Property Overview
766 Spruce Street is a compact, century-old home in Winnipeg's Minto neighbourhood. Its key defining characteristic is its modest scale, with a living area of 660 sqft situated on a 2,538 sqft lot, placing it well below average in size for the street, area, and city. Built in 1926, the home has a notably low assessed value of $24,800, which is typical for its immediate area but far below the Winnipeg city average.
The appeal here is rooted in affordability and simplicity. It represents a very accessible entry point into homeownership with correspondingly low property taxes. It would suit a minimalist buyer, an investor looking for a straightforward rental property, or someone seeking a small footprint without a large financial burden. A less obvious perspective is that its below-average size and value in a city-wide context could offer a buffer against broader market fluctuations, presenting a stable, low-risk holding.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed values are heavily influenced by the home's size, age, and specific location. This home's very modest square footage and lot size, combined with its location in Minto where values are generally lower, result in an assessment that is typical for the local area but far below the average for larger, newer homes across Winnipeg.
2. What should I consider about a home built in 1926?
While full of character, a home of this age will likely require diligent maintenance. Prospective buyers should prioritize a thorough inspection to understand the condition of major systems like wiring, plumbing, and the foundation, and budget for updates that meet modern standards.
3. How does the small living area compare to nearby homes?
The 660 sqft living area is significantly smaller than most comparable homes on Spruce Street (avg. 983 sqft), in Minto (avg. 1,060 sqft), and city-wide (avg. 1,342 sqft). This confirms the home's compact nature and suggests it is best for one or two occupants.
4. The last sold price range is $150k-$200k (2016). Why is it so much higher than the assessed value?
The assessed value is for taxation purposes and is not an indicator of market value. The sale price from 2016 reflects what a buyer was willing to pay on the open market at that time, which is typically much higher than the government assessment.
5. What are the potential uses for a property like this?
Its primary use is as an affordable starter home. Given its scale and low carrying costs, it could also be a strategic long-term rental property. The lot, while below average for the area, still offers outdoor space for a small garden or patio.