695 Flora Avenue

Property Overview: 695 Flora Avenue, Winnipeg

Key Characteristics & Appeal

This bi-level home at 695 Flora Avenue in Dufferin presents a compelling mix of modern convenience and established neighbourhood character. Its primary appeal lies in being a notably newer construction (built in 2014) within a historic area, offering move-in readiness with a renovated basement and freedom from the major maintenance concerns common with century-old homes. With 994 sqft of living space, it provides comfortable, efficient living that is squarely average for the immediate area but more compact city-wide.

The property’s standout feature is its exceptionally low assessed value of $24,200, which places it in the top 4% of homes on Flora Avenue. This creates a significant financial advantage in terms of annual property taxes. The trade-off is a smaller, urban-sized lot (2,850 sqft), which means less private outdoor space but also less upkeep. This home would suit first-time buyers or downsizers seeking a modern, low-maintenance home in a central neighbourhood without a high tax burden. It’s also a practical choice for investors looking for a newer asset with appealing operating costs in a stable rental market.

Frequently Asked Questions

1. Why is the assessed value so much lower than the recent sale prices?
The assessed value for municipal tax purposes is often significantly lower than market value, especially for newer homes in older neighbourhoods. The low assessment here is a key financial benefit, resulting in lower annual property taxes compared to other homes.

2. Is the smaller lot size a major drawback?
It depends on your lifestyle. The lot is below average for the street and city, meaning smaller yard space. However, this translates to less maintenance and may be ideal for those preferring a lock-and-leave lifestyle or who prioritize interior space and neighbourhood amenities over private outdoor space.

3. What does the "bi-level" design mean for daily living?
A bi-level typically features a main living area entered from a mid-level landing, with stairs leading both up to bedrooms and down to a lower-level family space. This layout offers good separation of living and sleeping areas, and the renovated basement adds valuable finished space.

4. How does this home compare to others on the street?
It is one of the newest homes on the block (top 4% by year built) and has one of the lowest assessed values. While its living space is average for the street, its lot is smaller than most neighbours. It represents a very modern option in a street of mostly early 20th-century homes.

5. What is the neighbourhood of Dufferin like?
Dufferin is a long-established, central Winnipeg neighbourhood characterized by tree-lined streets and a mix of housing styles. It offers a sense of community and convenience, with local amenities, schools, and parks typically within walking distance and easy access to major routes.