Property Overview: 1362 Chancellor Drive
Key Characteristics & Appeal
This home on Chancellor Drive in Waverley Heights presents a solid, middle-of-the-road opportunity in the Winnipeg market. Built in 1976, it is typical for its street and neighborhood in age. Its 1,040 sqft living area is modest, ranking below the neighborhood average but aligning closely with the citywide norm. The assessed value of $392k is consistently "around average" at every comparison level, indicating a stable and fair market pricing.
The standout feature is the lot. At 6,595 sqft, the property offers a significantly larger yard than most on its street and in Waverley Heights, providing valuable outdoor space that is less common in this price bracket. This creates a notable value proposition: you're acquiring a land parcel that ranks in the top 20% of the street, paired with a home that requires no premium for above-average size or recent construction.
This property would suit pragmatic buyers looking for a grounded entry into a established neighborhood. It's ideal for those who prioritize yard space over a large interior footprint, or for owners who see potential in the land itself—whether for gardening, expansion, or simply enjoying more privacy than the typical lot allows. It represents a balanced choice, avoiding the extremes of a fixer-upper or a premium showcase home.
Frequently Asked Questions
1. Is this property overpriced or underpriced?
The data suggests it is very accurately priced for the market. Its assessed value is almost exactly at the average for its street, neighborhood, and the entire city, indicating it's valued in line with direct comparables.
2. What does the "Below Average" ranking for living area in the neighborhood mean?
It means the home's interior square footage is smaller than the typical home in Waverley Heights. For buyers, this signals a more compact living space but often correlates with lower utility costs and less maintenance. The trade-off is the larger outdoor space.
3. The home was built in 1976. Should I be concerned about major updates?
The age is typical for the area. The key consideration isn't the year itself, but the condition and updates of major systems (roof, windows, furnace, electrical). An inspection is crucial to determine if these are original or have been modernized.
4. How meaningful is the "Above Average" lot size ranking?
It's a significant advantage on this street. It offers more privacy, play space, or landscaping potential than neighboring properties. For the right buyer, this land value can outweigh the home's average characteristics.
5. Do the rankings indicate a good or bad investment?
They indicate stability. The home doesn't rank exceptionally high or low in dramatic ways, which can be positive. It suggests the property is unlikely to be disproportionately affected by neighborhood fluctuations and sits in a broad, sustainable market segment. Its value is tied to the fundamental desirability of the area rather than unique features.