Property Overview
This 700 sqft bungalow at 832 Moncton Avenue, built in 1947, presents a specific and practical opportunity in Winnipeg's Munroe East neighbourhood. Its key appeal lies in its efficiency and lower financial barrier to entry. The home sits on a roughly 5,000 sqft lot, which is a typical size for the immediate area. Data indicates its living space is notably compact compared to most homes locally and across the city, and its assessed value is below average for its neighbourhood and street. This combination suggests a property that prioritizes function and affordability over size. It last sold in the 2022 price range of $250k-$300k.
The property would suit first-time buyers seeking a manageable entry into the market, investors looking for a potential rental with lower upfront costs, or downsizers wanting a smaller footprint to maintain. Its below-average metrics are not necessarily drawbacks but rather define its niche: it offers a chance to own a detached home with land at a potentially accessible price point, where the value may be more in the land and location than in the existing structure's size or condition.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is primarily for municipal tax purposes and reflects the property's characteristics relative to local averages. This home's smaller size and older age contribute to a lower assessment compared to the broader Winnipeg average, which includes many newer and larger homes.
2. Is the smaller living area a concern?
It depends on your needs. The 700 sqft footprint is efficient and can be ideal for individuals, couples, or those looking to downsize. It implies lower utility costs and less maintenance. However, it requires thoughtful space planning and may not suit larger families or those needing ample room.
3. What does the lot size offer?
At approximately 5,000 sqft, the lot is a standard size for the street and neighbourhood. It provides decent outdoor space for gardening, recreation, or potential future additions like a shed or deck, which can add functional living space.
4. How does the 2022 sale price relate to current value?
The $250k-$300k sale price from 2022 is a historical data point. Current market value will be influenced by factors like updates made since then, current market conditions, and interest rates. It serves as a recent benchmark but is not a guaranteed price today.
5. What should I investigate further given the home's age?
As a home built in 1947, a thorough inspection is crucial. Focus should be on the condition of major aging components like the roof, foundation, plumbing, and electrical systems. Understanding any past updates or needed repairs will be key to evaluating the true cost of ownership.