Property Overview & Key Characteristics
This home at 532 Melrose Avenue W presents a specific and clear value proposition. Its key appeal lies in the balance between a modest, older house and a notably generous lot. Built in 1955, the 736 sqft living space is compact, ranking below average for size both locally and city-wide. However, the 5,169 sqft land area is a standout feature, placing it in the top 18% of lots in the immediate Melrose area. The assessed value is consistent with neighborhood averages.
This property would suit a practical, value-oriented buyer. It's ideal for a first-time homeowner comfortable with a smaller, vintage footprint who prioritizes outdoor space for gardening, pets, or future expansion. It could also appeal to an investor looking for a land-strong asset in a stable neighborhood, where the value may be more tied to the property's potential than its current structure.
Frequently Asked Questions
1. Is the sold price from 2021 a reliable indicator of current value?
Not directly. The listed range of CA$200k–250k is a historical data point from a different market. Current value is influenced by many factors since 2021, and the assessed value (28.60k for taxation) is not a market price.
2. What does the "below average" living area ranking practically mean for daily life?
It confirms the home's layout is compact. Buyers should plan for efficient use of space and consider if the floorplan meets their needs for privacy and storage, as renovations to significantly increase square footage would be a major project.
3. How significant is the "above average" land area?
Very. In an established neighborhood, a lot that's over 5,000 sqft offers rare potential. It provides substantial yard space and, subject to zoning, future possibilities like an addition, garage, or garden suite that smaller lots cannot accommodate.
4. The assessed value seems very low compared to the city-wide average. Why?
The city-wide average assessed value (390k) includes all property types and sizes across Winnipeg. This home's assessment is in line with its specific peer group of smaller, older homes in its area, which is more relevant for comparison.
5. Where can I see more context about the immediate neighborhood?
You can use the provided link to open the neighbourhood analysis page, which maps nearby houses and allows you to visually compare details like year built, lot size, and assessed value for surrounding properties.