Property Summary: 450 Elmhurst Road, Varsity View, Winnipeg
Key Characteristics & Appeal
This is a well-established, one-storey home on a large, mature lot in the sought-after Varsity View neighbourhood. Built in 1955, its primary appeal lies in its location and the solid foundation it offers. The home features a renovated basement, adding valuable living space to the 1,039 sqft main floor. With no garage, the expansive 6,318 sqft lot presents a significant opportunity for gardening, expansion, or adding a future garage.
The property’s strength is its balanced positioning within a prime area. It sits on a larger-than-average lot for the street and neighbourhood, while its assessed value is firmly in the middle range for comparable homes. This suggests a property that is not over-improved for its setting, making it a practical entry point into a desirable community known for its proximity to the University of Manitoba.
This home would suit a first-time buyer or a downsizer looking for a manageable single-level layout in a mature, stable neighbourhood. It’s also a potential fit for a buyer who values land size over a large interior footprint, seeing the lot as a long-term asset for outdoor enjoyment or future investment.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. A professional inspection is recommended to determine the quality, compliance with permits, and whether it includes a legal secondary suite or additional bedrooms.
2. How does the lack of a garage affect daily life and value?
While some buyers may see this as a drawback, the large lot provides ample space to add a garage or carport, subject to local bylaws. For others, it simplifies maintenance. The trade-off is more yard space versus immediate sheltered parking, which is reflected in the home’s value relative to nearby properties with garages.
3. The home sold for $29k in 2016. Why is the assessed value now $34.6k?
The 2016 sale price is a historical data point and not an indicator of current market value. The assessed value is a municipal valuation for tax purposes, calculated using mass appraisal techniques and market trends. It is not equivalent to a market appraisal or listing price but shows its standing relative to neighbours.
4. The home is older. What should I budget for maintenance?
As a home built in 1955, proactive maintenance is key. Budgeting for updates to major aging components—like the roof, windows, plumbing, or electrical systems—is wise. The renovated basement is a positive, but ensuring those renovations are sound and up to code is important.
5. How does this property compare to others in Varsity View?
The home offers a classic Varsity View location on a large lot, but with a more modest living area and without a garage. It represents a different value proposition than newer, larger, or fully renovated homes in the area. It’s best compared to other one-storey homes on similar lots, balancing location benefits with potential update costs.