Property Overview: 62 Teakwood Avenue, Garden City, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, distinguished by its notably low municipal assessed value of $200,000. With 744 sqft of living space, it is significantly smaller than most homes in its immediate area, city-wide, and even on its own street. Its primary physical asset is a decently sized lot of 5,260 sqft, which is above average for Teakwood Avenue.
The appeal here is largely defined by value and potential. This property represents one of the most accessible price points in the Winnipeg market. It suits a very specific buyer: someone seeking an entry point into homeownership with a focus on the land value, or an investor looking for a hold or redevelopment opportunity. It is not a move-in-ready family home, but a project. Its charm lies in its affordability and the possibility it represents—whether as a long-term renovation project for a hands-on buyer, or as a land play in a neighbourhood where newer, larger homes are the norm. The detached garage adds practical utility.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's older age, very modest living area, and basic condition compared to the broader market. It is assessed among the lowest in its neighbourhood and street.
2. What does the sold price history indicate?
The home sold in March 2025 for an estimated range of $175k-$205k. This sale price aligns closely with its current $200k assessment, suggesting the market validates this as a baseline value for the property in its present state.
3. Is this a teardown property?
Given the home's age, small size, and the value being heavily weighted toward the land, it is a candidate for significant renovation or redevelopment. Buyers should budget for major updates or complete rebuilding, subject to local zoning.
4. How does the lot size compare to neighbours?
At 5,260 sqft, the lot is actually larger than the average lot on Teakwood Avenue (~5,091 sqft). This is a key advantage, offering more outdoor space or future expansion potential than other properties on the street.
5. What should I consider about the location on Teakwood Avenue?
The data shows this home ranks at or near the bottom of its street for living area, value, and year built. This means you are buying into a street of predominantly newer and larger homes, which can be positive for future value but also means your property will stand out as a project among more established homes.