Property Overview & Key Characteristics
This 601 sqft condominium at 106-540 Waterfront Drive is a modern, low-maintenance unit in Winnipeg's South Point Douglas neighbourhood. Built in 2017, its primary appeal lies in its contemporary construction within a historically rich area, offering a turn-key living solution. The property ranks exceptionally well for its newness compared to most of Winnipeg, placing in the top 6% citywide by year built.
Its strongest suit is for a specific type of buyer: a first-time homebuyer, downsizer, or investor seeking a modern, affordable entry into the city with minimal upkeep (no basement, no garage). The appeal is pragmatic—it’s a newer asset in a neighbourhood with a mix of historic character and ongoing change. A thoughtful perspective is that this represents a way to live close to the downtown core and the Red River without the responsibilities or repair risks of an older character home. However, the living area is compact, ranking in the lower tier for its immediate street, so it suits a minimalist or single-person household comfortably.
The assessed value ($17,500) is notably low, which suggests very favorable property taxes, but it’s crucial to understand this reflects the condominium unit only, not the land or building as a whole. This makes operating costs predictable and low. The unit last sold in 2020 for $19,300, indicating a stable, accessible price point. The surrounding listings show a wide variety of property types and values, highlighting that this unit exists within a diverse and transitioning urban fabric.
Frequently Asked Questions
1. What does the assessed value actually cover?
The listed assessed value of $17,500 is for the condominium unit itself. It does not include the value of the shared land or building common elements. This structure typically results in significantly lower property taxes compared to a freehold house.
2. Who is responsible for exterior maintenance and major repairs?
As a condominium, the corporation (Strata) is responsible for the building exterior, roof, common areas, and major systems. Owners pay monthly fees to cover these shared expenses, which is a key trade-off for the low-maintenance lifestyle.
3. The neighbourhood has a mix of old and new. What’s the community like?
South Point Douglas is a historic neighbourhood adjacent to downtown and the Exchange District. It offers proximity to the riverwalk, cultural sites, and the city core. The area is in flux, with a blend of long-standing communities, new developments, and some industrial pockets, offering an authentic urban living experience.
4. Are there any obvious drawbacks to the unit’s features?
The unit is compact at 601 sqft with no basement storage, no private garage, and no private outdoor space. This requires efficient use of living area and reliance on the building’s common amenities or nearby city facilities for parking and storage.
5. How do the ranking percentages work?
The rankings (e.g., "Top 6% in Winnipeg") are comparative. For example, being in the top 6% for year built in Winnipeg means 94% of properties in the city are older. Conversely, ranking in the top 88% for living area on its street means most units on Waterfront Drive are larger, providing context for the unit’s size relative to its immediate surroundings.