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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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608 910 5 Avenue SW
Downtown Commercial Core Calgary T2P 0C3

$499,000
Residential beds: 2 baths: 2.0 950 sq. ft. built: 2007

Main Photo: 608 910 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2161479
Photo 1: 608 910 5 Avenue SW in Calgary: Downtown Commercial Core Apartment for sale : MLS®# A2161479
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2161479
Bedrooms:
2
Bathrooms:
2
Year Built:
2007
Step into 950 square feet of contemporary living in this gorgeous SW corner unit at Five West Phase II. This gem offers not just a home but an elevated lifestyle, complete with a jaw-dropping 300+ square foot DREAM patio, ready for your next outdoor soirée! Inside, you'll find two spacious bedrooms, each a private retreat with thoughtful design details. The primary suite is a haven, featuring a custom walk-in closet with built-ins and a luxurious ensuite for unwinding. The second bedroom is equally impressive, offering a Murphy bed that maximizes space and direct access to a sleek bathroom with a walk-in shower. The open-concept living area, highlighted by high ceilings and rich hardwood floors, flows seamlessly into the kitchen, where granite countertops, a breakfast bar, wooden cabinetry, and stainless steel appliances make every meal feel gourmet. Custom Hunter Douglas Silhouette blinds throughout add an elegant touch. Working from home is a breeze with the dedicated office space, and when it’s time to relax, step outside through the retractable screen door to your expansive, south-facing patio. Complete with outdoor water, gas, and electric hook-ups, this outdoor space is perfect for entertaining or simply soaking in the sun. The building itself offers peace of mind with a secure entrance and on-site concierge. For a bit of fun, book the games room, complete with a pool table, or take advantage of the car wash bay in the parking garage. Your titled parking stall even comes with a double bike rack, and additional storage is conveniently located within the building. Situated at the heart of the city, you’re just steps away from the vibrant communities of Kensington and Eau Claire, with a host of amenities, restaurants, green spaces, and more right at your doorstep. Plus, with the C-Train station only two blocks away, your commute anywhere in the city is a breeze. A perfect new home!
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:
950.16 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$745.16
Condo Fee Includes:
Caretaker, Common Area Maintenance, Gas, Heat, Insurance, 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:
South
Reg. Size:
Reg. Size Includes:
Unit Exposure:
South
Floor Location:
Other
Entry Level:
6
Stories Total:
28
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
6
Year built:
2007 (Age: 17)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0715974
Heating:
Boiler
New Constr.:
No
Construction Material:
Concrete
Structure Type:
High Rise (5+ stories)
Ensuite:
Yes
Flooring:
Carpet, Ceramic Tile, Hardwood
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Titled, Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit, Laundry Room
Condo Fee Frequency:
Monthly
Five West Phase II
Downtown Commercial Core
Car Wash, Party Room, Recreation Facilities
Dishwasher, Electric Stove, Microwave Hood Fan, Refrigerator, Washer/Dryer, Window Coverings
NA
Pet Restrictions or Board approval Required
Restrictions, Yes
Floor
Type
Size
Other
Main Floor
Kitchen
8'6" × 8'
Main Floor
Dining Room
12' × 9'6"
Main Floor
Living Room
13' × 12'
Main Floor
Laundry
8' × 4'6"
Main Floor
Balcony
21' × 14'
Main Floor
Den
9' × 5'
Main Floor
Bedroom
12'6" × 10'
Main Floor
Bedroom - Primary
14' × 10'
Floor
Ensuite
Pieces
Other
Main Floor
Yes
3
6' x 8'
Main Floor
No
3
5'6" x 8'6"
Title to Land:
Fee Simple
Community Features:
Park, Shopping Nearby, Walking/Bike Paths
Interior Features:
Built-in Features, Closet Organizers, Granite Counters, High Ceilings
Exterior Features:
Other
Patio And Porch Features:
Balcony(s), See Remarks, Terrace
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
CR20-C20/R20
Listed Date:
Sep 04, 2024
Days on Mkt:
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Listed by Royal LePage Solutions
Data was last updated November 16, 2024 at 12:05 AM (UTC)
Area Statistics
Listings on market:
30
Avg list price:
$507,000
Min list price:
$210,000
Max list price:
$2,250,000
Avg days on market:
43
Min days on market:
2
Max days on market:
129
Avg price per sq.ft.:
$517.41
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