Property Overview: 5 Vera Bay, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 5 Vera Bay in the Margaret Park neighbourhood presents a compelling blend of space, land, and value. Its key characteristic is an exceptionally large lot of over 10,500 sqft, which ranks in the top 1% of properties in Margaret Park and the top 5% city-wide. This offers rare potential for expansion, gardening, or outdoor living within the city. The living space of 1,577 sqft is comfortably above average for both the immediate street and the broader neighbourhood.
The appeal lies in this unique combination: a home with ample interior space situated on a premium, sizable parcel of land, all while carrying an assessed value that is around the city average. This creates a notable value proposition, especially for buyers who prioritize land size over a recently built home, as this property was built in 1965. It would particularly suit buyers looking for a long-term family home with room to grow, DIY enthusiasts or builders who see potential in the generous lot, and value-conscious purchasers who understand that land is a scarce commodity and are willing to consider older homes with good bones and prime lots.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home is currently assessed at $364,000. The last recorded sale was between 2019-2025 for an estimated $300,000–$350,000. For the exact historical sale price, you can request details via email from the listing source.
2. What does the "Elite" ranking for Land Area actually mean?
It means this property's lot size is in the top 1% of all 676 comparable properties in the Margaret Park area. You are getting a land parcel that is significantly larger than most in this desirable neighbourhood.
3. The home was built in 1965. What should I consider?
While the structure is older, this is reflected in its accessible assessed value. Buyers should budget for potential updates to systems like plumbing, electrical, or windows, and consider a thorough inspection. The trade-off is the opportunity to own a large lot that is no longer available in newer subdivisions.
4. Is the living space adequate for the lot size?
At 1,577 sqft, the home is spacious for the area, but the lot size offers disproportionate potential. This could be ideal for those who value expansive outdoor space or envision a future addition, sunroom, or garage.
5. Who are the typical buyers in this area?
Margaret Park attracts buyers seeking established, tree-lined neighbourhoods. Given this home's specific metrics, it likely appeals to those prioritizing land and space over a turn-key modern build, including growing families, multi-generational households, or anyone seeking a private outdoor oasis close to city amenities.