Property Overview
This home at 416 Waverley Street in North River Heights presents a compelling mix of established character and above-average valuation. Built in 1941, it’s a classic Winnipeg property that sits on a 5,198 sqft lot with 1,419 sqft of living space. The data reveals a clear narrative: while the house itself is modest in size compared to some on its street, its assessed value of $637k is notably high for the area, ranking within the top 16% of Waverley Street and the top 10% of North River Heights. This suggests the value is driven by more than just square footage—likely factors like location, lot potential, updates, or the inherent desirability of the street. The home last sold in May 2022 for an estimated $350k–$400k, indicating significant appreciation in assessed value since that transaction.
Key Characteristics & Appeal
The primary appeal of this property lies in its position within a sought-after neighbourhood, coupled with an assessment that implies it is a premium offering on its block. It suits a buyer who values location over sheer size, possibly someone looking for a character home in North River Heights with the potential to renovate or expand. The lot, while smaller than the street average, is still a good size city-wide and could be a canvas for landscaping or an addition. The high assessed value relative to its physical dimensions might appeal to a value-conscious buyer who sees it as a solid investment in a stable area, but it also sets a higher tax and expectation benchmark. It’s less suited for buyers seeking a large, modern footprint or the largest yard on the street.
Frequently Asked Questions
1. Why is the assessed value so much higher than the 2022 sale price?
Municipal assessments consider many factors and are not a direct market appraisal. The significant increase likely reflects city-wide property value increases, possible improvements made to the home, or a reassessment of its market position. It's essential to get a current market evaluation.
2. Is the lot size a disadvantage?
At 5,198 sqft, the lot is below average for Waverley Street but is very close to the average for North River Heights and is actually above the city-wide average for lot size. It provides ample outdoor space for a city garden, patio, or play area, but may not accommodate a very large addition or pool as easily as some neighbouring properties.
3. What does the "around average" living area mean for daily life?
With 1,419 sqft, the home is comparable in size to many typical Winnipeg houses. It likely offers five or six rooms, suitable for a small family, a couple, or empty-nesters. The ranking suggests it’s not a sprawling layout, but a functional, classic floor plan common to the era and area.
4. As a home from 1941, what should I be prepared for?
Homes of this age often have solid construction but require diligent maintenance. Prospective buyers should budget for and investigate the condition of major systems (roof, plumbing, electrical, foundation) and consider the potential need for updates to improve energy efficiency or modernize layouts.
5. How does the sold price range from 2022 affect today’s value?
That sale price is a historical data point and reflects the market conditions over two years ago. It is not a direct indicator of current value. The substantial rise in assessed value since then highlights the importance of obtaining a professional appraisal or comparative market analysis to understand its present market worth.