494 North Point Boulevard

Property Summary: 494 North Point Boulevard

Key Characteristics & Appeal

This property is a newer home, built around 2022, which places it well ahead of the citywide average (1966). Its living area is slightly below the neighborhood and city medians, but the land size is a standout feature. On its own street, the lot ranks in the top third, averaging 2,693 sqft—a bit above the street average and significantly larger than many citywide lots.

The assessed value is notably low relative to comparable homes at all levels—street, neighborhood, and city—ranking near the bottom. This suggests the property may be priced below market trends for its immediate area, which could appeal to buyers looking for value or an entry point into a newer development zone.

Where the appeal lies is in the combination of a recent build and a relatively generous lot, both of which are rarer in older, more established parts of Winnipeg. This home would suit a buyer who prioritizes a newer structure and outdoor space over a high-end interior square footage or a premium location. It may also attract investors or first-time buyers who see potential for future value growth as the surrounding area matures.

Five Possible FAQs

1. Why is the assessed value so low compared to other homes nearby?
The assessed value ranks near the bottom of the street, neighborhood, and city. This likely reflects a combination of factors—possibly a lower grade of finishes, a smaller living area, or the property being in an industrial-adjacent zone (West Kildonan Industrial). It doesn't necessarily mean the home is in poor condition, but it suggests the market considers it below the local average in terms of comparable value.

2. Is the land size considered a big advantage?
Locally, yes. The lot is slightly above the street average and ranks in the top third on North Point Boulevard. However, compared to the broader neighborhood and city, it's below average. So the advantage is mostly relative to its immediate street, not the wider area.

3. How does the living area compare to typical homes in the city?
The living area is slightly smaller than the street and neighborhood averages (1,404 sqft vs. 1,591 sqft in the area), but slightly above the citywide median (1,342 sqft). It's a modest home by local standards but not unusually small.

4. Is this a good fit for someone looking for a fixer-upper or investment?
It could be. The low assessed value relative to the street suggests there may be room for appreciation if the property is updated or if the area gentrifies. But since the home is new (2022), it likely doesn't need major repairs—so the "value gap" may already be priced in rather than an opportunity for a flip.

5. What does the "Top 100%" ranking mean for assessed value?
It means the property is ranked at the very bottom compared to all others in its category—both on the street and citywide. This is not a positive ranking; it indicates the assessed value is the lowest or among the lowest when stacked against comparable homes in the same scope.