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516 Terrace Park
homes for sale · Red Deer · Eastview
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$259,999

516 Terrace Park

Eastview, Red Deer · MLS® A2340296

322

1,165 sq ft · 2,310 sq ft lot · Townhouse · Single Family · built 1961 · 59 days on market

listed by Larry Matira, eXp Realty

realtor's description

Located in Eastview, in the front row of Terrace Park, this well-kept 2-storey townhome offers approximately 1,100 square feet of developed living space across three levels, three bedrooms, a 4-piece bathroom, a 2-piece bathroom, and a fully finished basement — backed by a list of recent updates including a new roof (2023), new front concrete stairs, updated windows, and new vinyl flooring (2026).The new concrete steps lead to the covered front entry with a frosted glass door insert, opening into a bright foyer with an archway through to the main living space. The living room is filled with natural light from a large picture window and finished with new vinyl plank flooring that carries throughout the main level. An open layout connects the living room to a functional kitchen featuring white upper cabinets, black lower cabinetry, tile backsplash, and a dining nook with a sliding patio door leading out to the backyard — one of just a handful of units in the complex with this patio door configuration, offering the option to build out a deck.Upstairs, you'll find three bedrooms, including a primary bedroom with a ceiling fan and a second bedroom currently set up as a flexible space. The upper 4-piece bathroom has been nicely updated with a tiled tub surround and rainfall shower head.The basement adds valuable extra living space with a large carpeted rec room, a walk-in closet for storage, in-suite laundry with a washer and dryer, and a 2-piece bathroom — offering flexibility for a home office, media room, or additional storage.Outside, the fully fenced backyard includes a stone patio area, space for a barbecue, and a storage shed, with easy access to nearby amenities throughout Eastview.This is a solid, move-in-ready opportunity in an established Red Deer neighbourhood, offering major recent updates — roof, stairs, windows, and flooring — alongside a finished basement and rare patio door/deck potential, all on its own freehold title.

property details

type
Townhouse, Single Family
bedrooms
3
bathrooms
2
living area
1,165 sq ft
lot
2,310 sq ft
parking
2
year built
1961
property tax
$1,765 / yr
days on market
59
MLS®
A2340296

features

  • Back lane
  • Washer
  • Refrigerator
  • Dishwasher
  • Stove
  • Dryer

monthly cost

$1,280/mo
Mortgage $1,133 · Tax $147

20% down at 4.34% fixed (Ratehub.ca), 25 years; tax from the listing.

estimated payment
$1,133/ monthly
loan $207,999
25-year amortization
total interest
$131,838
land title fees
$570
transfer + mortgage registration; Alberta has no transfer tax
cash to close
$52,570
down + land title fees
total paid
$339,837

Estimates only. Rates change daily and lenders qualify at the stress-test rate. Talk to a mortgage broker before you offer.

if you rented it out

rent
$1,740/mo
after all costs
$146/mo
cap rate
5.9%
yearly net rent ÷ price

Costs: mortgage $1,133 · tax $147 · insurance ~$175 · vacancy 3% · upkeep 5%.

Rent is today's market rent for a 3+ bedroom in Red Deer: CMHC's average there ($1,677) raised by what new tenants pay against everyone in the province (Alberta centres of 10,000+). (CMHC Rental Market Survey, October 2025; CMHC Rental Market Report 2025, table 6.0 (rents on units that turned over to a new tenant).) Houses usually rent for more than apartments. 25-year mortgage; rental purchases need at least 20% down.

Alberta has no cap on how much rent can rise, but only one increase a year, with three months' written notice for a monthly tenancy. alberta.ca

location

Eastview, Red DeerGoogle Maps ↗

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listed by
Larry Matira
eXp Realty
call Larry · 403-785-6838
Powered by: REALTOR.ca
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similar homes nearby

property tax

about $2,555 a year

The asking price times Red Deer's 2026 residential rate of 9.83 per $1,000 (municipal and education).

The listing shows $1,765 a year in property tax.

Estimate from Alberta Municipal Affairs mill rates. Leaves out local improvement levies and utilities; the municipality's tax notice is the real figure. Without the city's assessment this uses the asking price, so it's a rough guide.

location

Eastview, Red DeerGoogle Maps ↗
Drive times
  • Joseph Welsh Elementary2 min
  • Downtown Red Deer4 min
  • Lindsay Thurber Comprehensive High5 min
  • Red Deer Regional Hospital Centre7 min
  • Parkland Mall8 min
  • Red Deer Polytechnic11 min
34

Walkability 34/100 · Mostly by car

Within a 10 minute walk: 2 places to eat or drink, 9 parks and playgrounds, 1 school, 9 transit stops.

mihom score from OpenStreetMap places, by straight line distance.

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