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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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256 Halifax Close
Oxford Landing Penhold T0M 1R0

$324,000
Residential beds: 3 baths: 2.0 1,418 sq. ft. built: 2024

Main Photo: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 1: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 2: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 3: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 4: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 5: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 6: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 7: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 8: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 9: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 10: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 11: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 12: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 13: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 14: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 15: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 16: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 17: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 18: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 19: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 20: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Photo 21: 256 Halifax Close: Penhold Row/Townhouse for sale : MLS®# A2102595
Status:
Sold
Sold Date:
Aug 06, 2024
Listed Price:
$324,900
Sold Price:
$324,000
Sold in:
196 days
Prop. Type:
Residential
MLS® Num:
A2102595
Bedrooms:
3
Bathrooms:
2
Year Built:
2024
This to be constructed Larkaun Homes townhouse could be your next home! You will appreciate the upgrades throughout this 3 bedroom, 2 bathroom two storey. The curb appeal is accented by the covered front veranda. The entryway greets you to the living room that is flooded with natural light through the large front window. Ceiling height, kitchen cabinets are accented by crown moldings, full tile decorative backsplash, a large island eating bar with pendant lighting above, quartz countertops & a corner pantry. There is an oversized window overlooking the backyard from the dining room. The large back entryway is very functional with space to hang your coats & store your footwear. Follow the wrought iron railings upstairs to the 3 bedrooms. The king sized primary bedroom has a walk in closet, 4 pce bath has an extended vanity with drawers for storage & a separate water closet. There is an upper floor laundry room for your convenience. Don't worry about the extra cost for landscaping, these townhouses come complete with sod & fence so that you can just move in and start enjoying your new home! The undeveloped basement has roughed-in plumbing for a future bathroom, a high efficient furnace & an electric hot water tank. A new home buyer program with the Town of Penhold is in effect which means individuals purchasing a newly constructed home (never been lived in home) in Penhold can apply for the program and it is a municipal tax reduction of 50% the first year, and 25% the second year they own the home. Taxes have not been assessed yet.
Property Type:
Residential
Property Sub Type:
Row/Townhouse
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
By Date Specified, Negotiable
Possession Date:
Oct 31, 2024
Suite:
No
Home Style:
2 Storey
Total Living Area:
1,418 sq. ft.
Main Level Finished Area:
709 sq. ft.
Upper Level Finished Area:
708 sq. ft.
Below Grade Finished Area:
664 sq. ft.
Taxes:
$696 / 2024
Lot Area:
2,250 sq. ft.
Lot Frontage:
24'6⅛"
Front Exposure:
West
Unit Exposure:
West
Entry Level:
2
Levels:
Two
End Unit:
2+ Common Walls
Total Rooms Above Grade:
6
Year built:
2024 (Age: 0)
Bedrooms:
3
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:1, Half:1)
Plan:
1923533
Heating:
High Efficiency, Forced Air, Natural Gas
Basement:
Full, Unfinished
Foundation:
Poured Concrete
Builder:
Larkaun Developments Ltd.
New Constr.:
Yes
Construction Material:
Stone, Vinyl Siding, Wood Frame
Structure Type:
Five Plus
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Carpet, Vinyl, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Alley Access, Off Street, Parking Pad
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
Upper Level
Oxford Landing
Dishwasher, Range Hood, Refrigerator, Stove(s)
Fridge, stove, dishwasher, hood fan.
Utility Right Of Way
Floor
Type
Size
Other
Main Floor
Living Room
13'4" × 12'4"
Main Floor
Kitchen
12'5" × 11'6"
Main Floor
Dining Room
12'5" × 9'8"
Main Floor
Mud Room
6'11" × 6'
Upper Level
Bedroom
9'11" × 9'5"
Upper Level
Bedroom - Primary
13'4" × 12'5"
Upper Level
Bedroom
10' × 9'5"
Upper Level
Laundry
0 × 0
Floor
Ensuite
Pieces
Other
Main Floor
No
2
0' x 0'
Upper Level
No
4
0' x 0'
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby
Interior Features:
Bathroom Rough-in, Breakfast Bar, High Ceilings, Kitchen Island, Pantry, Quartz Counters, Storage, Vinyl Windows, Walk-In Closet(s)
Exterior Features:
Private Yard
Patio And Porch Features:
Deck, Front Porch
Lot Features:
Back Lane, Landscaped
Num. of Parcels:
0
Fencing:
Fenced
Region:
Red Deer County
Zoning:
R3
Listed Date:
Jan 23, 2024
Days on Mkt:
196
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Listed by Century 21 Maximum
Data was last updated September 28, 2024 at 02:05 AM (UTC)
Diane Richardson
Cell: 403-397-3706