1501 Elgin Avenue W – Property Summary
Key Characteristics & Buyer Profile
This is a compact, mid-century home in Winnipeg’s Weston neighbourhood, built in 1962. With 657 square feet of living space on a 2,597 sqft lot, it’s significantly smaller than both the street and city averages. That’s the key trade-off: the home is in the top 11% of the neighbourhood for age (older construction, often with better bones and character), and its assessed value of $187,000 sits right around the local average—meaning the price reflects the size, not a premium for the era.
The appeal is for someone looking for a lower-entry point in an established area, or a buyer who values a smaller footprint and is willing to sacrifice square footage for a more manageable property. It’s not a “starter home” in the glossy sense; it’s a practical, no-fuss option that might suit a single person, a couple, or someone looking to renovate a solid older structure without paying for land they don’t need. The land area is below average on the street and citywide, but around average for the neighbourhood—so you’re not getting a massive yard, but you’re also not paying for unused space.
Five Possible FAQs
1. Is the assessed value a realistic purchase price, or should I expect a gap?
The assessed value ($187k) is near the street and neighbourhood averages, which suggests the property is priced in line with its immediate peers. However, assessed values and market prices don’t always align—especially for an older, smaller home. You’d want to compare it to recent sales on similar-sized lots in Weston, not just citywide averages.
2. Why is the living area ranked so low citywide (top 98%) but only top 87% locally?
Citywide, there are many larger newer homes, so 657 sqft looks very small. But in Weston, the average home is 936 sqft—so while the property is still below average locally, the gap is less extreme than compared to the city as a whole. That means it’s typical for the neighbourhood, not an outlier.
3. What does “above average” for year built mean in practical terms?
The home was built in 1962, which is newer than most on the street (average 1932) and in the neighbourhood (average 1937). That’s generally a plus, as it means the structure is from a period with better insulation and electrical standards than pre-war homes, but still before the trend toward mass-produced suburban builds in the 1970s.
4. How does the land-to-living-area ratio affect usability?
The lot is 2,597 sqft with a 657 sqft home—a ratio of about 4:1. That’s tighter than the neighbourhood average (roughly 3,269 sqft lot to 936 sqft home, a 3.5:1 ratio). You’ll have a modest yard, but not much buffer for additions or large gardens. It’s more of a low-maintenance outdoor space than a sprawling lot.
5. Who would not be a good fit for this property?
Families needing multiple bedrooms or a large backyard, or anyone hoping for an open-concept layout without major renovation. Also, buyers looking for a “move-in ready” home with modern finishes may find the 1962 construction requires updates—though the age is an advantage structurally, not aesthetically.