Property Overview & Key Characteristics

This home at 335 Riel Avenue is a 1,040 sqft bungalow built in 1973, situated on a 5,596 sqft lot in Winnipeg's Minnetonka neighbourhood. Its primary appeal lies in its position as a competitively priced, manageable-sized property within a mature, established area. The data suggests it is a home that offers practicality over grandeur, with a living area and lot size that are generally below the averages for its immediate area but align more closely with broader city-wide norms.

A key, less obvious perspective is its relative affordability within its own streetscape. The assessed value ranks in the lower third on Riel Avenue itself, indicating it may represent a more accessible entry point into this specific street compared to its neighbours. The home suits first-time buyers seeking a solid starter home with lower property taxes, downsizers looking for a manageable space without leaving a familiar type of neighbourhood, or value-focused investors interested in a rental property with a stable assessment history. Its recent sale history shows steady price appreciation, suggesting a stable market perception.

Frequently Asked Questions

1. How does this home's size compare to others nearby?
At 1,040 sqft, the living area is smaller than the average home in both the Minnetonka area and on Riel Avenue itself. This typically translates to lower utility costs and less maintenance, but may mean tighter living quarters than some neighbouring properties.

2. What does the assessed value tell me about the property taxes?
With an assessed value of $36,200, this home is below the average for Minnetonka. This generally indicates a correspondingly lower annual property tax bill compared to many homes in the wider neighbourhood, which is a key ongoing cost savings.

3. The home was built in 1973. What should I consider?
A home of this age will likely have had major components like the roof, windows, and furnace updated or nearing their lifespan. A thorough inspection is crucial to understand the condition of these systems and plan for any necessary modernizations.

4. The lot is under 6,000 sqft. What are the pros and cons?
The 5,596 sqft lot is below the area average, meaning less yard maintenance. It may offer less privacy or space for large additions, decks, or pools compared to neighbours, but can be ideal for those who prefer a low-maintenance outdoor space.

5. How have the sold prices trended for this property?
The home has sold three times since 2022, with each sale price range higher than the last (from $250k-$300k, to $300k-$350k, to $350k-$400k). This indicates strong upward momentum in its market value over a short period, a positive sign for equity growth.