Property Overview: 620 Garfield Street N, Winnipeg
Key Characteristics & Appeal
This home at 620 Garfield Street N in the Minto neighbourhood is a compact, post-war bungalow built in 1948. With 768 square feet of living space, it is notably smaller than most homes in the city, ranking in the top 93% city-wide (meaning only 7% of homes are smaller). Its lot size of 3,166 sqft is fairly typical for its immediate street and area. A key characteristic is its assessed value of $26,500, which is very low compared to the Winnipeg city-wide average but aligns closely with the norms for Minto and Garfield Street.
The primary appeal lies in its affordability and efficient footprint, offering a clear entry point into homeownership. Its 1948 build date is actually newer than many homes in the immediate vicinity, suggesting potentially fewer age-related issues than neighbouring properties. This property would best suit first-time buyers, investors looking for a rental property, or downsizers seeking a low-maintenance, cost-effective home without the need for extensive space. Its value is rooted in practicality and location rather than size or luxury.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
This is typical for the Minto area. Assessed values in this neighbourhood are consistently lower than the Winnipeg average, reflecting local market conditions, property sizes, and home types.
2. The home sold between $250k-$300k in 2022, but is assessed at only $26.5k. Why the huge difference?
In Manitoba, property assessments are not market valuations. They are used for calculating municipal taxes and are often a fraction of a home's actual market sale price. The sale price from 2022 is the true indicator of its market value at that time.
3. Given its smaller size, are expansions or additions feasible?
The lot is a standard size for the area, so there may be some potential for an addition or renovation, subject to local zoning bylaws and setback requirements. A review of the specific lot dimensions and city regulations would be necessary.
4. How does the 1948 build date compare to nearby homes?
This home is newer than many on its street and in Minto, where average build years are 1930 and 1933, respectively. This could be an advantage, possibly indicating updated infrastructure compared to older neighbours.
5. What is the neighbourhood context of Garfield Street N?
The data shows the homes on this street are very consistent in terms of assessed value and lot size, suggesting a uniform, established character. The living area for this property is below the street average, indicating it is one of the more compact homes on the block.