Property Overview: 42 Balsam Place, Norwood West, Winnipeg
Section 1: Key Characteristics & Appeal
This 1948 home in Norwood West presents a classic Winnipeg character property on a mature lot. With 1,106 sqft of living space, the house itself is more compact than many on its street and in the immediate area, suggesting a home with efficient, manageable proportions. Its assessed value of $432k is consistently around the average for its neighbourhood and citywide, indicating a stable, mid-market valuation. The lot size of 5,394 sqft is generous for the city overall but is actually the smallest on Balsam Place, offering lower maintenance than larger plots while still providing good outdoor space.
The appeal lies in its established location and its position as a potentially well-kept, original post-war home. It suits a specific buyer: someone seeking an entry point into a mature neighbourhood without the footprint or upkeep of a larger estate-style home. It would fit a first-time buyer, a downsizer looking to stay in the area, or an investor attracted by the consistent average values in Norwood West. A thoughtful perspective is that while the home ranks lower for size on its own street, this can mean a lower property tax burden and heating/cooling costs compared to neighbours, offering financial efficiency in a desirable location.
Section 2: Frequently Asked Questions
1. How does the sold price compare to the assessed value?
The home sold between $500k-$550k in December 2024, which is notably above its $432k assessed value. This is common, as assessed values for taxation purposes often lag behind current market sale prices.
2. Is the house smaller than others nearby?
Yes. The living area is below average for both Balsam Place and the wider Norwood West area. This means the value is likely driven more by its location, lot, and the character of the home itself rather than sheer interior size.
3. What does the lot size ranking mean?
While the lot is a good size by Winnipeg standards, it is the smallest among the 27 properties on Balsam Place. This suggests the street consists of very large lots, and this property offers a relatively more manageable yard.
4. How old is the home, and what might that imply?
Built in 1948, it is older than most on its street and in Norwood West. This typically indicates classic construction and charm but also means prospective buyers should budget for potential updates to major aging components like plumbing, electrical, or the roof.
5. Where can I find verified sale history and exact figures?
The site notes that exact sold prices require a manual lookup. You can request this information by email, as the public data shown is derived from non-MLS sources and is presented in broad price bands.