Property Overview & Key Characteristics

This one-and-a-half storey home on Talbot Avenue in East Elmwood presents a solid, renovated offering with notable space. Built in 1947, its key appeal lies in its generous proportions relative to its immediate area. With 1,100 sqft of living space and a nearly 5,000 sqft lot, it ranks well above average for both size and land area within its neighbourhood and on its own street. The home features a renovated basement and a detached garage.

Its primary appeal is for the practical buyer seeking value through space and established character, without the premium of a newer home or a central city-wide location. The recent sale price suggests strong demand for turn-key homes in this area. It would suit first-time buyers or small families looking for room to grow in a quiet neighbourhood, as well as value-oriented investors attracted by the above-average assessed value for East Elmwood, which can indicate good rental potential or stable long-term appreciation in that specific market.

A thoughtful perspective: while its city-wide rankings for value and year built are average to below average, its strong standing within East Elmwood highlights that it’s a premium offering for this specific, more affordable corridor. You’re buying a top-tier home for the neighbourhood, not the city, which can be a smart strategy for maximizing space and quality within a budget.

Frequently Asked Questions

1. How does the recent sale price compare to the assessed value?
The home sold for $340,000 in October 2024, which is approximately $50,000 above its last assessed value of $290,000. This is common in active markets, where sale prices are driven by current demand, while assessed values are used for property tax calculations and can lag behind market shifts.

2. Is the living space considered large for the area?
Yes. With 1,100 sqft, this home’s living area is in the top 28% of similar homes on Talbot Avenue and the top 27% within East Elmwood, meaning it offers more interior space than most direct comparables in the vicinity.

3. What does the "above average" assessed value for the street and neighbourhood mean?
An assessed value ranking in the top 16% on its street and top 24% in East Elmwood indicates that, for tax purposes, this property is considered more valuable than most around it. This often reflects factors like its larger lot, renovated condition, and overall size. It doesn't directly predict sale price, but suggests it is a standout property in its local market.

4. The home was built in 1947. What should I consider?
While the building age is typical for the area, a key feature is the renovated basement, which likely addresses modern livability needs. Prospective buyers should still ensure that core systems (roof, wiring, plumbing, insulation) have been updated to contemporary standards, as the overall structure is nearly 80 years old.

5. How does the lot size benefit a buyer?
At nearly 5,000 sqft, the lot is significantly larger than many on the same street and in East Elmwood. This provides ample outdoor space for gardening, recreation, or additions like a shed or deck, and offers more privacy and potential than a standard lot, which is a valuable and less replaceable asset.