Property Overview
796 Spruce Street is a 1,072 sqft home in Winnipeg's Minto neighbourhood, built in 1924 on a 3,065 sqft lot. Its key appeal lies in its established location and relative value, presenting a practical opportunity within the city's housing landscape.
Key Characteristics & Appeal
This home is defined by its context. Its living space is modest but competitive for the immediate area, offering more room than many similar homes on its street. The lot size is also typical for Minto, providing a standard urban yard. The most striking characteristic is its assessed value of $24,600, which is significantly below the Winnipeg city-wide average. This creates a notably low property tax base, a major financial advantage for a budget-conscious buyer.
The appeal here is grounded in practicality rather than luxury. It suits a first-time homebuyer, an investor looking for a rental property with low carrying costs, or someone seeking an affordable entry into homeownership who is comfortable with a century-old home that may require updates. A less obvious perspective is that its "below average" city-wide rankings for year built and lot size are precisely what create its affordability, positioning it as a straightforward, no-frills asset in a high-cost market.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is not market value. It is used for calculating property taxes. This assessment reflects the home's age, characteristics, and the values within its immediate area, resulting in a relatively low annual tax burden.
2. What does the sold price history indicate?
The home sold between $200,000 and $250,000 in 2016. This provides a historical benchmark, but the current market value will depend on present condition, market trends, and comparable recent sales.
3. As a home from 1924, what should I consider?
While the structure has proven its durability, a home of this age will likely need updates to major systems like plumbing, electrical, or insulation. A thorough inspection is essential to understand the condition and any potential immediate costs.
4. How does the living space compare to nearby homes?
At 1,072 sqft, it is actually above the average size for similar homes on Spruce Street (~983 sqft). This means it offers more interior space than many of its direct neighbours, which is a point in its favour for the location.
5. What is the neighbourhood analysis page?
This tool allows you to see this property on a map alongside nearby houses, visually comparing details like year built, lot size, and assessed value. It helps you understand the property's place within the fabric of the immediate neighbourhood.