Property Summary: 442 Niagara Street, Winnipeg
Key Characteristics & Appeal
This home at 442 Niagara Street in North River Heights presents a specific and compelling value proposition. Built in 1945, it is a well-situated, character property on a standard city lot. Its primary characteristic is a clear contrast: the living area of 1,032 sq ft is notably below average for both the street and the neighborhood, suggesting a compact or efficiently designed layout. However, its assessed value of $485,000 is above the Winnipeg city-wide average, indicating that its worth is driven by factors beyond sheer square footage.
The appeal lies in its location within a desirable established area and its efficient footprint, which may suit those seeking lower maintenance without sacrificing land ownership. The lot size of 4,528 sq ft is consistent with the area, offering typical outdoor space. This property would likely suit a buyer who prioritizes location and lot over interior size—such as downsizers, small households, or value-focused investors—and who sees potential in a home that may be more affordable to update and maintain due to its scale. A thoughtful perspective is that this home represents an entry point into a prime neighborhood where value is often land-driven, offering the community benefits without the premium for a larger house.
Frequently Asked Questions
1. Why is the assessed value relatively high when the house is below average in size?
The assessed value reflects more than just living area. It accounts for the desirable North River Heights location, the lot value, the home's condition, and market trends for the area. The value is aligned with similar homes on Niagara Street, suggesting the price is driven by location and land.
2. What does the sold price history tell me about this property's market performance?
Previous sales in 2018 and 2021 show the home has appreciated over time, with each sale ranking in a higher percentile city-wide than the last. This indicates a strong historical trajectory in gaining value relative to the broader Winnipeg market.
3. Is a house from 1945 going to need major repairs?
While the building is 81 years old, its year built is actually newer than many homes in North River Heights. This doesn't preclude needed updates, but it suggests the home may be from a later construction period in the neighborhood's development. A thorough inspection is always recommended to understand the condition of major systems.
4. How does this home compare to my other options in Winnipeg?
City-wide, this home offers above-average assessed value on a smaller-than-average living area. This means you are paying a premium per square foot of interior space compared to the city median, but you are gaining that value through its location in a sought-after neighborhood.
5. Where can I see more detailed data about the immediate area?
You can use the provided link to open the neighbourhood analysis page, which maps nearby houses and allows for detailed comparison of year built, living area, assessed value, and lot size for specific context.