Property Overview: 163 Elm Street, North River Heights, Winnipeg

Key Characteristics & Appeal

This home at 163 Elm Street presents a distinct value proposition within the desirable North River Heights neighborhood. Its key characteristic is its modest 1,007 sqft living area, which is notably smaller than most homes on its street and in the immediate area. This is balanced by a nearly 5,000 sqft lot that is typical for the locale. Built in 1945, the house is of a similar vintage to many in North River Heights, a neighborhood known for its established character.

The primary appeal lies in its accessible price point, as reflected in its assessed value of $392k. This is significantly below the average for Elm Street and North River Heights, yet aligns closely with the Winnipeg city-wide average. This positions the property as a potential entry point into a well-regarded community that might otherwise be out of reach. It last sold in early 2021 for between $350k-$400k.

This home would suit a first-time buyer, a downsizer, or an investor seeking a lower-maintenance property in a prime location. It’s for those who prioritize location and land size over interior square footage and are willing to consider a home that may require updates. A thoughtful perspective is that its smaller size could mean lower utility costs and less upkeep, while its average-sized lot offers standard outdoor space for gardens or recreation typical of the area.

Frequently Asked Questions

1. Why is the assessed value so much lower than other homes on Elm Street?
The assessed value is primarily driven by the home's significantly smaller living area (1,007 sqft vs. a street average of 1,723 sqft). While the lot size is consistent with the neighborhood, the building itself contributes less to the overall value.

2. What does the sold price history indicate?
The home sold between $350,000 and $400,000 in February 2021. This past sale price aligns closely with the current $392,000 assessed value, suggesting market stability for this specific property type in recent years.

3. Is the smaller living area a concern for resale?
It creates a specific market niche. It may appeal to a narrower pool of buyers than a larger home, but it also offers a unique affordability advantage in a sought-after neighborhood. Its appeal will depend on overall condition and presentation.

4. How does the age of the home (1945) factor in?
The home is older than the Winnipeg city-wide average but is typical for the historic North River Heights area. Buyers should budget for potential updates to older mechanical systems, windows, or insulation, which is common for homes of this era.

5. Where can I find more precise historical data, like the exact past sold price?
The provided data is based on public records. To obtain fully verified transaction history and exact figures, you must request a manual lookup from the site via email, as they do not display MLS-sourced sold records.