Property Overview
262 Metcalfe Avenue is a 945 sqft home built in 1913, situated on a 3,303 sqft lot in Winnipeg's Norwood West neighbourhood. With an assessed value of $225k, it presents a specific value proposition within its context.
Key Characteristics, Appeal & Ideal Buyer
This home’s primary appeal lies in its position as a more affordable entry point into a mature neighbourhood. Its assessed value is notably below the averages for both Norwood West and the wider city, which can mean a lower property tax burden and an accessible purchase price. The living space is typical for houses on its own street, offering a practical footprint for a smaller household.
The property would suit a first-time buyer, an investor, or someone seeking a lower-maintenance lot. Its older vintage (1913) suggests classic character but also implies a need for a buyer comfortable with the maintenance and potential updates that come with a century-old home. A thoughtful perspective is that its below-average metrics for the area might not reflect a lack of value, but rather represent a smaller, more efficient holding in a neighbourhood of larger, more expensive homes—an opportunity for those prioritizing location over size.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No, the assessed value is used for calculating property taxes and is determined by the municipality. Market value is what a buyer is willing to pay and can be higher or lower. The home's last sale was between $200k-$250k in early 2020.
2. What does the "below average" ranking for Norwood West mean?
For most metrics like lot size and assessed value, this home ranks in the bottom 15-20% of the 992 homes in Norwood West. This indicates it is among the smaller and more modestly valued properties in the neighbourhood, not that there is something wrong with it.
3. Are exact past sale prices available?
The site shows sale price ranges. To obtain the exact historical sale figures, you must request them directly via email, as this information is not sourced from the MLS.
4. What are the implications of the home being built in 1913?
It offers classic charm but likely requires careful attention to foundational, electrical, and plumbing systems that may have been updated over time. A thorough inspection is essential.
5. How does the lot size compare?
At just over 3,300 sqft, the lot is manageable and around average for Metcalfe Avenue. However, it is significantly smaller than the typical lot in both Norwood West and Winnipeg overall, which could mean less outdoor maintenance but also less private space.