497 Oxford Street

Property Overview: 497 Oxford Street, Winnipeg

Key Characteristics & Appeal

This is a compact, character home built in 1929, situated on a standard city lot in the established North River Heights neighbourhood. Its primary characteristic is its modest 672 sqft living area, which is notably smaller than most homes on its street and in the area. This results in a correspondingly lower assessed value ($341k) compared to neighbouring properties, placing it in a more accessible price bracket for the desirable location.

The appeal lies in this unique value proposition: an entry point into a mature, sought-after community. It suits a specific buyer—perhaps a first-time homeowner, downsizer, or investor—who prioritizes location over square footage and sees potential in a smaller, manageable footprint. The lot size of 4,330 sqft is consistent with the area and offers valuable outdoor space relative to the home's size. A thoughtful perspective is that this property represents the "bones" of the neighbourhood—a chance to own a classic lot and home style, with the trade-off being a need for efficient use of space or a vision for thoughtful expansion. Its last known sale was between $250k-$300k in mid-2019.

Frequently Asked Questions

1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value of $341k is for municipal tax purposes. Notably, it is below average for North River Heights but close to the city-wide average. Market conditions, the home's condition, and its unique size will be the true determinants of sale price.

2. How does the small living area impact livability?
At 672 sqft, the home is significantly smaller than area averages. It would require efficient design and is likely best for one or two people. Viewing the floor plan is essential to understand the layout and flow.

3. What are the implications of the home's age (built in 1929)?
A home of this age offers classic charm but warrants a thorough inspection. It may have original features, but potential buyers should budget for updates to systems like wiring, plumbing, or insulation to meet modern standards.

4. The sold price from 2019 seems much lower than the current assessed value. Why?
The 2019 sale price range ($250k-$300k) reflects the market at that time. The increase to the current assessed value aligns with broader market appreciation over the past six years. The exact sale price can be requested from the site.

5. Who would this property not suit?
It is not ideal for buyers seeking a move-in-ready, spacious family home. Those needing multiple bedrooms, ample storage, or who prefer new builds without renovation considerations would likely find this property too compact and requiring potential updates.