Property Overview: 254 Waterloo Street, Winnipeg
Key Characteristics & Appeal
This home is a study in contrasts, offering a unique position within the Winnipeg market. Built in 1927, it is a compact, character home with 922 sqft of living space, which is notably smaller than most homes on its own street and in the established North River Heights neighbourhood. This smaller footprint is a defining characteristic, suggesting a more manageable and efficient layout.
The appeal lies in its value proposition and location. With an assessed value of $444,000, it sits at a premium compared to the Winnipeg city-wide average but is more aligned with—or even slightly below—the averages for its immediate area and street. This indicates you are paying primarily for the desirable North River Heights location. The lot size of 4,821 sqft is fairly standard for the neighbourhood, offering typical outdoor space.
This property would best suit a specific buyer: those seeking entry into a prime neighbourhood without the larger footprint and upkeep of a typical home there. It’s ideal for a first-time buyer, a downsizer, or an investor looking for a character rental in a high-demand area. It represents a chance to secure location over size, with the understanding that the home itself may require updates reflective of its age. A thoughtful perspective is that its smaller size and "below-average" metrics compared to neighbours could be seen as an advantage, potentially resulting in lower utility costs and property taxes relative to the address.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value ($444k) is for municipal tax purposes. Recent sales data shows it last sold for an estimated $400k-$450k in late 2022, which aligns closely with the current assessment. However, market conditions and property condition will ultimately determine the sale price.
2. How does the smaller living area impact value and livability?
At 922 sqft, the home is significantly cozier than the North River Heights average. This typically makes it more affordable for the area, attracting buyers prioritizing location. Livability depends on the floorplan's efficiency; older homes can sometimes feel more spacious than their square footage suggests due to room proportions.
3. What should I consider about a home built in 1927?
A home of this age possesses character but requires diligent inspection. Key considerations include the condition of the foundation, roof, plumbing, electrical systems, and insulation. While updated, these may not be to modern standards. This is not a drawback for a buyer who appreciates classic homes but is a factor for maintenance planning and renovation potential.
4. The data shows the last sale was in 2022. Why might it be selling again so soon?
Short ownership periods can happen for many neutral reasons, such as a job relocation, change in family circumstances, or an investment property being liquidated. It does not inherently indicate a problem with the property.
5. How can I get the exact historical sold prices for this home?
The provided sold prices are estimates in $50k bands from public records. For fully verified and exact sale figures from the MLS, you must request a manual lookup from the site via email, as industry rules prevent them from being published directly.