45 Greenwich Bay – Property Summary

Key Characteristics & Buyer Profile

This 1,016 sqft home sits on a 5,251 sqft lot in the Windsor Park neighbourhood, built in 1962. Its assessed value is $371,000.

The property's main strengths are its age and assessed value relative to the neighbourhood. At 1962, it's one of the older homes on the street (top 13%) and in the area (top 26%), which often appeals to buyers looking for solid mid-century construction, established landscaping, or a property that hasn't been through multiple rounds of modern renovation. The assessed value sits above the neighbourhood average of $354,200 (top 29%), suggesting the home holds its value well compared to nearby properties.

The trade-offs come in size. The living area is below the street average (1,136 sqft) and well below the citywide average (1,342 sqft). The lot is also notably small for the street—ranked 38th out of 40—which limits expansion potential and may deter buyers who want a large yard or room for a garage addition. However, a smaller lot often means less maintenance and could mean a lower purchase price relative to larger homes nearby.

This property would suit buyers who prioritize location and structural character over square footage. It's a practical fit for someone downsizing, a first-time buyer comfortable with a compact interior, or an investor looking for a solid asset in a neighbourhood where values are tracking above the local median. It's less suited to families needing generous living space or buyers who want a large, private lot.

Frequently Asked Questions

1. How does a smaller lot affect resale potential?
Land area is the property's weakest metric relative to the street, ranking near the bottom. In a neighbourhood where most lots are larger, this home may appeal to a narrower pool of buyers. However, in a market where many buyers prefer lower-maintenance yards, smaller lots can be a selling point. The trade-off is that future additions or expansions are limited by the lot size.

2. What does the assessed value tell me about the home's condition?
Assessed value reflects market estimates, not inspection results. This home's above-average assessed value in the neighbourhood suggests it retains value well, possibly due to its age, location, or previous updates. But assessed value doesn't account for deferred maintenance, roof age, or mechanicals. A home inspection is still essential.

3. Is a 1962 build considered old or desirable in this market?
In Windsor Park, the average home is from 1961, so this fits right in. Citywide, the average is 1966, so it's slightly older but not unusually so. Older homes often have better quality framing, larger rooms, and established trees. The trade-off is older wiring, plumbing, and insulation. For buyers who appreciate mid-century character and don't mind some updating, this can be a good fit.

4. How does the living area compare to typical condos or starter homes in the city?
At 1,016 sqft, this home is on the smaller side for a single-family house in Winnipeg (city average is 1,342 sqft). It's comparable to a large two-bedroom condo or a modest starter home. Buyers moving from an apartment will find the space familiar; buyers expecting a typical 3-bedroom bungalow may find it tight.

5. What should I look for during a viewing given the property's metrics?
Focus on whether the existing layout works for your needs, since the small lot limits expansion. Check for signs of updates—kitchen, bathrooms, windows, and the furnace. Given the 1962 build, pay attention to the electrical panel, foundation condition, and whether insulation has been upgraded. The property's value relative to the neighbourhood may already reflect recent improvements, so confirm what's been done.