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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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472 Millrise Drive SW
Millrise Calgary T2Y 3E6

$399,900
Residential beds: 3 baths: 2.0 1,070 sq. ft. built: 1994

Main Photo: 472 Millrise Drive SW in Calgary: Millrise Row/Townhouse for sale : MLS®# A2129267
Photo 1: 472 Millrise Drive SW in Calgary: Millrise Row/Townhouse for sale : MLS®# A2129267
Photo 2: 472 Millrise Drive SW in Calgary: Millrise Row/Townhouse for sale : MLS®# A2129267
Photo 3: 472 Millrise Drive SW in Calgary: Millrise Row/Townhouse for sale : MLS®# A2129267
Photo 4: 472 Millrise Drive SW in Calgary: Millrise Row/Townhouse for sale : MLS®# A2129267
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Photo 34: 472 Millrise Drive SW in Calgary: Millrise Row/Townhouse for sale : MLS®# A2129267
Status:
Sold
Sold Date:
Jun 29, 2024
Listed Price:
$399,900
Sold Price:
$399,900
Sold in:
31 days
Prop. Type:
Residential
MLS® Num:
A2129267
Bedrooms:
3
Bathrooms:
2
Year Built:
1994
Welcome to a very affordable 3 bedroom townhome located in the heart of one of the best communities in Calgary's Southwest. Whether you are a first time home buyer, a family with kids or a savvy investor - this property would be absolutely perfect for you! Please note the recent upgrades that have been done to the property that bring a ton of value to you: 1) LUXURY VINYL FLOORING throughout the main and the upper floor (including the stairs) - completed in 2023. 2) New HOT WATER TANK - installed in 2023. 3) New Samsung Washer and Dryer - purchased in 2023. 4) New LG Stove/Oven - purchased in April of 2024. 5) New fence at the back. Upstairs you will find 3 bedrooms and a full washroom, the main floor offers a kitchen, a spacious living room, half bath and access to a sunny patio. Please NOTE: your future home BACKS ONTO A NICE PARK WITH A PLAYGROUND - what a great place for kids to run around and have fun! The basement is unfinished and is awaiting your creative ideas!
Property Type:
Residential
Property Sub Type:
Row/Townhouse
Condo Type:
Bare Land
Transaction Type:
For Sale
Possession:
30 Days / Neg
Suite:
No
Home Style:
Townhouse
Total Living Area:
1,069.5 sq. ft.
Main Level Finished Area:
474.5 sq. ft.
Upper Level Finished Area:
595 sq. ft.
Taxes:
$1,639 / 2023
Tax Assessed Value:
249500.0
Condo Fee:
$424.14
Condo Fee Includes:
Amenities of HOA/Condo, Insurance, Maintenance Grounds, Professional Management, Reserve Fund Contributions, Snow Removal
Lot Area:
2,647 sq. ft.
Lot Frontage:
7'2¾"
Front Exposure:
East
Reg. Size Includes:
Land
Unit Exposure:
East
Entry Level:
1
Levels:
Two
End Unit:
1 Common Wall
Total Rooms Above Grade:
7
Year built:
1994 (Age: 30)
Bedrooms:
3
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:1, Half:1)
Plan:
9510213
Heating:
Forced Air, Natural Gas
Basement:
Full, Unfinished
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Vinyl Siding, Wood Frame
Structure Type:
Five Plus
Roof:
Asphalt Shingle
Ensuite:
No
Flooring:
Vinyl
Cooling:
None
Fireplaces:
0
Garage:
1
Garage Spaces:
1
Parking:
Driveway, Single Garage Attached
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
Millside Green
Millrise
None
Dishwasher, Dryer, Microwave, Refrigerator, Stove(s), Washer
n/a
Pet Restrictions or Board approval Required
Restrictions
Floor
Type
Size
Other
Main Floor
Kitchen
8'1" × 7'9"
Main Floor
Living Room
17'1" × 9'
Main Floor
Dining Room
5'7" × 5'4"
Main Floor
Foyer
10'5" × 4'
Main Floor
Bedroom
8'7" × 8'4"
Main Floor
Bedroom
8'7" × 8'5"
Upper Level
Bedroom - Primary
14'4" × 11'8"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
Upper Level
No
4
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby
Interior Features:
See Remarks
Exterior Features:
None
Patio And Porch Features:
See Remarks
Lot Features:
Backs on to Park/Green Space, Landscaped, Level
Num. of Parcels:
0
Fencing:
Partial
Region:
Calgary
Zone:
CAL Zone S
Zoning:
M-CG d44
Listed Date:
May 29, 2024
Days on Mkt:
31
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Listed by RE/MAX First
Data was last updated September 28, 2024 at 02:05 AM (UTC)
Diane Richardson
Cell: 403-397-3706