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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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205 521 57 Avenue SW
Windsor Park Calgary T2V 4N5

$265,000
Residential beds: 2 baths: 1.0 1,004 sq. ft. built: 1976

Main Photo: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
Photo 1: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
Photo 2: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
Photo 3: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
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Photo 32: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
Photo 33: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
Photo 34: 205 521 57 Avenue SW in Calgary: Windsor Park Apartment for sale : MLS®# A2172731
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2172731
Bedrooms:
2
Bathrooms:
1
Year Built:
1976
Conveniently located just 2 blocks from Chinook Centre, this unit has over 1000 square feet and has many brand-new updates including all new flooring, new paint throughout, a refinished bathtub and more. “Chinook Manor” offers peaceful living for those 40+ in a quiet amenity rich five storey concrete building with an elevator. Inside this second-floor residence the brand-new vinyl plank flooring and spotless fresh painted white walls offer a feeling of new and modern. The large eat in kitchen has white painted cabinets in abundance, plenty of counter space and new tile flooring. There is also a dining area outside the kitchen and a large living area with many possible seating arrangements. There is a large balcony off the living area and its huge patio door. The two newly re-carpeted bedrooms are both quite generous, with the primary offering a walk-in closet. The shared bath shows off a newer vanity, new tile and a newly refinished tub enclosure. A large storage area allows for even more in suite storage. Despite hook-ups in the suite there is no laundry machines allowed in the unit. No problem as there is a shared laundry in the amenity area. Extra storage is no problem with a large storage locker in the basement amenity area. A fitness room, billiard room, social room and workshop round out the activity areas that this community minded building offers. Indoor parking is available for $45 per month (subject to availability) with additional outdoor and street parking also there. Unfortunately for those of you with fur babies there are no pets allowed in this building. With a relatively low condo fee of $555 per month and all this to offer at a low price, there is fantastic value here. Come and see for yourself today!
Property Type:
Residential
Property Sub Type:
Apartment
Condo Type:
Conventional Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Apartment
Total Living Area:
1,004 sq. ft.
Main Level Finished Area:
1,004 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
Condo Fee:
$554.96
Condo Fee Includes:
Amenities of HOA/Condo, Common Area Maintenance, Heat, Insurance, Maintenance Grounds, Professional Management, Reserve Fund Contributions, Sewer, Snow Removal, Trash, 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:
North
Reg. Size:
Reg. Size Includes:
Unit Exposure:
North
Floor Location:
Other
Entry Level:
2
Stories Total:
5
Levels:
Single Level Unit
End Unit:
2+ Common Walls
Total Rooms Above Grade:
6
Year built:
1976 (Age: 48)
Bedrooms:
2 (Above Grd: 2)
Bedrooms Above Grade:
2
Bedrooms Below Grade:
0
Bathrooms:
1.0 (Full:1, Half:0)
Plan:
7710418
Heating:
Baseboard
New Constr.:
No
Construction Material:
Brick, Concrete
Structure Type:
High Rise (5+ stories)
Roof:
Flat
Ensuite:
No
Flooring:
Carpet, Tile, Vinyl Plank
Cooling:
None
Fireplaces:
0
Garage:
0
Parking:
Off Street, See Remarks, Underground
Parking Places:
0.0
Parking Total/Covered:
0 / -
Laundry Features:
Common Area, In Basement
Condo Fee Frequency:
Monthly
Chinook Manor
Windsor Park
Coin Laundry, Elevator(s), Fitness Center, Party Room, Recreation Room, Storage, Visitor Parking, Workshop
Dishwasher, Electric Stove, Range Hood, Refrigerator, Window Coverings
None
Adult Living, Board Approval, Pets Not Allowed, Short Term Rentals Not Allowed
No
Floor
Type
Size
Other
Main Floor
Living Room
19'10" × 12'1"
Main Floor
Eat in Kitchen
10' × 9'10"
Main Floor
Dining Room
10'4" × 9'10"
Main Floor
Bedroom - Primary
14'2" × 10'11"
Main Floor
Walk-In Closet
5'9" × 5'2"
Main Floor
Bedroom
12' × 9'5"
Main Floor
Storage
8'7" × 5'9"
Main Floor
Foyer
10'8" × 3'5"
Floor
Ensuite
Pieces
Other
Main Floor
No
4
5' x 8'10"
Title to Land:
Fee Simple
Community Features:
Park, Playground, Schools Nearby, Shopping Nearby, Sidewalks, Street Lights
Interior Features:
Laminate Counters, Storage, Walk-In Closet(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:
Oct 11, 2024
Days on Mkt:
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Listed by Coldwell Banker Home Smart Real Estate
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