Property Summary: 1062 Chancellor Drive, Waverley Heights

Key Characteristics & Appeal

This 1978-built home on Chancellor Drive presents a practical opportunity in Winnipeg's Waverley Heights neighborhood. Its key characteristic is balance: while the 832 sqft living area is notably compact compared to most homes on the street and in the city, this is reflected in its assessed value of $370K, which sits below the immediate street average and aligns closely with the wider city average. The lot size of 4,198 sqft is also modest for the area, suggesting lower maintenance.

The appeal lies in its position as a relatively affordable entry point into a well-established neighborhood. The home's construction year is actually above average for its immediate surroundings, indicating it may be among the more recent builds on the block. This property would suit first-time buyers or downsizers seeking a manageable footprint without sacrificing location. It’s for those who prioritize financial accessibility and simpler upkeep over spaciousness, understanding that the trade-off for the lower price is a home that is functionally smaller than most in the community.

Frequently Asked Questions

1. Is the assessed value a reliable indicator of the listing or sale price?
The assessed value is for municipal tax purposes and is a snapshot in time. While it provides a benchmark—here showing the home is valued below its street's average—market conditions, property condition, and updates will ultimately determine the sale price.

2. The living area seems small. How does that affect livability?
At 832 sqft, the home is significantly more compact than the neighborhood average (~1,239 sqft). This suggests an efficient, likely bungalow-style layout. It requires thoughtful space planning but can mean lower utility costs and less to maintain.

3. What does the "Above Average" ranking for the build year mean?
Ranked in the top 6% on its street for year built, this home is newer than most of its direct neighbors. In an older neighborhood, this can sometimes imply more modern construction standards or systems compared to surrounding houses, though a full inspection is necessary.

4. The lot is smaller than average. What are the implications?
The 4,198 sqft lot is below the area average, which typically means less outdoor maintenance, lower landscaping costs, and potentially a more private setting with closer neighbors. It may limit expansion possibilities but could be ideal for those who prefer a smaller yard.

5. How should I interpret the different ranking levels (Street, Neighborhood, City)?
The street-level comparison is most specific, showing how the home stacks up against its direct neighbors. Here, it ranks lower for size and value. The city-wide view provides broader context, showing its value is around the Winnipeg average. This highlights that while the home is modest for its specific street, it aligns with broader market affordability.