218 Greene Avenue

Property Overview

This home at 218 Greene Avenue in Winnipeg's Rossmere-B neighborhood presents a straightforward, entry-level opportunity. Built in 1946, it's a smaller, 720 sqft bungalow on a roughly 5,000 sqft lot. Its assessed value of $264k is notably below area and city averages, reflecting its compact size and age. It last sold in mid-2021 for an estimated $300k-$350k. The appeal here is grounded in affordability and lot potential. It ranks in the bottom tiers for size, value, and age compared to most nearby homes, which positions it as one of the more accessible price points in the area. This isn't a move-in-ready showcase; its value lies in what it represents—a chance to own a standalone home with land in a settled neighborhood without the premium price tag of larger, renovated properties.

Who is it for?
This property would suit a first-time buyer or an investor comfortable with a project. It’s for someone prioritizing land ownership and location over square footage, who sees the below-average metrics not as drawbacks but as the reason the home is within financial reach. It could be a practical starting point for building equity or a candidate for a thoughtful expansion (subject to approvals), given the lot size is on par with the street average.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
The assessed value is primarily driven by the home's smaller living area (720 sqft) and its age. It ranks below 80% of comparable citywide properties for value, which is consistent with its below-average rankings for size and year built.

2. What does the "Below Average" ranking for the neighborhood mean?
For Rossmere-B, this home ranks in the bottom 11% for living area and bottom 11% for year built among over 1,500 comparable properties. This indicates it is one of the smaller and older homes in this specific neighborhood, which is reflected in its lower valuation.

3. The lot size is listed as "Around Average." Is that a positive?
Yes. While the home itself is compact, the 4,989 sqft lot is consistent with the typical lot on Greene Avenue and in Rossmere-B. This is a key feature, offering standard outdoor space and potential that isn't constrained by an undersized property.

4. How does the last sale price relate to the current assessment?
The home sold for an estimated $300k-$350k in July 2021. The current assessed value of $264k is lower, which may reflect market adjustments, the assessed value methodology, or both. It's important to get a current market evaluation.

5. What are the less obvious points to consider?
First, its consistent "below average" status across metrics means property taxes may be relatively lower. Second, while older, it was built post-war and may share construction traits with many neighboring homes. Finally, being among the smallest on the street could mean less direct competition from large-scale redevelopments, preserving a quieter scale.