Property Summary: 2 Oswald Bay, Elmhurst, Winnipeg
Key Characteristics & Appeal
This is a well-established, single-storey home built in 1978 on a generous, mature lot of approximately 6,909 sqft in Winnipeg's Elmhurst neighbourhood. Its key features include 1,475 sqft of living space, a finished basement, and an attached garage. The home’s primary appeal lies in its space and established setting, offering more interior room and a larger yard than many Winnipeg properties, as it ranks in the top 29% and 18% respectively for those metrics city-wide.
It particularly suits buyers looking for a solid, no-frills family home in a quiet neighbourhood, where the value is derived from practical space rather than modern finishes. The property represents a classic "good bones" opportunity, ideal for those who appreciate the character of an older home and are either comfortable with its era or see potential in gradual updates. A thoughtful perspective is its strong ranking for lot size, which is a permanent asset that cannot be altered and provides rare room for gardens, play, or expansion in the city. However, its lower rankings on street-level metrics for assessed value and living area suggest it may be a larger, more private property on a street with a mix of home sizes and values.
Frequently Asked Questions
1. What is the neighbourhood like?
Elmhurst is a mature, established neighbourhood in Winnipeg. The property rankings show it is in the middle range for the community in terms of home size and value, indicating a stable, mixed area of similar vintage homes.
2. Is the basement included in the square footage?
No. The listed living area of 1,475 sqft refers to the above-ground living space. The home also has a separate, finished basement, which adds additional usable space.
3. How does the assessed value compare to the asking price?
The municipal assessed value is $411,000. It is important to discuss with your real estate agent how this assessment compares to the current market asking price and recent sales of similar homes in the area, as the two figures can differ.
4. What might the rankings mean for future value?
The home ranks highly for its lot size city-wide, which is a lasting positive. Its mid-range rankings within its own immediate street and community for factors like living area and age suggest it is a typical home for the area, which can provide stability rather than outlier risk or reward.
5. What are the considerations for a home built in 1978?
While offering solid construction and spacious layouts, a home of this age will likely have original or older major systems (like roof, windows, plumbing, and electrical). A thorough inspection is essential to understand the condition and plan for any necessary maintenance or updates.