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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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  2. Phone Number: Call me directly at 403.397.3706 with any questions or to schedule viewings.

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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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NEXT Open House details
Sep 22, 2024 12:00 PM - 02:00 PM MDT

3019 5 Street SW
Rideau Park Calgary T2S 2C3

$1,489,000
Residential beds: 4 baths: 4.0 2,312 sq. ft. built: 1911

Main Photo: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Photo 1: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Photo 2: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Photo 3: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Photo 4: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Photo 5: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Photo 6: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
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Photo 8: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
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Photo 42: 3019 5 Street SW in Calgary: Rideau Park Detached for sale : MLS®# A2166253
Open House - Sep 22, 2024
12:00 PM - 02:00 PM MDT
NOTES: Open House on Sunday, September 22, 2024 12:00PM - 2:00PM
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2166253
Bedrooms:
4
Bathrooms:
4
Year Built:
1911
Discover a rare opportunity to live in the prestigious Rideau Park neighbourhood! Nestled on one of the most coveted, tree-lined streets, this beautifully updated family home offers over 3,000 square feet of total developed space. With fresh paint and thoughtful renovations, it seamlessly blends timeless character with modern amenities. The bright, spacious kitchen showcases gorgeous granite countertops, stainless steel appliances, and ample storage. The main floor features a home office, dining/living area, family room, and cozy breakfast nook, all leading to a west-facing backyard with a large deck—ideal for summer gatherings. Upstairs, the primary suite impresses with vaulted ceilings, a private balcony, a walk-in closet, and a newly designed ensuite by Leonard Developments. Two additional bedrooms and a full bath complete the upper level. The fully finished basement offers a large rec room, a separate laundry area, another bedroom, and a full bathroom. Major updates include lifetime guaranteed Ceramtec shingles, new plumbing, electrical, insulation, several windows, a sewer line, high-efficiency furnaces, and extensive landscaping. Enjoy walking to Mission’s trendy shops and restaurants, with nearby bike paths, the Elbow River, Rideau Park School, and Western High School. Don’t miss your chance to own in this highly sought-after community!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
2 Storey
Total Living Area:
2,312 sq. ft.
Main Level Finished Area:
1,192 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
4,553 sq. ft.
Lot Frontage:
37'1"
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:
East
Reg. Size:
Reg. Size Includes:
Entry Level:
0
Stories Total:
0
Levels:
Two
Total Rooms Above Grade:
8
Year built:
1911 (Age: 113)
Bedrooms:
4 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
1
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
4992AC
Heating:
In Floor, Forced Air, Natural Gas
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Cedar, Cement Fiber Board, Vinyl Siding, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Tile
Cooling:
None
Fireplaces:
0
Water Supply:
Public
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Detached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Basement
Rideau Park
Dishwasher, Dryer, Garage Control(s), Gas Cooktop, Oven-Built-In, Range Hood, Refrigerator, Washer, Window Coverings
Hot Tub
None Known
Floor
Type
Size
Other
Main Floor
Dining Room
11'5" × 11'4"
Main Floor
Family Room
13'9" × 13'2"
Main Floor
Kitchen
19'8" × 12'
Main Floor
Living Room
14'3" × 11'5"
Main Floor
Office
11'4" × 10'3"
Upper Level
Bedroom
11'5" × 10'7"
Upper Level
Bedroom
11'8" × 10'7"
Upper Level
Bedroom - Primary
17'9" × 13'8"
Basement
Laundry
10'5" × 8'2"
Basement
Game Room
24'6" × 11'9"
Basement
Bedroom
16'6" × 10'10"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
Upper Level
No
4
Upper Level
Yes
5
0' x 0'
Basement
No
3
Title to Land:
Fee Simple
Community Features:
Playground
Interior Features:
Vaulted Ceiling(s)
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s), Deck, Front Porch
Lot Features:
Back Lane, Landscaped, Level, Rectangular Lot, Treed
Num. of Parcels:
0
Fencing:
Fenced
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
R-C1
Listed Date:
Sep 16, 2024
Days on Mkt:
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Listed by Charles
Data was last updated September 21, 2024 at 06:05 AM (UTC)
Area Statistics
Listings on market:
14
Avg list price:
$923,250
Min list price:
$335,000
Max list price:
$4,950,000
Avg days on market:
44
Min days on market:
1
Max days on market:
176
Avg price per sq.ft.:
$632.22
These statistics are generated based on the current listing's property type and located in Rideau Park. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706