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Red Deer · Single Family · under $475,000 · 3+ bed · 2+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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545 Lancaster Drive
Welcome to 545 Lancaster Drive, a former Laebon show home in immaculate condition, offering the perfect blend of style, functionality, and comfort in one of Red Deer's sought-after southeast neighbourhoods. This move-in ready bi-level features a bright, open-concept design with a spacious living room that flows seamlessly into the kitchen and dining area. The kitchen offers an abundance of cabinetry and counter space, a convenient pantry, breakfast bar, and patio doors leading to the rear deck, making it the perfect space for both everyday living and entertaining. The main level features three generously sized bedrooms, including a spacious primary suite complete with a walk-in closet and private 3-piece ensuite, along with an additional full bathroom for family and guests. The fully developed basement adds exceptional living space with a large, comfortable family room, an additional bedroom, a versatile den, a full bathroom, and a dedicated laundry area, providing flexibility for a growing family, overnight guests, hobbies, or a home office. Step outside to enjoy the beautifully landscaped, fully fenced backyard, an ideal space for kids, pets, summer barbecues, or simply relaxing on the deck. Two off-street parking stalls add everyday convenience. Pride of ownership is evident throughout this exceptionally well-maintained home. Whether you're purchasing your first home, upsizing for your growing family, or looking for a turnkey investment opportunity, 545 Lancaster Drive is ready for its next owners to move in and enjoy. (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| 4pc Bathroom | 6.58 Ft x 8.25 Ft | |
| Bedroom | 12.33 Ft x 12.67 Ft | |
| Recreational, Games room | 31.83 Ft x 15.25 Ft | |
| Recreational, Games room | 13.58 Ft x 11.00 Ft | |
| Furnace | 8.58 Ft x 11.42 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| 3pc Bathroom | 4.92 Ft x 8.00 Ft | |
| 4pc Bathroom | 5.00 Ft x 8.08 Ft | |
| Bedroom | 11.67 Ft x 11.58 Ft | |
| Bedroom | 9.92 Ft x 11.33 Ft | |
| Dining room | 6.42 Ft x 13.25 Ft | |
| Foyer | 5.92 Ft x 9.33 Ft | |
| Kitchen | 12.00 Ft x 10.92 Ft | |
| Living room | 14.42 Ft x 13.25 Ft | |
| Primary Bedroom | 11.83 Ft x 13.08 Ft |
10-item due-diligence checklist. We can pre-flight most of these for you on a CMA call.
Comparable sales
Ask for 3–5 recent solds within ~1 km and the same beds/baths so the list price has context.
Property condition
Roof age, furnace age, hot-water tank age, electrical panel size, windows. Cosmetic vs structural.
Zoning
Confirm zoning matches your intent (single-family vs duplex vs secondary suite vs commercial).
Suite legality / potential
If suited or being marketed as suited: confirm permits, separate entrance, ceiling height, egress windows.
Monthly carrying cost
Mortgage + property tax + insurance + condo fee (if any) + utilities. Compare to your max budget.
Property taxes
Confirm the annual tax amount on the current assessment — and whether a reassessment is pending.
Insurance estimate
Get a same-day quote. Older homes, knob-and-tube wiring, polybutylene plumbing, flood plains all change the number.
Commute
Drive it (or transit it) at the actual time of day you'd commute. Map ETA lies during peak hours.
Deposit and financing conditions
Deposit size, financing condition window, condition removal date, possession date — all negotiable.
Inspection considerations
Budget for a home inspector ($500–700) and any specialty inspections (sewer scope, mould, asbestos for pre-1990 builds).
Cash on cash
3.65%
Cap rate
5.59%
GRM
12.1
Break-even rent
$2,631
Financing
Operating expenses (monthly)
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Approximation only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Pick a down payment and tap any underlined number to edit. Total updates live. Confirm with a mortgage broker before writing an offer.
Monthly carrying costs (shared)
Approximation only. CMHC default insurance is included when down payment is under 20%. Property tax and condo fees come from MLS when listed and may not reflect the current billing year. Accelerated bi-weekly frequency reduces total interest paid vs. monthly — confirm with a broker. Suite rental income depends on permits, market rent, and vacancy. Always validate with a mortgage broker before writing an offer.
We'll reply by text within a few hours. Comparable sales, condition flags, things worth checking — sent before you book a showing.
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Jul 10, 2026.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.
Location of this listing. Distances are straight-line.
Full neighbourhood intelligence (schools, halal, mosques, transit) is still building for this address.