Property Overview

This home at 124 Lake Village Road presents a compelling blend of space, value, and location within Winnipeg's Waverley Heights area. Its primary appeal lies in offering above-average living space on a desirable street, while its assessed value sits noticeably below the broader neighborhood average, suggesting a potential value opportunity.

Key Characteristics & Ideal Buyer

The 1,152 sqft home, built in 1977, stands out on its own street. It boasts more living area than 91% of comparable homes on Lake Village Road and sits on a larger-than-typical lot for the street. This creates a sense of space and privacy that is above the immediate local norm. However, when zooming out to the wider Waverley Heights neighborhood, the picture shifts. Here, the home's assessed value is notably lower than average, ranking in the top 87% (meaning it's less expensive than 87% of comparable area homes). This combination—being a larger, well-situated home on its street while carrying a below-average neighborhood price tag—is its defining characteristic.

This property would suit a practical buyer looking for a solid, spacious home in a established area without paying the full neighborhood premium. It's ideal for someone who values street-level quality and interior space over a massive yard, and who recognizes the potential in a home that may be undervalued relative to its immediate surroundings. It could also appeal to a buyer interested in a property with a relatively lower tax assessment basis.

Frequently Asked Questions

1. Is the home smaller than others in Waverley Heights?
In terms of living area, it is close to the neighborhood average. Its lot size, however, is smaller than most in Waverley Heights, but is actually larger than average for its specific street.

2. Why is the assessed value so much lower than the neighborhood average?
Assessed value is for municipal taxation and considers many factors, including the home's specific attributes, recent sales, and the model used. This discrepancy could indicate different lot sizes, home conditions, or features compared to the neighborhood average, but it often presents a chance for a buyer to acquire a home at a potentially lower tax cost.

3. What does "Top X%" mean in the rankings?
It indicates the percentage of comparable homes the property outperforms for that metric. For example, "Top 9%" for living area on its street means 91% of similar homes on Lake Village Road have less living space.

4. The home was built in 1977. Is that a concern?
On its street, it's actually newer than average (top 12%). City-wide, it's also newer than the average comparable home. This suggests it's in a mature, established area but isn't among the oldest housing stock.

5. Does a lower neighborhood ranking mean it's a bad property?
Not necessarily. Rankings show how it compares within a specific group. A "below average" land size for the neighborhood still translates to a decent-sized, above-average lot for its own street. It highlights the importance of perspective—what matters most: the immediate micro-location or the broader area average.