764 Stewart Street

Property Overview

This is a compact, one-storey home built in 1962 on a standard-sized lot in Winnipeg's Buchanan neighbourhood. Its key appeal lies in its renovated basement, which adds functional space to the 1,005 sqft main floor living area. The property sits without a garage, presenting a straightforward, low-maintenance footprint. Recent data shows a significant increase in value, with the 2024 sale price substantially higher than its 2019 sale and its current assessed value, suggesting strong market interest or recent improvements.

Key Characteristics & Ideal Buyer

The home’s primary characteristics are its modest scale, updated basement, and desirable lot size. Its appeal is grounded in being a manageable, entry-level property in an established area. The renovated basement effectively expands the living space, offering flexibility for a family room, home office, or additional storage. The lot is typical for the street and neighbourhood, providing decent outdoor space without being overwhelming.

This property would best suit first-time buyers or practical downsizers looking for an affordable, no-fuss home in a mature community. It’s also a sensible candidate for investors seeking a rental property with a recent history of appreciating value. A less obvious perspective is that for a buyer planning a future rebuild or significant expansion, the lot provides a solid foundation in a neighbourhood with a mix of older and newer homes, as evidenced by the varying year-built rankings on the street.

Frequently Asked Questions

1. How does the property’s size compare to the area?
The living space is below average for both the immediate street and the city overall, confirming its status as a more compact home. However, the lot size is around average for Buchanan, meaning outdoor space isn’t compromised.

2. What does the sale history indicate?
The home sold for $27.2k in 2019 and $37.5k in 2024. This notable increase over five years suggests rising desirability for the location or property type, or reflects the value of the basement renovation.

3. Is the home older than others nearby?
Built in 1962, it is slightly older than the average home on its street but significantly older than the average for the broader Buchanan neighbourhood. This indicates the immediate block may have a consistent vintage, while surrounding areas have seen more new construction.

4. What does not having a garage mean for this property?
The lack of a garage aligns with its low-maintenance, affordable positioning. Buyers should budget for alternative parking solutions and consider the potential to add a garage or carport in the future, subject to local regulations.

5. How is the assessed value relevant to the sale price?
The current assessed value is significantly lower than the 2024 sale price. This is common, as assessed values for tax purposes often lag behind rapid market changes. The recent sale price is a more accurate reflection of current market value.