Property Overview

704 Talbot Avenue is a well-maintained one-storey home in Winnipeg's East Elmwood neighbourhood. Built in 1950, it sits on a standard city lot of just under 4,400 sqft. The home's 832 sqft living area is modest, placing it below the neighbourhood and city averages for size. However, its recently renovated basement adds functional space. A key feature is the detached garage. The home sold in February 2025 for $330,000, a price that significantly exceeded its assessed value and placed it in the top tier of recent sales for the immediate area.

Key Characteristics & Appeal

The primary appeal of this property lies in its balance of updates, lot size, and location value within its specific market. While the main floor is compact, the renovated basement effectively expands the usable living area. The above-average assessed value for the street and neighbourhood suggests the property is in good condition relative to its peers. Its recent sale price indicates strong market recognition of this value.

This home would suit first-time buyers or downsizers looking for a manageable, updated property without a large maintenance footprint. It’s also a practical fit for an investor seeking a turnkey rental in a stable neighbourhood. A less obvious perspective is that for a buyer, the price premium over the assessment could represent payment for the "move-in ready" condition of the basement and the desirability of the specific street, potentially reducing immediate upgrade costs. Conversely, the compact main floor living area requires buyers to be comfortable with a more efficient layout or reliant on the basement for additional space.

Frequently Asked Questions

1. Why did the house sell for so much more than its assessed value?
Assessed value is for municipal tax purposes and often lags behind the current market. The sale price reflects what buyers were recently willing to pay, likely driven by the renovated condition and market demand for move-ready homes in the area.

2. Is the living space too small?
At 832 sqft above grade, the main floor is compact. The renovated basement provides crucial additional space. This layout suits those who prioritize efficient living or who utilize the basement as a primary family, entertainment, or office space.

3. What does the "top 10% sale price" ranking for the street mean?
This means the $330,000 sale price was higher than approximately 90% of recent sale prices on Talbot Avenue. It indicates this property commanded a premium compared to its immediate neighbours, likely due to its condition and updates.

4. What are the implications of a detached garage?
A detached garage offers flexibility—it can be used for parking, storage, or as a workshop without concerns about fumes or noise entering the house. The trade-off is convenience, as you must go outside to access it from the home, which can be a factor in Winnipeg winters.

5. How does the lot size compare?
At 4,399 sqft, the lot is very typical for East Elmwood and on Talbot Avenue. It provides a standard backyard space for gardening or recreation but is not unusually large or small for the neighbourhood.