Property Overview
489 Sydney Avenue is a 1924-built home in Winnipeg's Munroe West neighbourhood, offering a practical entry point into homeownership. With 892 square feet of living space on a 3,299 square foot lot, its scale is modest but in line with the immediate area. The home’s key characteristic is its relative affordability, underscored by an assessed value of $214k, which sits notably below averages for the street, neighbourhood, and wider city. This presents a specific value proposition: you are acquiring a home that is functionally average for its local block but at a cost that ranks in the more affordable tier across broader comparisons.
Its appeal lies in this financial accessibility, offering a foothold in the market with lower property tax implications. It would suit first-time buyers, investors looking for a rental property with a lower entry cost, or downsizers seeking a manageable, no-frills home. A thoughtful perspective is that while the home is smaller and older than the city average, its lot size is quite typical for Sydney Avenue, suggesting the potential value lies more in the land than the current structure. It’s a property for those comfortable with a home that may require updates, traded off against a favourable purchase price and ongoing tax assessment.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value of $214k is used for calculating property taxes and is typically lower than market value. Recent sold price data for this home suggests a market value that may be different, though still positioned in a more affordable range compared to area averages.
2. What does the "below average" ranking for value really mean?
It means this home’s assessed value is lower than most comparable homes. On Sydney Avenue, it ranks in the top 81% (153rd out of 189), meaning about 80% of neighbouring homes have a higher assessed value. This generally indicates a lower property tax bill but may also reflect the home’s age, size, or condition relative to others.
3. How does the 892 sqft living area compare practically?
It’s compact. While it’s around the average for Munroe West (902 sqft), it’s significantly smaller than the Winnipeg city-wide average (1,342 sqft). This suits a smaller household and suggests efficient use of space is a priority.
4. What are the implications of the home being built in 1924?
As a 102-year-old home, it likely has character but may also require attention to older plumbing, electrical systems, or insulation. Its age is older than most in the city, so a thorough inspection is essential to understand any maintenance or renovation needs.
5. Can I find out the exact past sold prices?
The site shows past sales in broad price bands (e.g., CA$150k–200k in 2020). To obtain the exact historical sale figures, you must request them via email from the site provider, as they are not displayed publicly due to data source restrictions.