Property Overview

This 840 sqft condominium at 4-55 Bayridge Avenue in Fort Richmond is a practical, no-basement unit built in 1988. Its primary appeal lies in its affordability and efficient use of space, underscored by a low assessed value. The unit ranks as newer and slightly larger than its immediate neighbors on Bayridge Avenue, suggesting it may be among the more updated and spacious options within its specific building complex. However, its value and size are below the wider city averages, positioning it clearly as an entry-level or budget-conscious property.

It would suit first-time buyers, investors seeking a low-cost rental property, or downsizers looking to minimize expenses and maintenance. The location in Fort Richmond offers convenient access to the University of Manitoba, major transportation routes, and retail amenities, which is a significant draw for students, academics, or those working in the area. A thoughtful perspective is that this unit represents a trade-off: you gain a cost-effective foothold in a convenient, established neighborhood, but within a building of similar units where individual property appreciation may be more modest and tied closely to the collective upkeep and management of the entire complex.

Frequently Asked Questions

1. What does the assessed value tell me about the property taxes?
A lower assessed value typically results in lower municipal property taxes. With an assessed value significantly below the Winnipeg average, this unit should carry relatively low annual tax costs, which is a key part of its overall affordability.

2. The unit has no basement. What does that mean for storage?
All storage must be accommodated within the 840 sqft floor plan. Buyers should consider their storage needs carefully and plan for creative in-suite solutions, as there is no secondary underground space for seasonal items or less-frequently used belongings.

3. How does being "newer" on the street impact the property?
Being built in 1988 makes it one of the newer units on its block. This can sometimes correlate with newer building components (like wiring or windows) compared to immediate neighbors, potentially implying fewer near-term updates. However, a 38-year-old building will still require attention to its major systems, so a review of the condominium's reserve fund study is essential.

4. Who manages the condominium corporation, and what are the fees?
This information is not provided in the public data. A critical next step is to request the condo corporation's financial statements, bylaws, and meeting minutes to understand the monthly fee structure, the health of the reserve fund, and any rules or pending special assessments.

5. The last recorded sale was in 2019. Why is that relevant?
The 2019 sale price provides a historical benchmark, but market conditions have likely changed. This gap highlights the importance of reviewing recent sales of comparable units in the area to establish a current market value, as the older data may not reflect today's prices.