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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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205 735 56 Avenue SW
Windsor Park Calgary T2V 0G9

$335,000
Residential beds: 2 baths: 2.0 994 sq. ft. built: 2000

Main Photo: 205 735 56 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2160874
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Status:
Active
Prop. Type:
Residential
MLS® Num:
A2160874
Bedrooms:
2
Bathrooms:
2
Year Built:
2000
This bright and inviting 2 bedroom, 2 bath condo offer a great layout ideal for entertaining. Situated in the heart of Windsor Park, close to Chinook Mall, Britannia shopping plaza and proximity to downtown. Step into a welcoming space featuring an open concept layout, highlighted by large windows that flood the rooms with natural light. The living area is perfect for relaxing. The kitchen has a wonderful layout perfect for making nutritious meals and entertaining guests. The master bedroom boasts a generous size, complete with a walk-in closet and an ensuite bathroom for added privacy and comfort. The second bedroom is equally spacious, ideal for guests or as a home office. Step outside to your spacious balcony filled with lots of Calgary's sunshine. Includes one titled parking stall.
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Low-Rise(1-4)
Total Living Area:
993.7 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$733.05
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Heat, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Water
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:
Southwest
Reg. Size:
Reg. Size Includes:
Unit Exposure:
Southwest
Floor Location:
Other
Entry Level:
2
Stories Total:
4
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
5
Year built:
2000 (Age: 24)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
2.0 (Full:2, Half:0)
Plan:
0012941
Heating:
Baseboard
New Constr.:
No
Construction Material:
Unknown
Structure Type:
Low Rise (2-4 stories)
Ensuite:
Yes
Flooring:
See Remarks
Cooling:
None
Fireplaces:
1
Fireplace Details:
Gas
Garage:
0
Parking:
Stall
Parking Places:
1.0
Parking Total/Covered:
1 / -
Laundry Features:
In Unit
Condo Fee Frequency:
Monthly
The Windsors
Windsor Park
Other, Storage
See Remarks
Call seller directly.
Call Lister
Restrictions
Floor
Type
Size
Other
Main Floor
Laundry
0' × 0'
Main Floor
Kitchen
9'5" × 8'7"
Main Floor
Bedroom - Primary
11'8" × 11'3"
Main Floor
Bedroom
11'1" × 10'6"
Main Floor
Dining Room
9'4" × 9'
Main Floor
Living Room
14'2" × 11'10"
Main Floor
Walk-In Closet
0' × 0'
Floor
Ensuite
Pieces
Other
Main Floor
Yes
4
0' x 0'
Main Floor
No
4
0' x 0'
Title to Land:
Fee Simple
Community Features:
Park, Schools Nearby, Shopping Nearby, Walking/Bike Paths
Interior Features:
Ceiling Fan(s)
Exterior Features:
Balcony
Patio And Porch Features:
Balcony(s)
Num. of Parcels:
0
Region:
Calgary
Zone:
CAL Zone CC
Zoning:
M-C2
Listed Date:
Sep 27, 2024
Days on Mkt:
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Listed by Honestdoor Inc.
Data was last updated November 13, 2024 at 02:05 AM (UTC)
Area Statistics
Listings on market:
14
Avg list price:
$305,000
Min list price:
$169,900
Max list price:
$1,195,000
Avg days on market:
46
Min days on market:
1
Max days on market:
118
Avg price per sq.ft.:
$336.2
These statistics are generated based on the current listing's property type and located in Windsor Park. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706