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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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417-421 Muskrat Street
NONE Banff T1L 1A9

$6,400,000
Residential beds: 6 baths: 8.0 9,299 sq. ft.

Main Photo: 417-421 Muskrat Street: Banff Detached for sale : MLS®# A2108398
Photo 1: 417-421 Muskrat Street: Banff Detached for sale : MLS®# A2108398
Photo 2: 417-421 Muskrat Street: Banff Detached for sale : MLS®# A2108398
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2108398
Bedrooms:
6
Bathrooms:
8
Welcome to a luxurious retreat nestled in the heart of Banff, where sophistication meets serenity on 6 private lots spread across 2 titles on over 35,000 sq ft . This extraordinary estate presents a unique opportunity to own an exquisite home with unparalleled character and meticulous attention to detail. As you approach through the fully fenced and gated property, a sense of exclusivity and privacy envelops you. The majestic mountain views serve as a picturesque backdrop to this one-of-a-kind residence, providing an unparalleled blend of natural beauty and architectural elegance. This distinguished property features a main residence that seamlessly integrates modern luxury with timeless design. From the moment you enter, you'll be captivated by the grandeur of the living spaces, adorned with high-end finishes and thoughtful craftsmanship. The gourmet kitchen, outfitted with top-of-the-line appliances, is a chef's dream, while the expansive living areas are perfect for both intimate gatherings and grand entertaining. Step outside to discover your own private oasis. The meticulously landscaped grounds boast natural beauty and plenty of wildlife , offering a tranquil space to unwind while surrounded by the breathtaking beauty of Banff's natural landscape. Additionally, a second guest home adds to the allure, providing a private retreat for visitors or an ideal space for extended family. This property stands as a testament to luxury living in Banff, with no other comparable residence in the area. Whether you're seeking a tranquil escape or an entertainer's paradise, this home exceeds expectations at every turn. Don't miss the chance to own a piece of Banff's unparalleled charm and exclusivity.
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:
9,299 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
35,071 sq. ft.
Lot Frontage:
149'
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:
Levels:
One
Total Rooms Above Grade:
10
Bedrooms:
6 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
3
Bathrooms:
8.0 (Full:7, Half:1)
Plan:
6719BC
Heating:
Boiler
Basement:
Crawl Space, Finished, Partial
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Other
Ensuite:
Yes
Flooring:
Hardwood
Cooling:
None
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
1
Parking:
Off Street, Single Garage Attached
Parking Places:
10.0
Parking Total/Covered:
10 / -
Laundry Features:
In Basement
NONE
Other, Oven, Refrigerator, Stove(s), Washer/Dryer
N/A
Park Approval
Floor
Type
Size
Other
Main Floor
Den
18' × 12'1"
Main Floor
Dining Room
33'3" × 13'7"
Main Floor
Kitchen
22'10" × 14'9"
Main Floor
Kitchenette
12'9" × 7'7"
Main Floor
Living Room
28'9" × 19'6"
Main Floor
Mud Room
9'10" × 5'7"
Main Floor
Other
59'1" × 29'4"
Main Floor
Bedroom - Primary
23'5" × 16'3"
2nd Floor
Bedroom
16'6" × 13'6"
2nd Floor
Bedroom
16'6" × 12'
2nd Floor
Loft
15' × 11'9"
2nd Floor
Attic (Finished)
23'2" × 12'
Basement
Furnace/Utility Room
22' × 9'10"
Basement
Bedroom
14'3" × 10'5"
Basement
Bedroom
18' × 9'5"
Basement
Other
57'6" × 51'9"
Basement
Laundry
11'6" × 10'8"
Basement
Game Room
23'1" × 19'7"
Basement
Furnace/Utility Room
17'8" × 9'10"
Basement
Furnace/Utility Room
21'6" × 4'10"
Suite
Furnace/Utility Room
26'11" × 23'5"
Suite
Bedroom
9'6" × 9'5"
Suite
Dining Room
9'10" × 9'1"
Suite
Kitchen
20'10" × 8'4"
Suite
Living Room
25'4" × 11'5"
Suite
Sunroom/Solarium
7' × 6'3"
Floor
Ensuite
Pieces
Other
Main Floor
No
2
4'11" x 7'4"
Main Floor
No
3
16'10" x 6'2"
Main Floor
Yes
5
16'11" x 9'8"
2nd Floor
Yes
3
9'2" x 9'2"
2nd Floor
Yes
4
9'1" x 9'1"
Basement
No
3
8'4" x 10'3"
Basement
Yes
3
7'9" x 8'11"
Suite
No
3
9'2" x 8'10"
Title to Land:
Leasehold
Community Features:
Schools Nearby, Shopping Nearby, Sidewalks
Interior Features:
Kitchen Island, No Animal Home, See Remarks
Exterior Features:
Courtyard, Private Yard
Patio And Porch Features:
Rear Porch
Lot Features:
Private
Num. of Parcels:
0
Fencing:
Fenced
Region:
Improvement District No. 09 (Banff)
Zoning:
RNC and RBA
Listed Date:
Mar 06, 2024
Days on Mkt:
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Virtual Tour

Additional Images

Virtual Tour

Listed by RE/MAX Cascade Realty
Data was last updated November 11, 2024 at 12:05 PM (UTC)
Area Statistics
Listings on market:
19
Avg list price:
$995,000
Min list price:
$472,500
Max list price:
$6,400,000
Avg days on market:
91
Min days on market:
3
Max days on market:
611
Avg price per sq.ft.:
$765.75
These statistics are generated based on the current listing's property type and located in Banff. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706