Property Overview: 265 Elmhurst Road, Varsity View, Winnipeg
Section 1: Key Characteristics & Appeal
This is a well-maintained, single-storey home built in 1984, situated on a generous 5,381 sqft lot in the established Varsity View neighbourhood. With 1,069 sqft of living space and a finished basement, it offers practical, single-level living. The home’s recent sale price of $330,000 in October 2024 sits below its current assessed value, suggesting a market-driven purchase.
Its primary appeal lies in its location and lot size within a mature community. The property ranks highly for its newer age and larger lot compared to most homes on its street, offering a sense of space and established surroundings. It would suit first-time buyers seeking an entry into a desirable neighbourhood, downsizers looking for manageable single-level living without a condo fee, or value-oriented investors attracted by the below-assessment purchase price and the potential of a finished basement.
A less obvious perspective is the home’s "middle-of-the-pack" rankings in the broader area. It doesn’t lead in every category but represents a solid, average offering for Winnipeg, which can mean less competition and more realistic pricing compared to top-ranked properties, presenting a grounded opportunity.
Section 2: Frequently Asked Questions
1. What does the ranking data actually tell me?
The rankings compare this home to others on its street, in Varsity View, and across all of Winnipeg. For example, it’s newer than 84% of houses on its street but has less living space than 63% of them. This highlights its strengths (lot size, age) relative to immediate neighbours, while showing it’s a very typical home in the wider city context.
2. Is the finished basement included in the listed living area?
No. The listed living area of 1,069 sqft refers to the above-grade space. The finished basement provides additional usable rooms but is not counted in the official square footage, which is a common point of clarification.
3. Why was it sold for less than the assessed value?
Assessed value is for municipal taxation and can differ from market value. A sale below assessment can reflect factors like the home’s specific condition, buyer-seller motivation, or market adjustments at the time of sale, not necessarily a problem with the property.
4. What are the implications of having no garage?
This means parking is limited to the driveway and street. For some buyers, this is a trade-off for the larger lot. It’s important to consider vehicle storage, winter parking bylaws, and potential future costs of adding a garage if desired.
5. How significant is the 1984 build year?
Homes from this era often benefit from modern wiring and insulation standards compared to much older homes, but may be due for updates to original components like windows, roofing, or kitchens. A thorough inspection is advised to understand the condition of these 40-year-old elements.