1022 Grosvenor Avenue

Property Overview

This two-storey home, built in 1912, offers a classic Crescentwood character combined with practical updates. Its key appeal lies in its generous 2,314 sqft of living space, which is notably above the city-wide average, situated on a mature 4,845 sqft lot. The home features a renovated basement, adding to its functional space. While its assessed value is modest relative to its immediate street and neighbourhood, this presents a distinctive value proposition: you acquire a historically significant home in a desirable area with a potentially favourable tax assessment. The property suits buyers looking for a character home with room to grow, who appreciate established neighbourhoods with tree-lined streets, and who may see strategic value in a home with an assessment that hasn't yet caught up to its locational prestige.

Frequently Asked Questions

1. How does the home's size compare to others?
At 2,314 sqft, the living area is above average for Winnipeg overall (in the top 5% city-wide) and is very typical for both Grosvenor Avenue and the broader Crescentwood neighbourhood.

2. What does the assessed value indicate?
The assessed value is below the average for Grosvenor Avenue and average for Crescentwood, but above average compared to the entire city. This suggests the home is in a high-value area but may be assessed conservatively relative to its immediate peers, which can be a positive for property taxes.

3. What is the significance of the lot size?
The lot is approximately 4,845 sqft. It's average for the street but below the average lot size within Crescentwood. This means you still get a substantial yard characteristic of the area, though not one of the largest in the neighbourhood.

4. The home sold in 2021 for $440k, but the assessed value is much lower. Why?
Assessed value for taxation purposes and market sale price are different figures. The 2021 sale demonstrates the market value at that time, while the assessment is an estimate for tax calculations, often lagging behind rapid market shifts. This history shows strong buyer demand for the property recently.

5. What are the less obvious considerations with a 1912 home?
While it offers charm and established construction, a home of this age requires a buyer to be mindful of potential updates to foundational systems like plumbing, electrical, and insulation that may have been modernized in phases. The renovated basement is a positive, but the overall condition of the original structure should be a focus.