Property Overview: 496 Meadowood Drive, Winnipeg

Key Characteristics & Appeal

This 1,080 sqft bungalow, built in 1974, presents a distinct profile defined by notable contrasts. Its primary appeal lies in its efficient use of space; the living area is among the largest on Meadowood Drive itself, ranking in the top 1% of the street. This suggests a home that is thoughtfully laid out or has been expanded relative to its immediate neighbours. However, this interior space comes on a modest 2,699 sqft lot, which is smaller than most in the area and city-wide.

The property’s assessed value of $250k is significantly lower than the Winnipeg city average, reflecting a more accessible entry point into the market. This combination—above-average interior space on a smaller lot at a below-average valuation—creates a specific value proposition. It would suit practical, value-conscious buyers such as first-time homeowners, downsizers, or investors seeking a rental property. The appeal is for those who prioritize indoor living space over extensive outdoor maintenance and are comfortable with a home that may offer less privacy or yard space than others in the broader neighbourhood. A thoughtful perspective is that this property represents an efficient, land-conserving housing model that is becoming more common, aligning with simpler living and lower property tax burdens based on its assessment.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
Assessed value is for taxation purposes and is influenced by many factors, including lot size, home age, and specific location. This home’s modest lot size and its valuation within the Meadowood area contribute to its lower assessment compared to the city-wide benchmark.

2. How does the smaller lot size impact the property?
The smaller lot (2,699 sqft) means less yard for gardening, play, or expansion. It typically translates to lower maintenance and may offer closer proximity to neighbours. This can be a benefit for those seeking a lock-and-leave lifestyle or a more community-oriented street feel.

3. The home sold between $250k-$300k in 2022. What does that indicate?
The prior sale price aligns closely with the current assessed value, suggesting a stable market valuation for this specific type of property in recent years. It provides a concrete recent benchmark for buyers.

4. The living area is large for the street but average for the area. What does this mean?
It means the home offers more interior space than most of its direct neighbours on Meadowood Drive, which is a standout feature. Compared to the wider Meadowood neighbourhood, it’s competitively sized. This indicates you are getting a relatively spacious home within that specific local context.

5. Where can I see more detailed context about the neighbourhood?
You can use the provided link to open the neighbourhood map analysis page. This tool allows you to see this property in geographic context alongside nearby homes, comparing details like year built, living area, and lot size visually.