Property Overview: 3-480 Chalfont Road, Winnipeg
Key Characteristics & Appeal
This is a well-positioned, spacious condo in Winnipeg’s Elmhurst neighborhood. Built in 1997, the 1,219 sqft unit stands out for its above-average living space compared to most local and city-wide properties. Its most striking feature is its assessed value of $500k, which places it in the elite top 3% for the Elmhurst area and city-wide, indicating a premium valuation relative to peers. The property includes a renovated basement, adding functional space. It last sold in September 2023 for $490k, following a prior sale in 2020 for $390k, reflecting significant appreciation.
The appeal lies in its combination of generous square footage, recent updates, and a strong market position that suggests a desirable location or superior condition within its building complex. It would suit buyers looking for a move-in-ready condo with more room than typical units, and who value a property with metrics that perform highly against benchmarks. It may also attract value-conscious investors or owners who appreciate the stability of a late-90s build that has undergone key renovations.
Frequently Asked Questions
1. What does the "Elite" top 3% assessed value ranking mean?
It means this unit’s official assessed value is higher than 97% of comparable properties across Winnipeg. This typically reflects a combination of factors like size, condition, improvements, and desirable location within its market.
2. Is the renovated basement included in the living area square footage?
No, the listed living area of 1,219 sqft typically refers to above-grade space. The renovated basement is an additional feature, providing extra functional rooms or storage.
3. The sale price in 2023 was $490k, but the assessed value is $500k. Why the difference?
Assessed value is for municipal tax purposes and is based on a mass appraisal system from a prior date, not necessarily the current market price. A close alignment suggests the sale was near the municipality’s valuation at that time.
4. The unit seems to be part of a larger complex at 480 Chalfont. What does that imply?
The address suggests a townhouse-style or multi-unit condo building. The presence of many directly neighboring units (e.g., 2-480, 4-480) indicates a well-established complex, which can offer community amenities and shared maintenance responsibilities.
5. Given the sharp price increase from 2020 to 2023, is this price growth sustainable?
While past performance shows strong appreciation, future growth depends on broader market conditions, the building’s maintenance, and condo fee stability. The premium assessment suggests solid fundamentals, but buyers should consider their own long-term valuation outlook.