Property Overview: 338 Milford Street, East Elmwood

Section 1: Key Characteristics & Appeal

This two-storey home in East Elmwood is a spacious, well-established property built in 1960. Its primary appeal lies in its generous 2,044 sqft of living space, which ranks well above average for both the neighbourhood and the city, offering room to grow. The home features a renovated basement, adding to its functional living area. With a land size of just over 5,400 sqft, the lot provides ample outdoor space while remaining manageable.

The data reveals a nuanced value proposition. While the home’s assessed value is elite for East Elmwood (top 3%), it is more aligned with the city-wide average, suggesting you get significant space for your dollar in this location. The home suits buyers looking for a larger, classic family home without a premium garage or pool, but who value interior space and a renovated lower level. It’s ideal for those who appreciate a mature neighbourhood setting and see the value in a property that stands out in its immediate area for size and condition, while being priced accessibly within the broader market.

Section 2: Frequently Asked Questions

1. How does the home’s size compare to others?
At 2,044 sqft, the living area is significantly larger than the average East Elmwood home (~1,065 sqft) and above the Winnipeg city-wide average. On its own street, it is comfortably above the average for comparable properties.

2. What does the “Elite” assessed value ranking mean for East Elmwood?
This means the home’s assessed value is in the top 3% of all 1,163 comparable properties in East Elmwood. It indicates a combination of factors—like its size, renovation, and lot—that are highly valued relative to most homes in the neighbourhood.

3. Is the lot size typical?
The 5,410 sqft lot is above average for East Elmwood but is around the middle range when compared to homes on Milford Street and across Winnipeg. It offers generous outdoor space without being an exceptionally large or high-maintenance property.

4. The home sold in 2020 for $32.5k. Why is the assessed value now $42.1k?
The 2020 sale price appears to be an outlier not reflective of typical market value, potentially indicating a non-arms-length transaction (e.g., between family members). The current assessed value is determined by the city and is a more accurate reflection of its estimated market value for taxation purposes.

5. Who would this home not suit?
Buyers seeking a modern, newly-built property or those who require an attached garage as a primary feature may want to look elsewhere. Its appeal is rooted in established neighbourhood character, generous interior space from a prior era, and value within its specific community.