702 Garfield Street N

Property Overview: 702 Garfield Street N, Winnipeg

Section 1: Key Characteristics & Appeal

This home on Garfield Street N in the Minto neighbourhood presents a compelling blend of space, value, and established character. Its primary appeal lies in its generous proportions relative to its immediate surroundings. With 1,904 square feet of living area, it ranks in the top 1% of homes on its street and top 2% within Minto, offering significantly more interior space than local averages. Built in 1952, it is also a notably newer home compared to many in the area, which typically date to the early 1930s.

The property sits on a 3,722 sqft lot, which is above average for the street and neighbourhood, providing good outdoor space. Its assessed value of $36,900 positions it as a higher-value home in Minto, yet it remains around the city-wide median, suggesting a perceived value that is anchored in its desirable local context rather than city-wide luxury pricing. Historical sales data indicates stable value in the $300k-$350k range over recent years.

This home would suit buyers looking for a spacious, established property in a mature neighbourhood without the premium price tag of newer city-wide developments. It’s ideal for someone who values room to grow, appreciates the character of a mid-century home, and wants a property that stands out in its local market for its size and relative modernity. It may also attract value-conscious buyers who see the advantage in a home that is assessed significantly higher than its neighbours, as this can sometimes reflect superior condition or updates.

Section 2: Frequently Asked Questions

1. How does the 1952 build year compare to nearby homes?
This home is notably newer than most in the immediate area. It ranks in the top 4% on its street, where the average comparable home was built around 1930. This can mean updated infrastructure (like wiring or plumbing) compared to much older homes and potentially less immediate need for major system overhauls.

2. The living area is large for the neighbourhood. What might that mean?
A home that is in the top 1-2% for size locally often offers more functional space, such as additional bedrooms, larger common areas, or a more practical layout than is typical. It can provide a feeling of a "larger" home without the price tag of a similar-sized property in a newer suburb.

3. Why is the assessed value higher than neighbours, but average city-wide?
The assessment reflects the property's value within its market context. In Minto, its size, lot, and newer construction make it a higher-tier property. City-wide, however, it compares to an average-priced home, indicating you are paying for premium local attributes rather than an exclusive city-wide location.

4. What is indicated by the stable sold price history ($300k-$350k)?
The property sold in this range in both 2016 and 2020, suggesting a history of consistent market value. This price stability can be appealing, indicating a resilient value that isn't subject to wild fluctuations.

5. The lot size is above average locally but below average for the city. Is that a concern?
Not necessarily. The lot is spacious for the established Minto neighbourhood, offering ample yard space by local standards. The "below average" city-wide ranking reflects comparisons to newer suburbs with much larger lot subdivisions, which isn't a direct comparison for an inner-city neighbourhood.