Property Overview: 1026 Chancellor Drive, Waverley Heights
Key Characteristics & Appeal
This 1978-built home on Chancellor Drive presents a distinct value proposition within Winnipeg's Waverley Heights neighborhood. Its key characteristic is a notable imbalance between its assessed value and its physical attributes compared to local averages. With an assessed value of approximately $292k, it sits significantly below the averages for its street ($389.8k), neighborhood ($398.1k), and the wider city ($390.1k). This positions it as a potentially lower-entry point into a well-established area.
The appeal lies in this value opportunity. The home itself, with 1,156 sqft of living space, is modestly sized but consistent with the street's average. A thoughtful perspective is that its 1978 build date is actually newer than most on its block and in the area, suggesting potentially updated infrastructure compared to older neighbors. However, the lot size is a compact 2,400 sqft, which is considerably smaller than area norms. This suits buyers seeking affordability in a desirable neighborhood, who prioritize location and a newer-build year over a large yard or above-average square footage. It would particularly suit first-time buyers, downsizers looking to minimize maintenance, or investors seeking a rental property in a stable area, provided the interior condition and layout meet their needs.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighbors?
While the exact reasons aren't specified, a significantly lower assessment often correlates with factors like a smaller lot size, modest living area, and the home's specific condition, layout, or features relative to others. It's a strong indicator to investigate the property's interior and any potential updates needed.
2. Is the small lot size a major drawback?
It depends on your lifestyle. The compact 2,400 sqft lot means minimal yard maintenance, which can be a benefit for those seeking simplicity. However, it offers limited space for expansions, large gardens, or extensive outdoor recreation compared to other homes in Waverley Heights.
3. What does "newer" build year (1978) mean in this context?
In this neighborhood, a 1978 construction is above average. This could imply systems (like electrical, plumbing, or roofing) have had fewer decades of wear than older homes in the area, though their current condition depends entirely on maintenance and updates over the last 45 years.
4. Who might this property NOT suit?
It may not suit buyers who prioritize expansive outdoor space, expect a home at or above neighborhood averages in size, or who are looking for a property that will directly mirror the assessed value of immediate neighbors. Families needing multiple large bedrooms or extensive play space might find it limiting.
5. How should I interpret the ranking data?
The rankings show how this property compares to similar homes on three levels. Crucially, it ranks in the bottom 10% for value on its street and in the neighborhood, highlighting its price advantage. It ranks in the top 10% for its newer build year locally but in the bottom 10% for lot size. This creates a clear profile: a newer, more compact home offered at a value price for the location.