247 Elmhurst Road

Property Overview: 247 Elmhurst Road

This 1.5-storey home in Varsity View offers a classic Winnipeg character home on a generous 5,382 sqft lot. Built in 1948, it presents a solid opportunity for a specific type of buyer. Its appeal lies in its established neighborhood location and the potential contained within its structure and sizable land. With 778 sqft of living space and a finished basement, it functions practically but may feel compact for some.

The home would suit a first-time buyer comfortable with a property of vintage charm that may require updates, or an investor attracted by the lot size and location near the University of Manitoba. It’s less suited for those seeking modern, move-in-ready finishes or expansive square footage without a renovation project. A thoughtful perspective is that while its rankings for size and age are modest, its lot size offers a relative rarity in the city—a canvas for future expansion or landscaping that newer subdivisions often can't match. The 2022 sale price above the current assessed value suggests a market recognition of its underlying potential.

Frequently Asked Questions

1. What does "ONE & 1/2 STOREY" mean?
This is a common Winnipeg architectural style, typically featuring a main floor with living areas and a second floor with sloped ceilings (under the roofline) housing the bedrooms. It offers more character than a bungalow but with a different layout than a full two-storey.

2. The living area is 778 sqft. Is that the total space?
No, that's the above-ground living area. The home also has a finished basement, which adds functional space for recreation, laundry, or storage, but is not included in the official square footage calculation.

3. How should I interpret the ranking data?
The rankings compare this property to others in its immediate area and citywide. For example, being newer than only 23% of Winnipeg homes clearly indicates it's an older property. Conversely, its lot size is more competitive, being larger than 54% of city lots.

4. Why is the 2022 sale price higher than the current assessed value?
Assessed value is for municipal tax purposes and can lag behind market trends. The 2022 sale reflects what a buyer was willing to pay at that time, which can be influenced by factors like market conditions, specific buyer demand, and the home's perceived potential.

5. What is the significance of the large lot size?
Beyond providing more yard space, a lot of this scale (over 5,000 sqft) in an established neighborhood is a valuable long-term asset. It allows room for additions, a large garden, or future redevelopment possibilities, subject to zoning, which adds a layer of potential not found in properties on smaller lots.