Property Overview: 22 Olivewood Crescent, Meadowood, Winnipeg
Section 1: Key Characteristics & Appeal
This 960 sqft bungalow, built in 1975, presents a practical and affordable entry point into Winnipeg’s Meadowood neighbourhood. Its key appeal lies in its value proposition and established location. The home sits on a 5,260 sqft lot, which is modest for the immediate street but typical for the wider area. With an assessed value significantly below both the street and city averages, it represents a lower-than-average property tax base, which is a distinct financial advantage.
The home’s living space is compact, ranking below average for its street, making it best suited for first-time buyers, downsizers, or investors seeking a manageable property. Its age is a notable positive on Olivewood Crescent, as it is one of the newer homes on the block, potentially suggesting fewer major age-related issues compared to immediate neighbours. The appeal is grounded in practicality: it’s a home for those prioritizing financial efficiency and a stable, mature neighbourhood over size or modern features. It suits a buyer comfortable with a property that offers a solid foundation but may require personal updates to align with contemporary tastes.
Section 2: Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value of $35,500 is for municipal tax purposes. The likely selling price will be influenced by current market conditions, the home’s condition, and recent sales of comparable properties, which historically have been in the $250k-$300k range.
2. How does the lot size impact potential?
At 5,260 sqft, the lot is the smallest on Olivewood Crescent. This limits expansive outdoor additions but simplifies maintenance. For the right buyer, this is a low-upkeep yard, not a blank canvas for major landscaping projects.
3. What does it mean that this is a "newer" home on the street?
Built in 1975, this home is newer than most on its block. This can be an advantage, as construction standards and materials evolved, potentially meaning updated electrical systems, plumbing, or insulation compared to older neighbours, which should be verified during an inspection.
4. Are the property taxes likely to be low?
Yes, based on the assessed value being below area averages, the municipal property tax bill should be relatively low for the city and neighbourhood. This is a key ongoing cost savings for the homeowner.
5. Where can I see more detailed context about the neighbourhood?
You can view an interactive neighbourhood analysis map that compares this property with nearby homes based on year built, living area, assessed value, and lot size. A link is provided in the full property details for this deeper dive.