Property Summary: 1623 Chancellor Drive, Waverley Heights, Winnipeg

Key Characteristics & Appeal

This home presents a distinct value proposition centered on its generous 6,888 sqft lot, which is notably larger than most properties on its street and in the wider Waverley Heights neighborhood. While its 923 sqft living space is modest compared to local averages, this creates an opportunity for buyers who prioritize outdoor space over a large interior footprint. The assessed value is competitive, sitting around the citywide average, which suggests the price reflects the home's current configuration.

Its primary appeal lies in its potential. The significant lot size offers room for expansion, gardening, or outdoor living—a rare find in established areas. It would suit a first-time buyer looking for an entry point into a desirable neighborhood, a practical downsizer who values low-maintenance living space but still wants a substantial yard, or an investor/renovator who sees the underlying value in the land and the possibility of adding square footage. The 1974 build date places it in a practical era for modern updates, allowing new owners to imprint their style without the concerns of much older construction.

Frequently Asked Questions

1. Is the smaller living area a drawback?
It depends on your needs. The home offers efficient, manageable space, which can mean lower utility costs and less upkeep. The trade-off is the larger-than-average yard, making it ideal for those who spend more time outdoors or envision a future addition.

2. How does the assessed value impact the likely selling price?
The assessed value of $362k is a municipal calculation for tax purposes and is typically below market value. Its position around the citywide average indicates the property is not overvalued by the city, which can be a reassuring starting point for negotiations.

3. What does the lot size ranking actually mean?
Ranking in the top 13% on its street for lot size means that out of 305 comparable homes on Chancellor Drive, only 39 have a larger lot. This is the property's standout feature and a key differentiator in the area.

4. Is the 1974 build date a concern?
Homes from this period often have modern foundations, wiring, and plumbing systems that are easier and less costly to update than those in much older houses. While it may need cosmetic or system updates (like any 50-year-old home), it generally avoids the major structural unknowns of pre-war construction.

5. Who might this property not suit?
Buyers seeking immediate move-in condition with modern, open-concept layouts may find the current living space too compact. It is also less suited for those who view a large yard as a burden rather than an asset, as the property's value is closely tied to its land.