Property Overview & Appeal
3405 Grant Avenue is a classic two-storey home in Varsity View, built in 1975. Its key characteristics include a fully finished basement and a generous 1,200 sqft of living space, which ranks above average for its size both on its street and within the wider city. The property sits on a 3,585 sqft lot and has no garage or pool.
The appeal lies in its established, quiet neighbourhood and its proven value trajectory. The home sold for $318,000 in 2022, a significant increase from its 2017 sale price of $230,000, indicating strong appreciation in recent years. Its current assessed value is $251,000. This property would suit a first-time buyer or a downsizer looking for a manageable, low-maintenance footprint in a mature area without the premium for newer construction or extensive amenities. A thoughtful perspective is that while its rankings for lot size and assessed value within its own community are modest, its above-average rankings for living space and recent sale price on its specific street suggest it may be a standout property on its block, offering more interior room than many neighbours.
Frequently Asked Questions
1. What is the significance of the property rankings?
The rankings show how this home compares to others in specific areas. For example, its living space is larger than 80% of homes on its street, but its lot size is smaller than 83% of homes in its community. This helps highlight its relative strengths and context.
2. The assessed value is lower than the 2022 sale price. Why?
Municipal assessments for tax purposes often lag behind current market values and use a different valuation method. The 2022 sale price is a clearer indicator of its recent market worth.
3. Is the lack of a garage a major drawback?
This depends on the buyer. For some, it simplifies exterior maintenance. The mature neighbourhood likely has on-street parking, but potential costs or logistics of adding a garage in the future should be considered.
4. What does a "fully finished basement" typically mean in a 1975 home?
It means the basement is developed into livable space, but the finishes and layout may reflect the era. Buyers should verify the quality, ceiling height, and whether it meets current needs or might require updating.
5. The home has appreciated considerably. Does that mean it's at its peak value?
While its value has grown strongly, its current assessed value being substantially below the last sale price could suggest there is still a perceived buffer, though market conditions always apply. Its average rankings city-wide indicate it is not an outlier, but a solid middle-market home.