Property Overview
This is a compact, one-bedroom condominium unit in the well-established Waverley Heights neighbourhood. Built in 1985, the 666 sqft residence is notable for its exceptionally low property taxes, as reflected in its assessed value of $12,400. It appeals primarily as an affordable entry point into homeownership in a mature, convenient area of Winnipeg. The unit sold very recently in December 2024.
Key Characteristics & Appeal
The defining characteristic of this property is its ultra-low carrying cost. With an assessed value and recent sale price significantly below typical area listings, it offers one of the most accessible ownership opportunities in the city. This is not a feature-rich luxury condo, but a practical and financially streamlined option.
Its appeal lies squarely in affordability and location. It suits first-time buyers seeking to build equity with minimal overhead, investors looking for a low-cost rental unit, or downsizers prioritizing fixed monthly expenses over space. The Waverley Heights location provides established greenery and convenience to major routes, shopping, and the University of Manitoba.
A less obvious perspective is that this unit represents a "value play" in a high-interest rate environment, where low principal cost can outweigh the benefits of a larger, more expensive mortgage. It also offers a way to enter a desirable neighbourhood where the typical single-family homes are out of reach, allowing an owner to benefit from the area without the price tag.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes in the area?
This is a small, one-bedroom condominium unit, not a single-family house. The assessment reflects the unit's modest size, age, and condominium structure, which results in significantly lower property taxes compared to the larger detached homes surrounding it.
2. What does "No Basement" and "Garage None" mean for this property?
As a condominium unit, it is a self-contained living space within a larger building. It does not include a private basement or garage. Parking and storage would be governed by the condominium corporation's rules and may involve shared or assigned spaces.
3. The living area is 666 sqft. What does that typically include?
This square footage encompasses the entire private interior space of the condominium unit. It generally includes the living room, bedroom, kitchen, and bathroom. All common areas (hallways, grounds, laundry rooms if shared) are not part of this private measurement.
4. Who is responsible for exterior maintenance and repairs?
As a condominium, the corporation is responsible for the maintenance, repair, and insurance of the building's exterior and common elements. The owner is responsible for the interior of their unit and pays a monthly condominium fee to cover the shared costs.
5. The recent sale was very close to the assessed value. Is that typical?
While sale prices often differ from assessed values, a close alignment can indicate a market-driven, arms-length transaction. It suggests the sale price was viewed as fair by both buyer and seller, reflecting the unit's market value at that time without a significant premium or discount.