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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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2604 24 Street SW
Richmond Calgary T2T 5H9

$899,000
Residential beds: 4 baths: 2.0 931 sq. ft. built: 1950

Main Photo: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 1: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 2: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 3: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 4: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 5: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 6: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 7: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 8: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 9: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 10: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 11: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 12: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 13: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 14: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 15: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 16: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 17: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 18: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 19: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 20: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Photo 21: 2604 24 Street SW in Calgary: Richmond Detached for sale : MLS®# A2137170
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2137170
Bedrooms:
4
Bathrooms:
2
Year Built:
1950
***LARGE CORNER LOT 50’x125’ IN RICHMOND **** Attention Builders, Developers, and Investors! Discover an incredible opportunity in the vibrant inner-city neighborhood of Richmond. This bright and sunny bungalow sits on a flat R-C2 corner lot, offering convenient access to schools, downtown, and Marda Loop. The main floor features three generously sized bedrooms and a spacious living-dining area. The fully developed basement includes an additional bedroom, a kitchen, and a second four-piece bathroom. This property is brimming with potential!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
Suite - Illegal
Home Style:
Bungalow
Total Living Area:
931.14 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
812.96 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
6,275 sq. ft.
Lot Frontage:
50'
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:
West
Reg. Size:
Reg. Size Includes:
Levels:
One
Total Rooms Above Grade:
5
Year built:
1950 (Age: 74)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
8997GC
Heating:
Forced Air
Basement:
Separate/Exterior Entry, Finished, Full, Suite
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Tile
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Off Street
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Basement
Richmond
Dishwasher, Dryer, Electric Stove, Microwave Hood Fan, Refrigerator, Washer, Window Coverings
2nd Stove, 2nd Refrigerator, 2nd Dishwasher, Hood Fan
None Known
Floor
Type
Size
Other
Main Floor
Bedroom
11'1" × 8'6"
Main Floor
Bedroom
11'1" × 10'3"
Main Floor
Kitchen
12'3" × 10'9"
Main Floor
Living Room
16'8" × 14'10"
Main Floor
Bedroom - Primary
12'3" × 8'8"
Basement
Bedroom
12'1" × 11'4"
Basement
Kitchen
13'6" × 7'9"
Basement
Laundry
14' × 10'6"
Basement
Game Room
21'2" × 18'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
8'7" x 6'5"
Basement
No
4
5'1" x 8'11"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Ceiling Fan(s), See Remarks
Exterior Features:
Other
Patio And Porch Features:
Deck
Lot Features:
Back Lane, Back Yard, Corner Lot
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
R-C2
Listed Date:
Jun 07, 2024
Days on Mkt:
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Listed by CIR Realty
Data was last updated June 29, 2024 at 10:05 AM (UTC)
Area Statistics
Listings on market:
23
Avg list price:
$889,900
Min list price:
$265,990
Max list price:
$1,799,999
Avg days on market:
23
Min days on market:
2
Max days on market:
114
Avg price per sq.ft.:
$545.91
These statistics are generated based on the current listing's property type and located in Richmond. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706