Property Overview: 50 North Meadow Drive, Winnipeg

Key Characteristics & Appeal

This home at 50 North Meadow Drive is a compact, efficiently sized property built in 1985. Its primary appeal lies in its position as an accessible entry point into the Winnipeg market, underscored by a notably low municipal assessed value. With 691 square feet of living space and a lot just under 3,000 square feet, it is significantly smaller than most homes in its immediate area, neighbourhood, and across the city. This defines its core characteristic: it is a modest, no-frills property.

Its suitability is for specific, pragmatic buyers. First-time purchasers or investors seeking a lower-cost foothold in the city will find the financial barrier to entry is reduced. It could also suit those looking to right-size, such as empty-nesters seeking minimal upkeep, or buyers who prioritize location over square footage and see potential in a smaller footprint. A thoughtful perspective is that its below-average metrics in size and value might represent an opportunity for value-adding renovation, given the right budget and vision, within a well-established neighbourhood.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific attributes—its smaller building size, lot dimensions, and age—compared to the broader market. It reflects the municipal valuation for tax purposes, not necessarily the current market sale price.

2. How does the recent sold price (2022, CA$250k–300k) relate to the assessed value?
The sold price is what a buyer actually paid on the open market, while the assessed value is an administrative valuation for property taxes. The sold price typically provides a more current benchmark of the home's market value.

3. Is the smaller living area a major concern?
It depends on your needs. The living area is well below averages for the street and area, making it ideal for individuals, couples, or those comfortable in compact spaces. It is less suited for those requiring multiple bedrooms or significant living space.

4. What does the "Top 97%" ranking for living area city-wide mean?
This statistic means that approximately 97% of comparable homes across Winnipeg are larger. It quantifies that this property is among the smallest 3% by living area when viewed on a city-wide scale.

5. The lot is smaller than others nearby. How much of an issue is this?
The land area is below average for the immediate vicinity. This means less outdoor space for gardening, entertaining, or expansion. However, it also translates to less yard maintenance, which some buyers may prefer.