Property Overview & Key Characteristics
This 660 sqft, one-storey home on Garwood Avenue in Earl Grey is a compact, century-old property (built 1923) that presents a specific value proposition. Its key appeal lies in its below-average price point within a desirable, established neighbourhood. The home sits on a standard city lot (just over 3,000 sqft) and features a renovated basement and a detached garage. Its living space is notably smaller than most area homes, ranking in the bottom 10% locally for size. This creates a clear profile: it’s a financially accessible entry into Earl Grey, suited for a first-time buyer, an investor, or someone seeking a minimalist footprint without sacrificing location. The renovated basement adds functional space, making the overall package more viable despite the modest main-floor square footage. It’s not a home for those needing ample room, but rather for those who prioritize neighbourhood character and affordability over sheer space.
Frequently Asked Questions
1. Is the low square footage a major drawback?
It depends on your lifestyle. The 660 sqft main floor is very compact, but the renovated basement provides additional functional space. This layout suits individuals, couples, or investors but would feel tight for a family.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the home’s small size and age relative to the entire city’s housing stock. It’s actually around average for its own street and neighbourhood, indicating you’re paying primarily for location and land here.
3. What are the less obvious pros and cons of a home this age?
A pro is the potential for character and mature landscaping. A significant con is the higher likelihood of aging infrastructure (like plumbing or electrical) needing attention, despite any renovations, which should be a focus for inspections.
4. Who would this property not suit?
It would not suit buyers looking for a turn-key, spacious family home, those averse to ongoing maintenance common with century-old houses, or anyone who requires main-floor bedroom accessibility (as it’s a one-storey with basement).
5. How does the recent sale price compare to the assessment?
The home sold for $24.4k in late 2024, which is below its $27.9k assessed value. This suggests the market priced in the home’s specific limitations at the time of sale, potentially representing a negotiated discount.