Property Overview: 528 Smithfield Avenue, Winnipeg
Key Characteristics & Buyer Appeal
This one-storey home on a standard-sized lot in Jefferson presents a practical and value-oriented opportunity. Its key appeal lies in its strong assessed value relative to its immediate area. While the 792 sqft living space is modest and below the city average, the property’s assessment ranks well above average for both Smithfield Avenue and the Jefferson neighbourhood, suggesting it is viewed favorably by the assessor compared to its peers. This indicates a solid foundation of value for the location.
The home features a renovated basement and a detached garage. Built in 1949, it is a slightly newer build than many on its street. The recent sale in mid-2024 provides a clear, contemporary benchmark for its market price.
This property would best suit a first-time homebuyer or a pragmatic investor looking for an entry point into the Winnipeg market. Its manageable size and above-average assessment for the area offer a balance of affordability and established equity. It’s a home for those who prioritize financial fundamentals and location over square footage, and who see potential in a property that already outperforms its immediate neighbours on key valuation metrics.
Frequently Asked Questions
1. Is the living area too small?
At 792 sqft, the home is certainly compact, placing it below the citywide average. However, its size is more typical for the immediate street and neighbourhood. It suits individuals, couples, or small families comfortable with efficient living spaces, or those planning to utilize the renovated basement for additional room.
2. Why is the assessed value considered "above average" for the area?
The assessment rankings show the home’s value is in the top 26% for Jefferson and top 17% for Smithfield Avenue. This suggests the municipal assessment reflects qualities—such as its renovated basement, lot attributes, or overall condition—that place it ahead of many comparable nearby properties, which is a positive signal for its underlying worth.
3. What does the recent sale price tell me?
The home sold between $34.5k and $37.5k in June 2024. This provides a very recent, real-world price point that is significantly higher than its $31.1k assessed value, indicating strong market demand and confirming that buyers are willing to pay a premium over the assessed value in this area.
4. What are the implications of a detached garage?
A detached garage offers useful storage or workshop space but may be less convenient in winter months compared to an attached garage. It also provides flexibility for future lot development, as it is a separate structure from the house.
5. How does the year built (1949) affect the home?
Being built in 1949 means the home’s core structure is from the post-war era. While it is newer than many on its street, prospective buyers should still budget for the maintenance and potential updates typical of a home of this age, while also considering the character and build quality of that period.