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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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112 Thorson Crescent
Tower Hill Okotoks T1S 1C9

$549,900
Residential beds: 3 baths: 2.0 1,136 sq. ft. built: 1980

Main Photo: 112 Thorson Crescent: Okotoks Detached for sale : MLS®# A2174698
Photo 1: 112 Thorson Crescent: Okotoks Detached for sale : MLS®# A2174698
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Photo 43: 112 Thorson Crescent: Okotoks Detached for sale : MLS®# A2174698
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2174698
Bedrooms:
3
Bathrooms:
2
Year Built:
1980
Welcome home to Thorson Crescent! This bright and spacious bungalow has been lovingly maintained and updated and is move -in ready. The main level has a great layout and features a large living room with wood burning fireplace, dining room and updated kitchen with plenty cabinets, counterspace, tiled backsplash and a nook with a pass-through to the dining room and has a breakfast bar built in. The primary bedroom has a walk-in closet and updated 2 piece ensuite, plus there are 2 more good sized bedrooms and the updated main bath to complete this level. The fully finished basement has a rec room, office with built-in workstation, laundry room and plenty of storage areas. Your private south facing backyard has a large wood deck and is fully fenced. You have plenty of parking for your guests on the parking pad and street parking in front. Other updates include: air conditioning, new electrical panel, Lumenox permanent outdoor LED lighting, all poly-b has been replaced. This great family home is located close to schools, parks, the community recreation centre is a short walk, transit and shopping, plus you have an easy commute to Calgary and the South Calgary Health Campus. Don't miss out!
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Bungalow
Total Living Area:
1,136 sq. ft.
Main Level Finished Area:
1,136 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Below Grade Finished Area:
727 sq. ft.
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
5,382 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:
North
Reg. Size:
Reg. Size Includes:
Levels:
One
Total Rooms Above Grade:
6
Year built:
1980 (Age: 44)
Bedrooms:
3 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:1, Half:1)
Plan:
7910629
Heating:
Forced Air
Basement:
Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Stucco, Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Laminate, Other
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Living Room, Mantle, Tile, Wood Burning
Garage:
0
Parking:
Front Drive, Gravel Driveway, Off Street, Parking Pad
Parking Places:
2.0
Parking Total/Covered:
2 / -
Laundry Features:
In Basement, Laundry Room
Tower Hill
Central Air Conditioner, Dishwasher, Dryer, Electric Stove, Range Hood, Refrigerator, Washer
all window coverings
None Known
Floor
Type
Size
Other
Main Floor
Living Room
14'8" × 13'
Main Floor
Dining Room
10'5" × 8'6"
Main Floor
Kitchen
11'8" × 9'8"
Main Floor
Breakfast Nook
12'3" × 7'2"
Main Floor
Bedroom - Primary
13' × 10'4"
Main Floor
Bedroom
11'9" × 10'6"
Main Floor
Bedroom
10'6" × 10'5"
Basement
Game Room
20'1" × 18'8"
Basement
Office
17'1" × 13'3"
Basement
Laundry
10'4" × 8'4"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
2
Main Floor
No
4
Title to Land:
Fee Simple
Community Features:
Golf, Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Breakfast Bar, Built-in Features, Storage, Walk-In Closet(s)
Exterior Features:
Private Yard
Patio And Porch Features:
Deck
Lot Features:
Back Yard, Front Yard, Lawn, Landscaped, Private
Num. of Parcels:
0
Fencing:
Fenced
Region:
Foothills County
Zoning:
TN
Listed Date:
Oct 23, 2024
Days on Mkt:
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Listed by RE/MAX First
Data was last updated November 13, 2024 at 12:05 PM (UTC)
Area Statistics
Listings on market:
93
Avg list price:
$650,000
Min list price:
$215,000
Max list price:
$3,995,000
Avg days on market:
34
Min days on market:
1
Max days on market:
254
Avg price per sq.ft.:
$383.53
These statistics are generated based on the current listing's property type and located in Okotoks. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706