Property Overview: 71 Teakwood Avenue, Garden City, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home on Teakwood Avenue is a practical and affordable entry point into Winnipeg’s Garden City neighbourhood. Built in 1957, its key characteristics include 1,026 sqft of living space, a renovated basement, and a detached garage on a 4,195 sqft lot.

The primary appeal lies in its value proposition. The home’s assessed value and recent sold price are consistently below the averages for both Garden City and the wider city, suggesting a competitively priced opportunity. While the lot and living space are modest compared to area norms, this translates to lower carrying costs and less maintenance—a significant consideration for first-time buyers or those downsizing. The renovated basement adds functional living space, a valuable update in a home of this vintage.

This property would best suit a pragmatic first-time homebuyer, an investor looking for a stable rental, or someone seeking a manageable, single-level living arrangement. Its average rankings on its own street for size and value indicate it’s a typical, well-priced home for the immediate area, offering the stability of an established community without premium pricing. A thoughtful perspective is that a smaller, well-located lot can be an advantage, fostering a sense of community with closer neighbours and requiring less time and resource commitment for upkeep.

Section 2: Frequently Asked Questions

1. How does this home’s size compare to others in Garden City?
At 1,026 sqft, the living area is below the neighbourhood average. This is reflected in its pricing and makes it a more manageable property for smaller households or those seeking lower utility costs.

2. What does the “renovated basement” entail?
The listing confirms the basement is renovated but does not specify the extent. This is a key detail to clarify with the seller or agent to understand the finish quality, ceiling height, and whether it includes a legal secondary suite or additional bedrooms.

3. Is the assessed value a reliable indicator of the selling price?
The home’s assessed value is $31,700. It last sold in April 2023 for an estimated $30,500-$33,500, showing assessed value can be closely aligned with market price. However, current market conditions will ultimately determine the new selling price.

4. What are the implications of a smaller lot size?
The lot is 4,195 sqft, which is smaller than most in Garden City. This means smaller yard maintenance but may also limit potential for large additions or pools. The proximity to neighbouring homes is typical for the street.

5. You mention it’s “below average” for the area in several metrics. Is that a concern?
Not necessarily. These metrics help explain the home’s pricing. Being below average in lot and living space size for Garden City is what makes it a more affordable option within the same desirable neighbourhood, offering a balance of location and value.