Property Overview
This 1924-built, one-storey home on Garwood Avenue in Earl Grey presents a compact and efficient living space. At 704 square feet, it is notably smaller than most homes in the area, city, and on its own street, positioning it as a more affordable entry point into a desirable neighbourhood. Its key appeal lies in this combination of location and value. The home sits on a standard city lot and features a renovated basement, adding functional space. With no garage, parking is likely street-only. The property last sold in September 2020 for $240,000, and its current assessed value is significantly lower at $31,500, which is typical for the immediate area but below the wider city average.
This home would best suit first-time buyers, downsizers, or investors seeking a lower-maintenance property in a central, established neighbourhood without a large footprint. Its size and layout make it a practical, no-frills option for those who prioritize location over space and are comfortable with a character home's trade-offs. A thoughtful perspective is that its smaller scale offers reduced utility costs and less upkeep, aligning with a simpler, more sustainable lifestyle. However, buyers should be prepared for the realities of an older home and consider the potential for future updates.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
Assessed values in Manitoba are primarily for municipal tax purposes and often do not reflect current market value. The 2020 sale price is a more accurate indicator of its recent market worth, while the assessment suggests its tax valuation is consistent with other homes on Garwood Avenue.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. This should be a key point for verification during a viewing to understand if it’s a finished living space, a modern utility area, or includes a legal suite.
3. How does the smaller living area impact daily life?
At 704 sqft, this is a compact home. Efficient use of space is essential. The renovated basement will be crucial for storage or additional living area. It suits a minimalist lifestyle but may feel cramped for those with a lot of possessions or who work from home without a dedicated main-floor office.
4. What are the implications of having no garage?
Parking will be on-street. This means dealing with winter parking bans, ensuring clear access for snowplows, and a lack of sheltered storage or a workspace for tools or vehicles. The lot size is standard, so adding a garage in the future may be possible, subject to zoning and permits.
5. The home is older—what should I be most concerned about?
Built in 1924, major systems like the roof, plumbing, electrical, and foundation should be professionally inspected. While the basement is renovated, the underlying structure and waterproofing of a century-old home are vital checkpoints. Updates may have been made, but understanding the condition of original elements is key.