Property Overview: 793 Garwood Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1927, situated on a standard-sized lot in the Earl Grey neighbourhood. Its key characteristic is its modest 546 sqft living area, which is significantly smaller than most homes in the area, ranking in the bottom 1% locally. However, it features a renovated basement and a detached garage. The home’s assessed value is notably lower than area averages, positioning it as an accessible entry point into the market.
Its primary appeal lies in its affordability and potential as a starter home or investment property. The low assessment and historically low sale price suggest a lower barrier to entry, which could free up budget for further updates. The renovated basement adds functional space, effectively increasing the usable square footage beyond the main floor. This property would best suit a first-time buyer comfortable with a smaller footprint, an investor looking for a rental property in a central neighbourhood, or someone seeking a minimalist, low-maintenance lifestyle without leaving the city. A less obvious perspective is that its smaller size and lot could translate to significantly lower utility and maintenance costs compared to larger area homes, offering a different kind of financial efficiency.
Section 2: Frequently Asked Questions
1. Is the living space actually practical for daily life?
At 546 sqft, the main floor is very compact, similar in size to a large apartment. The renovated basement is a crucial factor, providing essential additional space for laundry, storage, or a recreational area to make the home feel more functional.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home’s relatively small size, age, and basic characteristics compared to the broader Winnipeg market, which includes many larger, newer properties. It is more in line with values for smaller, older homes within its immediate neighbourhood.
3. What are the implications of buying one of the smallest homes on the street?
While it ensures affordability, it’s important to consider resale. The buyer pool may always be limited to those seeking a smaller home. However, it also means property taxes will be based on this lower assessment, which is an ongoing cost advantage.
4. The home last sold in 2017 for a very low price. What does that mean?
That sale price, well below even the current low assessment, is a historical data point. It likely reflects the condition of the property at that time prior to any renovations (including the basement). It underscores the property’s trajectory but may not be directly indicative of its current market value.
5. What is the Earl Grey neighbourhood like for a home of this type?
Earl Grey is a mature, established neighbourhood. This home offers an opportunity to live in that community at a price point typically associated with condos or apartments, providing access to neighbourhood amenities and character that might otherwise be out of reach.