Property Overview: 421 Elmhurst Road
Section 1: Key Characteristics & Appeal
This is a well-maintained, spacious bi-level home built in 1981, situated on a large, mature lot in the established Varsity View neighborhood. Its primary appeal lies in offering above-average space and land for the area, combined with strong value fundamentals. The home features 1,440 sqft of finished living space, including a developed basement, and sits on a 6,359 sqft lot—a significant size that provides room for gardening, play, or future expansion. Recent data shows it sold for $492,000 in December 2024, which was above its assessed value, indicating strong market recognition.
The property ranks notably well against its peers. It stands in the top quarter of Winnipeg homes for lot size and recent sale price, and its living area is larger than about 70% of city homes. This creates a compelling proposition: a home that feels roomy and private, yet is competitively priced within the broader market. It would suit practical buyers looking for a move-in-ready family home with a generous yard, or value-oriented investors attracted by its solid assessment-to-sale-price ratio and consistent rankings. It’s a home for those who prioritize indoor and outdoor space over brand-new finishes, and who appreciate the stability of a long-established neighborhood.
Section 2: Frequently Asked Questions
1. What does the bi-level design typically mean for this home?
A bi-level, or split-entry, home usually means you enter onto a landing with stairs leading both up to the main living areas and down to a lower level. This design often creates two distinct living zones, which can be great for separating family activities or accommodating multi-generational living, especially with a finished basement.
2. The home was built in 1981. What should I consider?
Homes from this era are often past the lifespan of their original major components, like the roof, windows, or furnace. While the property is clearly well-kept, a thorough inspection is key to understand the condition and age of these systems, which informs your maintenance planning and budget.
3. There’s no garage. Is that a major drawback?
This depends on your lifestyle. The large lot does offer potential for adding a garage or carport in the future, subject to local bylaws. For now, it means relying on driveway parking, which is common in the area. The trade-off is more usable yard space.
4. How meaningful are these ranking percentages?
They provide a quick, data-driven snapshot of how this property compares to others in the immediate area and citywide. For example, ranking in the top 25% in Winnipeg for lot size objectively confirms the lot is a standout feature. They are useful for gauging relative value and key metrics at a glance.
5. The sale price was higher than the assessed value. Why?
Municipal assessments for tax purposes often lag behind current market conditions. The sale price reflects what a buyer was willing to pay in the active 2024 market, likely driven by the home’s desirable lot size, living space, and overall condition, which buyers valued above the official assessment.