Property Overview: 220 Elmhurst Road, Varsity View, Winnipeg
Key Characteristics, Appeal & Target Buyer
This is a compact, fully detached 1956 bungalow on a large, 5,384 sqft lot in the established Varsity View neighbourhood. Its key features include a fully finished basement and a modest 732 sqft of living space. The home lacks a garage and pool, presenting a straightforward, low-maintenance footprint.
The primary appeal lies in its location and land value. Varsity View is a central, mature area near the University of Manitoba, offering convenience and stability. The very large lot relative to the home's size is a significant asset, providing ample outdoor space and future potential in a sought-after area. Recent sale data shows steady appreciation.
This property would best suit a first-time buyer, an investor, or a downsizer seeking an entry point into a desirable neighbourhood without a premium price for square footage. It’s for someone who values lot size and location over a large or modern house, and is comfortable with a home that requires updates or who sees value in the land itself. A thoughtful perspective is that this home represents a "blank canvas" opportunity—the lot offers room for expansion, a garden, or future redevelopment, making it a strategic purchase for the long term.
Frequently Asked Questions
1. Is the house in good condition for its age?
Built in 1956, the home is 70 years old. Buyers should budget for and expect updates consistent with a house of this vintage. A thorough inspection is essential to understand the condition of major systems like plumbing, electrical, and the roof.
2. What are the advantages of the large lot?
The 5,384 sqft lot is substantially larger than many in the area. This provides generous private outdoor space, excellent potential for gardening, and future possibilities like adding a garage, expanding the home, or even subdivision (subject to zoning approval).
3. How does the recent sale price compare to the assessment?
The home sold for $302,000 in March 2024, which is approximately $13,000 above its most recent city assessment of $289,000. This indicates the market currently values the property above its assessed value for taxation purposes.
4. The living space seems small. Is the finished basement included in that square footage?
No, the 732 sqft figure refers to the above-ground living area only. The home also has a fully finished basement, which provides additional usable space that is not reflected in the official living area statistic.
5. What does the neighbourhood ranking data mean?
The rankings compare this property to others on its street, in Varsity View, and across Winnipeg. For example, its lot size ranks in the top 15% on its street but its living area is in the bottom 5%. This quantifies its unique profile: a smaller house on a relatively large, valuable parcel of land.