Property Summary: 332 Melrose Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, century-old home (built 1912) on a standard city lot in Winnipeg's Melrose area. Its key characteristics are its modest scale and very low municipal assessed value. At 621 square feet, the living area is notably smaller than most homes on its street, in the area, and across the city. Similarly, its assessed value of $18,500 is significantly below average comparisons at every level. The lot size of 2,970 sq ft is more in line with local norms but is still below the citywide average.
The primary appeal lies in its position as an entry-point property. It represents one of the most accessible price points in the Winnipeg market, ideal for a first-time buyer, an investor seeking a rental property with a low tax base, or someone looking to minimize their footprint and housing costs. A thoughtful perspective is that a home of this age and size on a decent lot could appeal to a buyer with a long-term vision for a careful renovation or expansion, using the existing structure and favourable lot size as a foundation. Its last recorded sale was between $150,000 and $200,000 in 2021.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the likely sale price?
Municipal assessed value for property tax purposes is not the same as market value. It is based on a mass appraisal system and can lag behind current market conditions, especially for unique or significantly smaller properties.
2. What does the "Top 97%" ranking for living area mean?
This statistic means the home's living area is smaller than approximately 97% of comparable homes in the city. It quantifies that this is a notably compact property, which is a key factor in its lower assessed value.
3. Is a house this old a concern?
A 1912 build requires a diligent inspection. While it offers classic charm, potential buyers should budget for updates to older mechanical systems, insulation, and windows. Its longevity also suggests solid foundational construction.
4. Who would this property not suit?
It would likely not suit buyers needing multiple bedrooms, dedicated home office space, or those unwilling to take on a potential renovation project. The small living area requires efficient use of space.
5. How can I find out the exact past sale price?
The exact sold price history is not public record in Manitoba. As noted on the detail page, you can request this information by email from the service; they provide it manually without using your email for marketing.