Property Overview: 116 Wayfield Drive, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in Fairfield Park is a study in contrasts, offering a modern, low-maintenance lifestyle within a well-established neighbourhood. Its key characteristic is its efficient, renovated footprint of 1,237 sqft, which is notably compact for both its street and immediate area, but aligns closely with the average Winnipeg home. This positions it as a smart, affordable entry into a desirable community without the upkeep of a larger property.

The appeal lies in its balance. It’s a 2006-built home, which is newer than most city-wide, promising modern construction standards and fewer immediate repairs. The renovated basement and attached garage add practical living and storage space. While the lot is smaller than those of its direct neighbours, it translates to less yard work. The home’s assessed value is modest for Fairfield Park, yet it sits in the top 21% city-wide, suggesting strong underlying value and a potentially favourable tax assessment relative to the broader market.

This property would ideally suit first-time buyers, downsizers, or pragmatic investors seeking a turn-key home in a mature neighbourhood. It’s for those who prioritize a modern, efficient layout and financial sensibility over sheer size, and who appreciate having a renovated space ready to move into.

Section 2: Frequently Asked Questions

1. Is the smaller living area a significant drawback?
It depends on your needs. For individuals, couples, or small families, the layout is likely efficient and manageable. The renovated basement effectively expands the usable space. However, if you require multiple large bedrooms or dedicated home offices, the above-ground square footage may feel constrained compared to other homes on the street.

2. Why is the assessed value so much lower than the last sale price?
The last sale in May 2022 was at a peak market moment. The assessed value (used for calculating property taxes) is an administrative valuation by the city and often lags behind rapid market shifts. This discrepancy suggests your property taxes are based on a lower value, which is a financial positive, but it does not dictate the current market sale price.

3. What does "below average for the area but above average city-wide" really mean?
This highlights the character of Fairfield Park itself. You’re buying into a neighbourhood of generally larger, potentially higher-value homes, which confers benefits like stable community appeal. However, you’re doing so at a point of entry that is still above average compared to the entire Winnipeg housing stock, offering a balance of location prestige and relative affordability.

4. Are there any concerns with the lot being smaller than the neighbours?
The smaller lot (4,525 sqft) means less private outdoor space and potentially closer proximity to neighbouring homes. For buyers who want extensive gardens, pools, or vast play areas, this is a limitation. For those seeking minimal yard maintenance and a cozier setting, it’s a practical advantage.

5. How does the 2006 build year compare?
Built 20 years ago, the home is past its brand-new warranty period but is still considered modern in Winnipeg’s context, where the average home is much older. Major components like the roof, windows, and furnace are likely original or nearing their typical lifespan, so a thorough inspection is wise, but you’re unlikely to face the systemic issues common in much older homes.