Property Overview: 31 Farnham Road, Niakwa Place, Winnipeg
Key Characteristics & Appeal
This 1971-built bungalow in Niakwa Place presents a specific and compelling value proposition. Its key characteristic is a generous, above-average lot size of nearly 7,900 sq ft, which ranks in the top 20% of the neighbourhood and top 12% city-wide. This offers significant outdoor space and potential. The 972 sq ft living area is modest, particularly compared to larger area averages, suggesting a home focused on essentials or one with expansion potential. With an assessed value of $354k, it sits below the Niakwa Place average, indicating a potentially more accessible entry point into the neighbourhood.
The appeal lies in this balance of land and value. It suits a practical buyer—perhaps a first-time homeowner, downsizer, or investor—who prioritizes lot size over interior square footage. It’s a property for someone who sees value in the land itself, whether for gardening, future expansion, or simply more private outdoor space than is typical. The recent sale in 2024 within the $250k-$300k range reinforces its position as a value-oriented option in the market.
Frequently Asked Questions
1. Is the house small compared to others in the area?
Yes. With 972 sq ft of living area, it is notably smaller than the Niakwa Place average of about 1,490 sq ft, ranking in the bottom quarter of homes in the neighbourhood for interior space.
2. What is the main advantage of this property?
The lot size. At 7,889 sq ft, the property offers a significantly larger yard than most homes on its street, in Niakwa Place, and across Winnipeg. This is its standout feature.
3. How does the assessed value compare?
It’s relatively moderate. The $354k assessment is below the neighbourhood average but close to the city-wide average. This suggests you may be paying less for the location but gaining more in land.
4. The home was built in 1971. What should I consider?
As a 55-year-old home, standard inspections for era-appropriate building materials, mechanical systems (like furnace and wiring), and window efficiency are essential. Its age is typical for the street but slightly above the city average.
5. Why did it sell for less than its assessed value in 2024?
A sale price (reported between $250k-$300k) below the $354k assessment can occur for many reasons, including market conditions, the property’s specific condition, or the motivations of the buyer and seller at that time. It highlights the importance of viewing assessment as one factor, not a direct market price.