Property Overview & Key Characteristics
823 Garwood Avenue is a compact, one-storey home in Winnipeg's Earl Grey neighbourhood. Its primary appeal lies in being a modest, entry-level property in a well-regarded central area. With 716 sqft of living space, it is notably smaller than most homes on its street, in the neighbourhood, and across the city, placing it in the bottom 15% by size locally. However, its assessed value is firmly average for the area, suggesting the value is carried more by its location and lot than by the size of the home itself. The house was built in 1923 and sits on a roughly 3,086 sqft lot, which is typical for Earl Grey. A key feature is a renovated basement, adding functional space. There is no garage or pool.
This property would best suit a first-time buyer, an investor, or someone looking to downsize into a manageable home in a central location without a premium price tag. Its below-average size makes it a practical, lower-maintenance option, while its average assessment for the area indicates it's priced for its location rather than its square footage. It represents an opportunity to enter a desirable neighbourhood where the land itself is a significant portion of the asset's value.
Frequently Asked Questions
1. Is the house unusually small?
Yes. At 716 sqft, the living area is significantly below the average for Earl Grey (~1,206 sqft) and for homes on Garwood Avenue itself (~1,049 sqft). This confirms it's a compact, efficient layout.
2. What does "average assessed value" mean in this context?
While the home is much smaller than average, its assessed value is typical for the neighbourhood. This often indicates that the value is supported by the lot location and the neighbourhood desirability, rather than the building's size or condition.
3. What is the significance of the renovated basement?
In a home of this size, a finished basement is crucial. It effectively adds necessary functional space for utilities, storage, or additional living area, making the overall property more practical.
4. Who might this property not suit?
It may not be ideal for growing families needing multiple bedrooms or dedicated workspaces, or for buyers who prioritize modern, open-concept layouts, which can be challenging to achieve in a smaller, century-old home.
5. How does the 2019 sale price relate to the current assessed value?
The home sold for $25.50k in 2019, and is now assessed at $32.70k. This increase aligns with broader market trends, but prospective buyers should rely on a current market evaluation, as assessments are for taxation and not necessarily market value.