Property Overview: 40 Southmoor Road, Niakwa Place, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 40 Southmoor Road presents a compelling value proposition centered on space and location. Built in 1970, its key characteristic is its above-average living area of 1,790 sq ft, which ranks within the top 25% for its immediate street and the broader Niakwa Place neighborhood. The lot size of 6,713 sq ft is also notably generous compared to the Winnipeg city-wide average. Interestingly, while the home offers substantial interior and land space, its municipal assessed value of $385K is below the average for Southmoor Road itself, suggesting a potential value opportunity for a buyer willing to invest in updates.
The appeal lies in this balance of size and price within a stable, established neighborhood. It suits practical buyers looking for room to grow or customize without the premium price tag of a fully renovated home. It would also appeal to value-oriented investors or homeowners who see potential in a property where the core assets—lot size and square footage—are strong, but the assessed value hasn't yet caught up. This is a property for those who prioritize space and foundation over modern finishes, viewing it as a canvas for personalization or long-term equity building.
Section 2: Frequently Asked Questions
1. How does the sold price compare to the assessed value?
The home sold between $450K and $500K in July 2024. This sold price range is significantly higher than the $385K assessed value, indicating the market valued the property above its municipal assessment at that time.
2. Is the living space larger than most homes in the area?
Yes. With 1,790 sq ft, this home is larger than approximately 75% of comparable homes on its street and in the Niakwa Place area, placing it firmly in the top quartile for living space.
3. What does the assessed value ranking tell me?
The assessment of $385K ranks in the bottom 16% (Top 84%) on its own street, meaning most neighbors have higher assessed values. However, it is much closer to the middle of the pack when compared to the wider city. This suggests the specific street may have homes with higher valuations or more renovations, while this property’s assessment is more aligned with broader Winnipeg averages.
4. How old is this home relative to others?
Built in 1970, it is older than about 72% of homes on Southmoor Road, making it one of the street's older properties. Compared to the entire city, its age is very typical, sitting almost exactly at the median benchmark.
5. Where can I see more detailed context about the neighborhood?
You can open a dedicated neighbourhood analysis map to view this property in context, comparing year built, living area, assessed value, and lot size with nearby houses. A link is provided in the full property data for this purpose.