Property Overview

676 Garwood Avenue is a compact, one-storey home built in 1925, situated on a standard city lot in Winnipeg's Earl Grey neighbourhood. Its key appeal lies in its location and value proposition within a well-established area. The home itself is notably smaller than most, with 616 sqft of living space ranking it in the bottom 3% for size locally. It features a detached garage and an unrenovated basement. The assessed value is consistent with area averages, suggesting the property's worth is anchored more in its land and location than its current structure. It last sold in December 2021 for $350,000.

This property would suit a specific type of buyer: a minimalist, a first-time investor looking for a hold in a stable neighbourhood, or a hands-on purchaser seeking an affordable entry into the Earl Grey area with plans to eventually rebuild or extensively renovate. Its appeal is not in move-in-ready condition or space, but in the potential rooted in a desirable location.

Key Characteristics & Suitability

• Modest Scale, Prime Location: The home's most defining characteristic is its small size, which is significantly below average for the street, neighbourhood, and city. Its appeal is almost entirely tied to its placement in the established Earl Grey community, offering proximity to amenities, schools, and mature landscapes on a standard 3,301 sqft lot.
• A Project with Potential: With an unrenovated basement and a structure over a century old, this property presents itself as a project. It is not a turn-key home but a canvas. The value is strategic, ideal for a buyer whose vision involves a significant renovation, an addition to increase the living space, or a future land redevelopment.
• Target Buyer Profile: It best suits the practical investor or the patient owner-occupant. For an investor, it represents a relatively lower-cost asset in a reliable rental area. For an owner, it's an opportunity to build equity through sweat equity in a neighbourhood where buying a larger, updated home may be cost-prohibitive. It is less suited for those needing immediate, ample space or who want a maintenance-free lifestyle.

Frequently Asked Questions

1. Is this a "tear-down" property?
Not necessarily. While its small size and age indicate it's a prime candidate for a major renovation or expansion, the assessed value being in line with area averages suggests the existing structure still holds measurable value. A thorough inspection would determine if renovation is viable or if replacement is more practical.

2. Why is the living area so much smaller than nearby homes?
The home was built in 1925, and its footprint is characteristic of more modest housing styles from that era. Many neighbouring properties have likely been expanded over time or were originally built larger, explaining the significant size discrepancy today.

3. What does "unrenovated basement" typically imply?
This usually indicates the basement retains its original or older finishes, systems, and layout. Buyers should budget for potential updates to plumbing, electrical, or foundation work, and anticipate it as functional storage or utility space rather than finished living area without significant investment.

4. The home sold for $350,000 in 2021. Is the assessed value accurate?
Assessed values for taxation purposes often lag behind market sale prices and are calculated using different metrics. The 2021 sale price reflects the market value at that time, while the current assessed value is an estimate used for calculating property taxes and may not represent the current market value.

5. What are the less obvious considerations for a home of this age and size?
Consider the efficiency of the floorplan—can small, thoughtful renovations dramatically improve functionality? Also, research the neighbourhood's zoning bylaws to understand what kinds of expansions or rebuilds are permissible, as this greatly impacts the long-term potential. Finally, utility costs per square foot may be higher than in a newer, more insulated home.