Property Overview
This is a 650 sqft condominium unit located at 5-524 Corydon Avenue in Winnipeg's Earl Grey neighbourhood. Built in 1969, it presents as a practical, no-frills entry point into a well-established area. Its appeal lies in its affordability and location, having sold recently for $120k—a price point that stands out as notably low compared to broader city averages. The unit’s living space and assessed value are below average for both Corydon Avenue and the city overall, but are more aligned with the mid-range for the immediate Earl Grey area.
This property would suit first-time buyers, investors seeking a rental property with a lower entry cost, or downsizers looking for a minimal-maintenance lifestyle without a high condo fee structure. It’s for those who prioritize location and financial accessibility over interior space or modern build quality. A less obvious perspective is that a unit with metrics consistently below area averages can represent a stable, predictable holding in an otherwise fluctuating market, insulating owners from the premium prices paid for more updated or larger homes nearby.
Frequently Asked Questions
1. Why is the sale price so much higher than the assessed value?
This is common. The assessed value is for municipal tax purposes and often lags behind the current market, which is driven by buyer demand, recent sales of similar properties, and specific conditions at the time of sale.
2. What does the ranking data (e.g., "Top 78%") actually mean?
For a given metric like Living Area, a "Top 78%" rank means this unit's size is greater than 78% of comparable properties on Corydon Avenue. In simpler terms, it's in the smaller 22% of units on the street. These rankings help contextualize how the property compares to its immediate peers.
3. Are there any major concerns with a building from 1969?
While the building age is average for its area, potential buyers should prioritize a review of the condo corporation's reserve fund study and minutes to understand the long-term maintenance plan, potential for special assessments, and the overall financial health of the building.
4. What are the benefits of the Earl Grey location?
Earl Grey is a central, mature neighbourhood known for its tree-lined streets, proximity to parks like Earl Grey Park, and convenient access to amenities along Corydon Avenue. It offers a quiet residential feel while being close to dining, shops, and major routes.
5. The listing mentions "Basement: No." What does that mean for this unit?
This indicates the unit does not include a basement, which is typical for many condominiums. All living space is on one level. Storage space may therefore be limited to what is available within the 650 sqft floor plan or any assigned locker space, which should be confirmed.