490 North Point Boulevard – Property Summary

Key Characteristics & Buyer Profile

This is a newer, single-family home built in 2022 with a living area of approximately 1,404 square feet and a land area of 2,014 square feet. The assessed value is $85,000, which is significantly below the averages for the street ($375.4k), neighbourhood ($442.9k), and city ($390.1k). The property ranks near the bottom for assessed value and land size at all three levels—street, neighbourhood, and citywide.

Where this property's appeal lies is not obvious from raw numbers alone. The low assessed value relative to nearby homes suggests either a smaller footprint, a simpler build, or possibly a different zoning or classification. For a savvy buyer, this could mean lower property taxes and less competition from mainstream buyers who prioritize larger lots or higher valuations. The home itself is brand new by construction standards, which reduces immediate maintenance or renovation costs.

This property would suit a buyer looking for a newer, low-maintenance home who is less concerned with lot size or street prestige. It may also appeal to investors or first-time buyers seeking an entry point in a neighbourhood where neighbouring properties have higher valuations—potentially offering long-term upside if the area appreciates. It's less suited to someone who prioritizes outdoor space, curb appeal, or a home that aligns with typical comps in the area.

Frequently Asked Questions

1. Why is the assessed value so low compared to other homes on the same street?
The assessed value reflects the property's specific characteristics—living area, lot size, and interior finish. This home is roughly 400 sqft smaller in lot size than the street average and has a lower living area. It may also be a simpler design or different model than neighbouring homes.

2. Does the low assessed value mean the property is in poor condition?
No. The home was built in 2022, so it's nearly new. Low assessed value here is likely due to size and land area, not condition. A low assessed value can also mean lower property taxes, which is a financial advantage for the owner.

3. How does the land size compare to other properties in Winnipeg?
The lot is 2,014 sqft, which ranks in the bottom 1% citywide. Most homes in Winnipeg sit on much larger lots (average 6,570 sqft). This is a compact urban lot, common in newer infill or townhouse-style developments.

4. Is this property suitable for a family or for an investment?
It could work for both, but with caveats. The living area is modest for a growing family, and the small yard limits outdoor use. For an investor, the low purchase price relative to surrounding homes may offer rental appeal or future resale upside if the neighbourhood gentrifies.

5. What is the neighbourhood like?
The property is in West Kildonan Industrial, which is not a typical residential neighbourhood. The name suggests a mix of industrial and newer residential development. Buyers should visit the area in person and check zoning and nearby amenities, as the "industrial" designation may affect noise, traffic, or future development plans.