Property Overview: 295 Elmhurst Road
This 1984 bi-level home in Varsity View presents a practical and well-maintained living space. Its key appeal lies in its established, quiet neighbourhood and a recent sale price that significantly exceeds its assessed value, indicating strong market confidence. The home sits on a larger-than-average lot (over 5,380 sq ft) for the area, offering valuable outdoor space. With a finished basement and attached garage, it provides a functional 1,022 sq ft of living area.
It would suit first-time buyers or downsizers looking for a manageable, single-family home in a central Winnipeg neighbourhood without the premium of a newer build. The recent transaction history suggests it may also attract investors or buyers who see value in the land and the home's solid fundamentals, trusting the neighbourhood's stability over a modern floor plan.
Frequently Asked Questions
1. How does the recent sale price compare to similar homes?
The October 2024 sale at $512,000 placed this home in the top 16% of all Winnipeg sales by price, outperforming 84% of properties. In its own Varsity View neighbourhood, it ranked in the top 27%.
2. What does the "bi-level" design mean for daily living?
A bi-level typically features a split entry, with living areas on one level and sleeping areas on another short flight of stairs. This design offers good separation of space but involves more stairs than a bungalow. The basement here is finished, adding usable space.
3. Is the lot size a significant advantage?
At 5,380 sq ft, the lot is larger than many in the area, ranking in the top 10% within its immediate street. This allows more room for gardening, play, or future outdoor amenities compared to tighter lots.
4. The home is 40 years old. What should I consider?
While the structure is mature, its ranking for age is relatively strong—newer than 66% of Winnipeg homes. The key focus would be on the condition and age of major systems (roof, windows, furnace) updated since its 1984 construction, which due diligence should verify.
5. Why is the assessed value ($411,000) so different from the sale price?
Municipal assessments for tax purposes often lag behind rapid market shifts. The $101,000 difference suggests buyers placed a high value on this specific property's location, lot, condition, or recent improvements, paying a market premium not yet reflected in the official assessment.