Property Overview: 223 Melrose Avenue E, Winnipeg
Section 1: Key Characteristics & Appeal
This home is a classic 1922 character bungalow, offering a practical footprint of 864 sq. ft. on a generous, nearly 4,000 sq. ft. lot in the Melrose neighbourhood. Its key appeal lies in its position as a relatively affordable entry point into the Winnipeg market, with a recently sold price between $200k-$250k in 2024. The lot size is notably above average for the city, presenting a clear value in land potential.
The home suits first-time buyers or practical investors looking for a solid foundation. Its assessed value is consistently below average for the area, which can be a double-edged sword: it suggests a lower tax burden but may also indicate the home needs modernization. The appeal is grounded in utility and potential rather than luxury. A thoughtful perspective is that while the living space is compact, the lot offers room for expansion, gardening, or outdoor living—a valuable asset not always found in this price range. It’s a property for someone who sees value in the land and the structure’s good bones, willing to invest sweat equity or phased renovations.
Section 2: Frequently Asked Questions
1. Is this a good value compared to the neighbourhood?
Based on sold price data, this property sells below the typical price for both the immediate street and the wider Melrose area, placing it in the more affordable third of listings. You are paying primarily for location and lot size.
2. What should I expect with a home built in 1922?
While the mechanical systems and structure should be professionally evaluated, a home of this age often has solid craftsmanship but will likely require updates to plumbing, electrical, or insulation to meet modern efficiency standards. Its year built is typical for the street.
3. How accurate is the assessed value versus the selling price?
The assessed value for tax purposes ($22,400) is significantly lower than recent sale prices. This is common, as assessed value is not intended to reflect market value. The sale price is determined by current buyer demand.
4. The living area seems small. How does it compare?
At 864 sq. ft., the home is slightly smaller than the average house on Melrose Avenue E (~980 sq. ft.). This confirms it’s a compact, efficient layout. The lot size, however, is on par with area averages, meaning the footprint can potentially be expanded.
5. How can I find out the exact past sold prices?
The precise sale prices are not publicly displayed in detail due to data licensing. You can request the exact historical sold price by emailing the listing service through the provided button; they provide this information manually at no cost.