Property Overview

Living Area: 1,020 sq. ft. — slightly below the average for Richmond Lakes and Winnipeg overall, but notably larger than most homes on Grandmont Boulevard, where it ranks in the top 16%.

Assessed Value: $253,000 — below average for the street, neighbourhood, and city. This is the property’s most distinctive feature: a lower valuation relative to nearby homes.

Year Built: 1979 — roughly typical for the area, slightly newer than many homes on the street and in Richmond Lakes, though not among the newest city-wide.

Land Area: 3,106 sq. ft. — on the smaller side compared to the street, neighbourhood, and city. This is a compact lot.

Key Characteristics and Appeal

The property’s main draw is its assessed value. At $253,000, it sits well below most homes on the same street (bottom 4%) and in Richmond Lakes (bottom 1%). For buyers focused on entry-level pricing or investment with potential upside, this lower valuation could mean a lower purchase price and property taxes relative to neighbours.

The living space is practical rather than generous. At 1,020 sq. ft., it’s a comfortable size for a small family, a couple, or a single person who doesn’t need extra rooms. The fact that it’s above average for the street suggests it may feel spacious compared to the immediate neighbours, while being compact relative to city standards.

The land is the trade-off. A 3,106 sq. ft. lot limits outdoor expansion, gardening, or adding a garage or suite. Buyers wanting a large yard or room for a future addition would likely look elsewhere.

The 1979 build means the home is mid-aged: not historic, not brand-new. Mechanical systems (furnace, roof, windows) may be original or updated, so a home inspection will matter. It’s not a fixer-upper by age alone, but it’s not a move-in-ready modern either.

Who it suits: First-time buyers looking for an affordable entry point in a modest, established neighbourhood. Investors seeking a lower-value property in a relatively stable area (Richmond Lakes is an older, developed suburb of Winnipeg). Downsizers who value a manageable indoor footprint and aren’t concerned with a large lot. Buyers who prefer a quieter street with smaller lots and closer neighbours over sprawling suburban plots.

Less obvious perspective: The low assessed value relative to neighbours might indicate the home needs updates or has an awkward layout. But it could also mean the previous owner didn’t appeal the assessment or the home is undervalued relative to recent sales. That gap — between assessed value and market value — is worth exploring with a realtor. Also, being in the bottom 1% for lot size in Richmond Lakes means you’re buying into a neighbourhood where most homes have more land. That could affect resale if future buyers value outdoor space more than you do.

Frequently Asked Questions

1. How does the assessed value compare to what the home might sell for?

Assessed value ($253,000) is a tax baseline, not a market price. In Richmond Lakes, many homes assess higher but sell close to or above assessment. This home’s low assessment relative to neighbours suggests it could sell below $300,000 — but it also might mean the home is dated or has been conservatively assessed. A local agent or recent comparable sales will give a real picture.

2. Is this a good property for a growing family?

It depends on priorities. The indoor space is 1,020 sq. ft., which works for a couple with one child but could feel tight with two kids or frequent guests. The small lot limits play space and future expansion. If proximity to schools and a quiet street matters more than square footage, it’s worth considering. If you plan to stay 10+ years and expect more space, this likely isn’t it.

3. What are the risks of buying a home on a small lot in Richmond Lakes?

In a neighbourhood where most lots are larger, resale could be slower if buyers prefer space. You also have less room for a garage, shed, or outdoor living area. On the positive side, smaller lots mean less yard maintenance and lower utility costs for watering or gardening. It’s a trade-off, not a flaw.

4. Should I worry about the 1979 construction?

Not automatically, but you should budget for an inspection. Homes from the late 70s often have original electrical panels, windows, or insulation that may need upgrading. The furnace and roof age matter more than the year built itself. If those were updated recently, this could be a solid, well-maintained home. If not, factor in $5,000–$15,000 for immediate work.

5. Is this property in a flood zone or prone to other issues?

This summary doesn’t include flood zone data. Richmond Lakes is an established Winnipeg neighbourhood, not known for chronic flooding, but checking the property’s elevation and any past basement water issues is standard advice for any home of this era. A good inspector will flag drainage concerns. The small lot might also mean water runs toward the foundation quickly, so grading and downspouts matter.