Property Overview
This 1972-built, one-storey home in Varsity View offers a unique blend of space and location. Its primary appeal lies in its exceptionally large, 11,505 sqft lot, which places it in the top 4% of all properties in Winnipeg for land size. The 1,320 sqft bungalow features a finished basement and an attached garage. Recent market activity is confirmed by a sale in September 2024 at $531,000.
The home suits buyers who prioritize land over a large living footprint. It’s ideal for someone looking for outdoor space for gardening, recreation, or future expansion in a well-established, central neighbourhood. The bungalow style also appeals to those seeking single-level living or easier accessibility. A thoughtful perspective is that while the house itself is of average size for the area, the lot represents a rare and appreciating asset in a mature community, offering potential that newer subdivisions rarely can.
Key Questions for This Property
1. What does the lot size ranking actually mean?
The property’s lot is larger than 96% of all homes in Winnipeg. This isn’t just a big yard; it’s a standout feature that offers privacy, space for additions like a workshop or large deck, and is a permanent advantage that can’t be replicated in newer, denser developments.
2. The house was built in 1972. What should I be aware of?
While the home has been maintained, a 54-year-old property will likely have original or aging core components. A thorough inspection should focus on the roof, foundation, plumbing, electrical systems, and windows. The finished basement should also be checked for moisture management.
3. How does the recent sale price compare to the assessment?
The home sold for $531,000 in September 2024, which is significantly above the $456,000 assessed value. This is common in active markets and confirms that current market value is driven by buyer demand, not municipal assessment, which is often based on older data.
4. Who would this property not suit?
It may not be the best fit for buyers seeking a modern, move-in-ready home with an open-concept layout, as the floor plan and finishes are characteristic of its era. It also may not suit those who prefer a low-maintenance, small yard.
5. What is the potential here beyond the existing house?
The vast lot is the key asset. While subject to local zoning, it offers long-term possibilities such as a major addition, a separate garage or studio, or simply the preservation of generous green space in the city. The bungalow style itself is also inherently adaptable for aging in place.