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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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407 3719C 49 Street NW
Varsity Calgary T3A 2E3

$299,999
Residential beds: 2 baths: 2.0 1,057 sq. ft. built: 1978

Main Photo: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
Photo 1: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
Photo 2: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
Photo 3: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
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Photo 5: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
Photo 6: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
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Photo 32: 407 3719C 49 Street NW in Calgary: Varsity Apartment for sale : MLS®# A2122693
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2122693
Bedrooms:
2
Bathrooms:
2
Year Built:
1978
For more information, please click on Brochure button below. Location Location Location! Top floor unit in the popular Adult Living building (25+),The Landmark. Condo has a full sized dining room, open concept living room, a large & bright kitchen with loads of cabinetry, 2 large bedrooms and 2 bathrooms - the master featuring a walk-through closet and 3-piece bathroom. With vaulted ceilings, skylights throughout, fireplace, underground parking and storage, balcony, and big bright windows, this condo has everything. The location is hard to beat being steps to Market Mall, professional services, transit, parks, the river valley, The Children's Hospital, Foothills Hospital, Canada Olympic Park and the University of Calgary. The condo board is well run and incredibly active, and the free common laundry facilities are right down the hall from this unit. Wonderful opportunity and great value in Varsity!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
1,057.24 sq. ft.
Main Level Finished Area:
1,057.24 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$752.62
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Heat, Insurance, Professional Management, Residential Manager
HOA Fee Includes:
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:
Southeast
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Northwest
Floor Location:
Ground
Entry Level:
4
Stories Total:
5
Levels:
Single Level Unit
End Unit:
2+ Common Walls, No One Above
Total Rooms Above Grade:
6
Year built:
1978 (Age: 46)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
7910087
Heating:
Central, Geothermal
Basement:
None
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
Low Rise (2-4 stories)
Roof:
Cedar Shake
Ensuite:
Yes
Flooring:
Carpet, Linoleum
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Underground
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
Common Area, Laundry Room, Multiple Locations, Upper Level
Condo Fee Frequency:
Monthly
Z-name Not Listed
Varsity
Elevator(s), Fitness Center, Laundry, Park, Party Room, Recreation Room, Storage, Trash
Electric Stove, Microwave, Window Coverings
n/a
Adult Living, Board Approval, Condo/Strata Approval, Development Restriction, Pets Not Allowed
No
Floor
Type
Size
Other
Main Floor
Living Room
19'4" × 13'7"
Main Floor
Kitchen
9'9" × 8'3"
Main Floor
Dining Room
9'8" × 8'6"
Main Floor
Bedroom - Primary
14'8" × 12'4"
Main Floor
Bedroom
13'6" × 10'8"
Main Floor
Foyer
8'5" × 4'2"
Floor
Ensuite
Pieces
Other
Main Floor
Yes
3
4'11" x 8'4"
Main Floor
No
4
5' x 8'4"
Title to Land:
Fee Simple
Community Features:
Playground, Schools Nearby, Shopping Nearby, Street Lights
Interior Features:
Ceiling Fan(s), Chandelier, Elevator, High Ceilings, Laminate Counters, Natural Woodwork, Pantry, Recreation Facilities, Skylight(s), Vaulted Ceiling(s), Walk-In Closet(s)
Exterior Features:
Private Entrance, Storage
Patio And Porch Features:
None
Lot Features:
Landscaped
Num. of Parcels:
0
Fencing:
None
Region:
Calgary
Zone:
CAL Zone NW
Zoning:
MC-2
Listed Date:
Apr 12, 2024
Days on Mkt:
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Listed by Easy List Realty
Data was last updated September 20, 2024 at 08:05 AM (UTC)
Area Statistics
Listings on market:
51
Avg list price:
$699,000
Min list price:
$234,900
Max list price:
$3,850,000
Avg days on market:
16
Min days on market:
1
Max days on market:
161
Avg price per sq.ft.:
$474.13
These statistics are generated based on the current listing's property type and located in Varsity. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706