# A2169810
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2169810
Bedrooms:
2
Bathrooms:
2
Year Built:
2015
Welcome to Beautiful Midnapore!! This super affordable 2 Bed/2 Bath Unit will not last long!! All Stone Countertops and Stainless Steel Appliances included in this cozy 2 bedroom unit. Ceiling Fans in both bedrooms already installed. Carpeted Bedrooms and Laminate Flooring. Walking distance to LRT and bus, also so much shopping just steps away! Condo Fees include your Lake Access!!!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
697 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$592.53
Condo Fee Includes:
Caretaker, Common Area Maintenance, Heat, Insurance, Parking, Professional Management, Reserve Fund Contributions, Sewer, 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:
Northeast
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Northeast
Floor Location:
Ground
Entry Level:
1
Stories Total:
3
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
4
Year built:
2015 (Age: 9)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
1512424
Heating:
Baseboard
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Composite Siding, Stucco, Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Tar/Gravel
Ensuite:
Yes
Flooring:
Carpet, Laminate
Cooling:
None
Fireplaces:
0
Garage:
0
Garage Spaces:
1
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Z-name Not Listed
Midnapore
Elevator(s), Secured Parking, Storage, Visitor Parking
Dishwasher, Electric Stove, Microwave Hood Fan, Refrigerator, Washer/Dryer, Window Coverings
N/A
None Known
Restrictions
Floor
Type
Size
Other
Main Floor
Living Room
11'9" × 8'4"
Main Floor
Kitchen With Eating Area
11'9" × 11'5"
Main Floor
Bedroom - Primary
12'4" × 10'1"
Main Floor
Bedroom
9'11" × 9'1"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
7'4" x 9'11"
Main Floor
No
4
4'11" x 7'11"
Title to Land:
Fee Simple
Community Features:
Lake
Interior Features:
Ceiling Fan(s), Double Vanity, Elevator, Kitchen Island, No Smoking Home, Stone Counters
Exterior Features:
Balcony
Patio And Porch Features:
Patio
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-C1
Listed Date:
Oct 10, 2024
Days on Mkt:
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Listed by RE/MAX Complete Realty and NON BOARD BROKER
Data was last updated November 13, 2024 at 12:05 PM (UTC)
Area Statistics
Listings on market:
12
Avg list price:
$531,250
Min list price:
$243,800
Max list price:
$799,900
Avg days on market:
17
Min days on market:
5
Max days on market:
104
Avg price per sq.ft.:
$471.63
These statistics are generated based on the current listing's property type and located in Midnapore. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706