55 Alder Bay – Property Summary
Key Characteristics & Buyer Profile
This property stands out most for its land and value positioning. The lot is 15,472 sqft—ranked #1 on the street, #6 in the neighbourhood, and in the top 2% citywide. That’s roughly double the average lot size on Alder Bay and triple the Westdale average. The assessed value of $445k is also elite locally: #1 on the street and #13 in the neighbourhood, while the 1,132 sqft living area is above average for both the street and Westdale but slightly below the citywide norm for comparable homes. Built in 1972, the house is newer than most on its street but fairly typical for the neighbourhood and city.
The appeal is less about move-in-ready perfection and more about land value and relative affordability in a high-demand area. A buyer here gets a large, well-located lot in Westdale at a price that undercuts many newer or renovated homes nearby—but the house itself may need updating. It would suit someone who prioritizes location and outdoor space over a finished interior, or who has the means and willingness to renovate. It’s less suited for someone wanting a turnkey home or who doesn’t place high value on a large yard.
Frequently Asked Questions
1. Is this property priced competitively for what it offers?
Yes, relative to the neighbourhood. The assessed value is $445k, which ranks #1 on the street and #13 in Westdale—meaning comparable homes nearby are assessed lower on average ($366k on the street, $307k in the neighbourhood). However, the citywide average for comparable homes is $390k, so it’s above that. The value sits in the land, not the structure size.
2. How does the living space compare to other homes in the area?
At 1,132 sqft, the living area is above the street average (1,111 sqft) and neighbourhood average (1,029 sqft), but below the citywide average for comparable homes (1,342 sqft). It’s a modest footprint—fine for a couple or small family, but tight for larger households expecting open-concept or extra bedrooms.
3. What should I know about the age of the house and potential updates?
Built in 1972, it’s newer than most homes on Alder Bay (average 1971) but sits right at the neighbourhood average. A 50+ year-old home typically means older systems (roof, furnace, windows, plumbing) may need attention. Buyers should budget for possible upgrades unless recent work has been done—this data doesn’t indicate renovations.
4. Why is the land value so much higher than the home value?
The 15,472 sqft lot is exceptionally large for Westdale (average 5,168 sqft) and the city (average 6,570 sqft). In established neighbourhoods, large lots are scarce and command a premium. The assessed value reflects the land’s scarcity, not the house’s condition or size. This is common for properties where the lot is the primary asset.
5. Who typically buys a property like this?
Two main types: someone planning to renovate or rebuild on a prime lot in a desirable area, or a buyer who values outdoor space (gardening, privacy, room for additions) and is comfortable with a smaller, older home. It’s less ideal for first-time buyers seeking low-maintenance or for families who need more interior square footage without major work.