Property Overview: 111 Zawaly Bay, Canterbury Park

Key Characteristics & Appeal

This single-storey home at 111 Zawaly Bay presents a compelling opportunity centered on its generous, above-average lot. With over 8,000 square feet of land, the property ranks in the top 8% for lot size on its own street and the top 5% within the desirable Canterbury Park neighbourhood. This is its defining feature, offering significant outdoor space and potential in an area where many lots are smaller. The home itself, built in 1989, is of average age for the area and features a renovated basement, adding valuable finished living space to the 1,122 sqft main floor. It last sold in March 2022 for $400,000, a price point that was above average for the immediate street but around the middle range for the wider city.

The primary appeal lies in the land itself—a sizable, blank canvas in a well-regarded neighbourhood. It suits a specific buyer: someone looking for a solid, established-location home with the room to grow, extend, or simply enjoy a larger yard than is typically available. It’s an ideal match for a handy buyer or planner who sees value in the lot size and the already-completed basement renovation, viewing the existing house as a comfortable foundation with clear potential for future expansion or landscaping projects.

Frequently Asked Questions

1. What is the real significance of the lot size rankings?
While the home’s living space is modest, owning a lot in the top 5% of Canterbury Park means you have a scarce asset. It provides rare privacy, space for additions, gardens, or recreation that simply isn’t available in most other homes in the area.

2. Is the lack of a garage a major drawback?
This depends on your needs. While a garage is a common amenity, its absence is reflected in the home’s value and may present an opportunity. The large lot could potentially accommodate adding a garage or shed, a project that would be impossible on a standard-sized property.

3. The assessed value seems low compared to the sale price. Why?
Municipal assessed value for tax purposes is often lower than market value and can lag behind recent sale prices. The 2022 sale at $400k is a more current indicator of what the market was willing to pay, which was notably higher than the assessments of similar homes at that time.

4. What does "renovated basement" typically mean for a 1989 home?
It likely indicates updated finishes and livable space, but a thoughtful inspection is key. It’s wise to clarify the scope and quality of the renovation, ensure it was permitted, and check for any lingering moisture or foundation issues common to homes of this era.

5. Who are the most likely neighbours?
The property is surrounded by other homes on Zawaly Bay, a street with a mix of original owners and newer residents in a mature neighbourhood. The variety in lot sizes and home styles suggests a community without a uniform, restrictive feel.