398 Simcoe Street

Property Overview & Appeal

This 2017 bi-level home at 398 Simcoe Street presents a distinct profile within Winnipeg's St. Matthews neighbourhood. Its primary appeal lies in its modern construction and significant land size. As a home built just nine years ago, it offers contemporary building standards and systems in an area predominantly composed of century-old properties, potentially reducing immediate maintenance concerns. With a land area of 3,299 sq ft ranking in the top 93% on its street, it provides a substantial and rare urban lot for its age.

The property suits a specific buyer: someone prioritizing a newer, low-maintenance structure and the potential of a large yard over interior square footage. The renovated basement adds functional space. It’s a pragmatic choice for a first-time buyer, an investor, or a downsizer looking for modern convenience in a central location without the character-home upkeep. However, its 506 sq ft living area is notably compact, indicating efficient or minimalistic living is a necessity. The high assessed value relative to nearby older, larger homes suggests the market places a significant premium on its newness and lot value.

Frequently Asked Questions

1. Why is the assessed value so much higher than the older, larger houses nearby?
The assessed value reflects the property's modern construction (2017), its renovated basement, and its large lot size. Newer builds typically have higher valuations due to contemporary materials, efficient systems, and lower anticipated repair costs compared to heritage-era homes.

2. Is the living space actually only 506 square feet?
Yes, the listed living area is 506 sq ft, which refers to the above-ground finished space. This is compact, characteristic of some efficient bi-level designs. The total usable space is increased by the presence of a renovated lower level, which is not typically included in official living area calculations.

3. What are the advantages of a newer home in an older neighbourhood?
You benefit from modern insulation, wiring, plumbing, and building codes, which can mean lower utility costs and fewer major repairs in the short to medium term. It offers a move-in-ready experience without the renovation projects common in century homes.

4. Who would this property not be suitable for?
It may not suit buyers needing multiple bedrooms, dedicated home office space, or those who prefer traditional character architecture. The layout prioritizes lot size and modern construction over expansive interior living areas.

5. The "rankings" show a low percentage for living area but high for land and year built. What does this mean?
These rankings compare the property to others in the area. They highlight this home's unique combination: its living space is among the smallest, but its lot is among the larger ones, and it is one of the newest homes by far on the street. This underscores its niche as a land-value proposition with a modern build.