Property Overview: 826 Spruce Street, Winnipeg
Key Characteristics & Appeal
This home at 826 Spruce Street in the Minto neighbourhood presents a compelling value proposition rooted in its local context. Built in 1940, it is a character home typical of its era. The primary appeal lies in its strong standing within its immediate area. With 1,232 square feet of living space, it is notably larger than many comparable homes on Spruce Street and in the wider Minto area, placing it in the top 17% and 25% respectively. This suggests a more spacious interior than one might typically find for the price in this locale.
The property’s assessed value of $29,800 further underscores its local value, ranking in the top 9% on its street and top 14% in Minto. This indicates it is viewed as a higher-value asset within its community compared to direct neighbours. The lot size of 3,064 sqft is consistent with the area average. A key piece of history is its last known sale between $300,000-$350,000 in 2020.
This home would best suit a practical buyer who values space and established neighbourhoods over a brand-new build. It’s ideal for someone looking for a character home with room to grow, who understands that its "below average" city-wide metrics (like assessed value) are not a drawback, but rather a reflection of Winnipeg’s varied market and the affordable opportunity this represents in a specific, well-established community.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sold price?
Assessed value in Manitoba is primarily for municipal tax purposes and is not intended to reflect current market value. The 2020 sale price is a far more relevant indicator of its market worth.
2. How does the home’s age affect its value?
While an 86-year-old home will likely require more maintenance and updates than a new build, its age is very typical for the Minto neighbourhood. This can be a positive for buyers seeking established character, tree-lined streets, and a mature community feel.
3. The home ranks "below average" city-wide for several metrics. Is this a concern?
Not necessarily. This is common for older, established inner-city neighbourhoods when compared to the entire city, which includes vast newer suburban developments with larger lots and higher valuations. Its strong rankings within Minto itself are more meaningful for a neighbourhood-focused buyer.
4. What can the 2020 sale price tell me?
It provides a historical benchmark, suggesting the property was valued in that range five years ago. Market conditions have changed since, but it’s a solid data point for understanding the home’s recent market history.
5. Who should consider requesting the exact sold price history?
Serious buyers who are preparing an offer or conducting in-depth comparative market analysis. Having the precise figure, rather than a range, can provide crucial confidence when making a major financial decision.