Property Overview
823 Spruce Street in Winnipeg's Minto neighbourhood presents a compelling mix of space, value, and established character. Built in 1940, this home distinguishes itself with above-average dimensions for its immediate area, offering a practical footprint on a generous lot.
Key Characteristics & Appeal
The primary appeal of this property lies in its significant size advantage within a localized context. With 1,540 sqft of living area, it ranks in the top 5% on its own street and the top 8% within the Minto area, offering substantially more interior space than many neighbouring homes. This is complemented by a land area of 4,337 sqft, which is also well above local averages, providing ample outdoor space for a city property.
Its assessed value of $32,200 is notably low compared to the city-wide average, yet ranks in the elite top 3% on Spruce Street and top 8% in Minto. This suggests the home is a high-value asset within its specific community, potentially offering a favourable entry point into a stable neighbourhood. The home last sold for an estimated $250k-$300k in 2016.
This property would best suit a pragmatic buyer who values space and established neighbourhoods over new construction. It’s ideal for someone looking for a home with room to grow or adapt, who understands the trade-offs and potential of an older home (86 years), and who appreciates owning a property that stands out in size and assessed value within its immediate surroundings.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Property assessments are based on a mass appraisal system and are heavily influenced by the values of immediately surrounding properties. This home’s assessment ranks very high on its street and in Minto, indicating it is a top-tier property for that specific area. The lower city-wide comparison reflects broader market differences between neighbourhoods.
2. What does the "Elite" ranking for living area and value mean?
These rankings are comparative, not absolute. They mean that, compared to similar properties on Spruce Street and in the Minto area, this home is among the very largest and has one of the highest assessed values. It signifies a position of relative advantage within its local market.
3. The home was built in 1940. What should I consider?
While the building’s age is around the neighbourhood average, it necessitates a focus on the condition of major systems (roof, plumbing, electrical, foundation) and updates that may have been made over the years. A thorough inspection is essential to understand maintenance needs and modernization opportunities.
4. How useful is the 2016 sale price today?
While it provides historical context, an 8+ year-old sale price has limited direct bearing on current market value. It’s more useful for understanding long-term ownership patterns than for determining today’s price, which will be driven by recent comparable sales and current market conditions.
5. The lot is large for the area. What are the implications?
A 4,337 sqft lot in this context offers valuable outdoor space and potential for gardening, recreation, or expansion (subject to zoning bylaws). It also contributes to the property’s above-average assessment locally and can be a significant long-term asset, as land size is a fixed commodity.