Property Overview
340 Wales Avenue is a 1973-built bungalow in Winnipeg's Meadowood neighbourhood. At 804 square feet, the living space is notably compact, ranking in the bottom 10% for size both on its street and in the wider area. However, it sits on a 5,202 sqft lot, which is larger than average for Wales Avenue. The home last sold for an estimated $350k–$400k in 2022, and its current assessed value is $34,400.
Key Characteristics & Appeal
The primary appeal of this property lies in its land value and affordability within the city. The lot size is a standout feature for the immediate street, offering above-average outdoor space relative to neighbours—a potential blank canvas for gardening, expansion, or future redevelopment. Its assessed value is below average for Meadowood, suggesting a lower property tax burden and a potentially accessible entry point into the Winnipeg market.
This home would suit a specific type of buyer: first-time purchasers or downsizers comfortable with a modest, efficient footprint who prioritize yard space over interior square footage. It could also appeal to an investor or handy buyer looking for a land-value play, willing to update the 53-year-old home or hold the property for its lot potential. The compact size means utility and maintenance costs are likely to be lower, aligning with a practical, budget-conscious lifestyle.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sold price?
Assessed value for property tax purposes often lags behind market value and is calculated using mass appraisal techniques. The 2022 sale price reflects what a buyer was willing to pay in the open market at that time.
2. What does the "below average" living area ranking mean for daily life?
With 804 sqft, the floor plan will be efficient and likely has fewer or smaller rooms than many modern homes. It necessitates thoughtful organization and may not comfortably suit a large family or someone needing dedicated home office space.
3. Is the large lot a good opportunity for an addition?
Potentially, yes. The lot size is a key asset. Any expansion would require checking City of Winnipeg zoning bylaws for setbacks, coverage rules, and obtaining the necessary permits.
4. How does the 1973 build year affect the home?
Homes from this era may have original components nearing the end of their service life, such as roofing, windows, or major systems. A thorough inspection is crucial to understand the condition and prioritize updates.
5. What is the neighbourhood (Meadowood) like?
Meadowood is a established residential area in Winnipeg. For specific insights on amenities, schools, and community feel, we recommend visiting the neighbourhood at different times of day and consulting the detailed neighbourhood analysis map linked on the full property page.