Property Overview & Key Characteristics
This property at 1250 Balgona Road is a distinctive offering defined by its exceptional land size. Situated on just over five acres (221,987 sq ft), the lot ranks in the top tier for size within its street, neighbourhood, and the entire city of Winnipeg. The home itself is a renovated one-storey bungalow built in 1968, featuring 1,076 sq ft of living space and a detached garage.
Its primary appeal lies in the rare opportunity for a private, rural-feeling setting within the Rosser-Old Kildonan area. The vast land provides immense potential for gardening, recreation, or future expansion, offering a lifestyle not commonly found in a city context. The recent renovation of the basement adds modern living space to the classic bungalow layout.
This home would best suit buyers who prioritize land and privacy over a large existing footprint. It’s ideal for someone seeking a hobby farm, space for multiple vehicles or projects, or simply a generous private retreat. The manageable house size coupled with the renovated basement makes it practical for small families, downsizers who still want outdoor space, or investors who see long-term value in the land itself. A thoughtful perspective is that the significant difference between the recent sale price and the assessed value highlights a market perception that places a substantial premium on the land asset itself.
Frequently Asked Questions
1. How does the property’s assessed value compare to its recent sale price?
The home was assessed at $46,600 but sold for $540,000 in October 2024. This large discrepancy is common when a property’s value is driven primarily by its land, as the assessed value may not fully capture market demand for such a rare, large lot.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire for details on the finishes, legal egress, ceiling height, and whether it includes additional bedrooms or a separate entrance.
3. Is the land usable as-is, or are there restrictions?
With over five acres, understanding any zoning bylaws or environmental restrictions (e.g., floodplain, protected areas) is crucial. This will determine what you can actually do with the land, from building additions to keeping animals.
4. What are the annual property taxes?
Given the recent sale price is significantly higher than the assessed value, it’s important to request current tax information and anticipate a potential increase following the municipality’s reassessment after the sale.
5. Why are many comparable listings shown with much lower assessed values?
The "similar assessed value" list is based on the old $46,600 assessment, not the sale price or land size. More relevant comparisons are the "nearby properties" on Balgona Road and the "people also viewed" listings, which include other large-lot or rural-style properties.