Property Overview
This home at 1182 Devonshire Drive W in Winnipeg’s Meadows neighbourhood presents a specific and practical value proposition. Built in 1988, it’s a compact, single-level property with 691 square feet of living space on a 2,924 sqft lot. Its most recent assessed value is $32,100, and it sold between $300,000 and $350,000 in 2022.
Key Characteristics & Appeal
The primary appeal of this property is its position as an affordable, low-maintenance entry point into the Winnipeg market. Its living area is notably compact, ranking in the bottom quarter compared to most city homes, which translates to lower utility costs and minimal upkeep. The lot size is also smaller than most in the area, further reducing maintenance demands like yard work.
Its value lies in what you don’t pay for. The assessed value is significantly below both area and city averages, suggesting a correspondingly lower property tax burden. This creates an opportunity for budget-conscious buyers, such as first-time purchasers, downsizers, or investors seeking a straightforward rental property. It suits someone prioritizing financial efficiency and simplicity over space—a practical starter home or a strategic investment in a stable neighbourhood.
A less obvious perspective is its potential as a "value-hold" property. In a neighbourhood where most homes are larger and on bigger lots, this smaller, older home sits on land that may be proportionally more valuable than the structure itself, offering long-term land value potential.
Frequently Asked Questions
1. Is this a small home?
Yes. With 691 sqft of living space, it is significantly smaller than the average home in the Meadows area (approx. 1,286 sqft) and across Winnipeg. It is designed for efficient, low-maintenance living.
2. Why is the assessed value so much lower than the recent sale price?
The assessed value ($32,100) is for municipal tax purposes and is not a market valuation. The 2022 sale price ($300k-$350k) reflects the actual market value at that time, driven by buyer demand, condition, and location.
3. What does the "Top 94%" ranking for living area mean?
This means the home's living area is smaller than 94% of comparable homes in the Meadows area. It’s a statistical ranking indicating it is in the bottom 6% for size within that specific group.
4. Who would this property suit best?
It is ideally suited for first-time homebuyers seeking an affordable entry point, empty-nesters looking to downsize and reduce maintenance, or investors interested in a lower-cost rental property.
5. How does the lot size compare?
The lot is 2,924 sqft, which is smaller than the vast majority of lots in the Meadows area (ranking in the bottom 1%) and across Winnipeg. This means less outdoor maintenance but also limited space for expansions or large outdoor amenities.