Property Overview: 433 Smithfield Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1947, offering a practical and affordable entry point into Winnipeg's Jefferson neighbourhood. Its key characteristic is its modest scale, with 652 sqft of living space and a recently renovated basement, sitting on a standard city lot of just under 5,000 sqft. There is no garage or pool.

The appeal lies in its straightforward, low-maintenance footprint and its value positioning. The home's assessed value is consistently below average for the area, suggesting a lower property tax burden and an accessible price point. It has changed hands several times in the last decade, indicating a property that often serves as a practical first step or investment. The renovated basement adds functional living space, which is a significant asset in a smaller home.

This property would best suit a first-time homebuyer, an investor looking for a rental property, or someone seeking to downsize into a manageable, no-frills home. It’s for those who prioritize financial accessibility and simplicity over size or modern amenities. A thoughtful perspective is that this home represents the "bones" of the neighbourhood—a classic, post-war structure that offers a chance to live in the community while keeping overhead low, allowing resources to be allocated elsewhere.

Section 2: Frequently Asked Questions

1. How does the size of this home compare to others?
At 652 sqft, the living area is notably smaller than most. It ranks in the bottom 20% for size compared to other homes on its own street and in the Jefferson area, making it one of the more compact options available.

2. What is the property tax likely to be?
While exact taxes depend on the mill rate, they will be based on the current assessed value of $26,100. This assessment is below the average for both the street and the wider Jefferson neighbourhood, which typically results in a lower-than-average tax bill.

3. Has the property value been stable?
Public sale price data shows a general upward trend from 2016 to 2022, consistent with broader market movements. The most recent recorded sale range in 2022 was between $25,500 and $28,500.

4. What are the implications of having no garage?
Buyers should plan for street parking and consider the logistics of Winnipeg winters without covered parking. This is a common feature for homes of this era in the area and is reflected in the property's value.

5. The basement is noted as renovated. What does that typically mean for a home of this age?
For a 1947 home, a renovated basement often means updated finishes and improved usability as living or storage space. However, prospective buyers are always encouraged to verify the scope and quality of the renovation, as well as the underlying condition of the foundation and utilities, through a professional inspection.