Property Overview
This 905 sqft home, built in 1978 and located in Winnipeg's Varsity View neighbourhood, presents a straightforward opportunity in a highly regarded area. Its key appeal lies in its strong positional value. The property ranks in the top tier for its lot size within its immediate community and across Winnipeg, suggesting a desirable and potentially generous plot. While the home itself is modest in size and age—ranking lower in those categories—its recent sale history shows consistent value, having sold for $208,000 in July 2023. The home has no basement or garage.
This property would suit a first-time buyer or an investor looking for an entry point into a prime academic-area neighbourhood without a premium price tag for a large house. It’s for someone who prioritizes location over turn-key condition, is comfortable with a home of this vintage, and sees potential in the land or the existing structure. The buyer should be prepared that the interior space is compact and the rankings indicate the home’s condition or features may be basic relative to the area.
Frequently Asked Questions
1. What do the rankings actually mean?
They show how this property compares to others in its immediate street, the Varsity View neighbourhood, and all of Winnipeg. For example, ranking in the "top 0%" for lot size in the community means it has a larger plot than 100% of compared homes, a significant advantage. Conversely, lower rankings for living area or assessed value indicate a more modest home.
2. The home seems small and older. Where is the value?
The value is primarily in the land and location. Varsity View is a sought-after neighbourhood near the University of Manitoba. A high lot-size ranking on a property with a lower price point can represent a long-term opportunity, whether for enjoying the space now or for future potential.
3. There's no basement or garage. Is that a major drawback?
It depends on your needs. It simplifies the structure (no basement moisture concerns) but reduces storage and utility space. For some, it's a trade-off for a simpler, potentially more affordable property in a great location. You'll need to plan for where to store vehicles and seasonal items.
4. The assessed value is lower than the recent sale price. Why?
Municipal assessments for tax purposes often lag behind the current market. The 2023 sale at $208,000 is the best indicator of its recent market value. The assessment suggests the city's valuation is conservative, which can be a positive for annual property taxes.
5. It sold twice in two years. Is that a red flag?
Not necessarily. The sales in 2022 and 2023 show active market interest and a clear trajectory of value. It could indicate previous buyers saw its potential as a starter home or investment. It's always wise to investigate the reason for sale, but the quick resale at a higher price also demonstrates the property's liquidity in this location.