Property Overview: 640 Moncton Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home, built in 1947, presents a practical opportunity in Winnipeg's Munroe East neighbourhood. Its key appeal lies in offering more space than many comparable properties, both inside and out. With 1,092 square feet of living area, it ranks in the top 25% on its street and top 19% in the local area for size. The lot is also generous at nearly 5,000 square feet, providing above-average outdoor space for the immediate area.
The property’s assessed value is notably below average for the city and the neighbourhood. This, combined with its consistent sale history within the $200k-$250k range in recent years, suggests it represents a more accessible entry point into the market. The home suits first-time buyers or practical investors looking for a solid footprint and yard in an established area without a premium price tag. It’s a property where value is derived from usable space and lot potential rather than modern finishes or a recent build date, making it ideal for those comfortable with a home of this era or seeing value in a renovation project.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics and recent market values in its area. For this home, factors like its 1947 build date and the prevailing values in Munroe East result in an assessment that is below the Winnipeg average, which can be an advantage for property tax calculations.
2. How does the lot size compare to newer homes?
While the lot is above average for its street, it is around the median size for the Munroe East area and slightly below the city-wide average for all homes. This is typical for established neighbourhoods, where lots are often more compact than in newer suburban developments.
3. The home sold several times recently. Is that a concern?
The property sold in 2019, 2020, and 2022, each time within a similar price range. This could indicate a number of routine scenarios, such as investor turnover or previous buyers' circumstances changing. It does not inherently signal a problem with the property itself.
4. What does the "below average" ranking for Year Built mean?
A ranking in the 91st percentile for Year Built in Munroe East means about 91% of homes in the area are newer. Simply put, this is one of the older homes in the neighbourhood. This is a key consideration for maintenance and potential updates, but also contributes to its character and lower assessed value.
5. Where does the true value in this property lie?
The value appears to be in its space. You are acquiring more living area and a larger lot than many neighbours, at a price point that is below average for the wider city. This creates a value proposition centered on square footage and land, making it a canvas for personalization or a straightforward home with room to grow.