Property Overview

This two-storey home at 617 Elgin Avenue in Winnipeg's Centennial neighbourhood presents a distinct profile. Its key appeal lies in the combination of a very modern build (2023) with a modest lot size and a surprisingly low municipal assessed value. The home itself is notably spacious for the area, with 1,960 sqft of living space, ranking well above local averages. It features a renovated basement but does not include a garage or pool. The lot of 3,060 sqft is typical for the street but smaller than the Winnipeg average. This property would suit a buyer looking for modern construction and ample interior space without a large yard to maintain. It may also attract investors or value-conscious purchasers due to the significant discrepancy between its recent sale price and its low assessed value, though this requires careful consideration of property tax implications and market valuation.

Key Details & FAQs

Key Characteristics & Appeal
This is a contemporary home (built 2023) on a standard city lot. Its primary advantage is its modern build quality and significantly larger-than-average living area for both the street and neighbourhood. The renovated basement adds functional space. The appeal is nuanced: it offers the benefits of a new home—likely with updated systems, insulation, and minimal immediate repairs—in an established area. However, its assessed value is remarkably low compared to similar homes, which is a critical point for investigation. This property would best suit a buyer who prioritizes modern interiors and space over a large yard or garage. It could also be a strategic purchase for someone comfortable navigating the specifics of property assessment versus market value.

Frequently Asked Questions

1. Why is the assessed value so much lower than the recent sale price?
Municipal assessments in Winnipeg are based on a mass appraisal system and may not always reflect current market sales, especially for unique or very recently built properties. A sale price represents what a specific buyer paid at a specific time, while an assessment is an estimate of value for taxation purposes. This gap warrants review of the assessment details and potential future tax adjustments.

2. What does having a "renovated basement" typically include?
While specifics require a viewing or disclosure from the seller, a renovated basement in a 2023 home generally means the lower level is finished as livable space. It likely includes proper insulation, drywall, flooring, and electrical work, potentially creating additional bedrooms, a family room, or a recreational area.

3. What are the practical implications of not having a garage?
This means all vehicle parking will be on-street or possibly in a driveway if one exists (check specific listing). For Winnipeg winters, this involves factoring in time for snow clearing and vehicle warming. It also reduces enclosed storage space, which may be partially offset by the renovated basement.

4. How does the lot size compare, and what does that mean for upkeep?
At 3,060 sqft, the lot is average for Elgin Avenue and Centennial but below the citywide average. This translates to a manageable yard for maintenance, which can be a benefit for those seeking a lower-maintenance exterior, but offers less private outdoor space than many suburban lots.

5. The home is new, but the neighbourhood is established. What should I consider?
You benefit from modern construction while being close to mature amenities, trees, and established community character. However, it's wise to research the specific street's mix of housing, any future development plans in the area, and how the new home's style and value fit within the context of older neighbouring properties.