Property Overview
This one-and-a-half storey home, built in 1949, sits on a mature lot in Central River Heights. Its primary appeal lies in its renovated basement and its position on a street where the property is newer than many of its immediate neighbours. With 900 sqft of living space, it is a compact home, well below the area average. This presents a specific value proposition: it is a property where the investment is anchored more in the land and location than in the size of the existing structure. The lot size, while below average for the prestigious Central River Heights area, is still generous by city-wide standards.
The home would suit a buyer looking for an entry point into a desirable, established neighbourhood, who is comfortable with a smaller footprint or who views the property as a long-term land investment with renovation or redevelopment potential. It’s also a practical fit for those seeking a manageable, low-maintenance home without the upkeep of a larger house or yard. A thoughtful perspective is that its "below average" metrics for the area are precisely what make it accessible, offering a chance to own in River Heights without the typical price tag, albeit with compromises on space.
Frequently Asked Questions
Is the lot size a disadvantage?
While the 4,798 sqft lot is below the average for Central River Heights, it is still a substantial size, ranking above average when compared to the entire city. It offers a classic neighbourhood feel with room for a garden and outdoor space, just not as expansive as some neighbouring properties.
What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. Buyers should inquire about the finishes, the presence of a secondary suite or legal rental potential, ceiling height, and whether any moisture-proofing or foundational work was part of the renovation.
Why is the living area significantly smaller than nearby homes?
At 900 sqft, the home is notably compact. This is characteristic of some original, older homes in the area that haven’t been expanded. It indicates a home that is efficient and manageable, but may require creative use of space or be a candidate for a future addition, subject to local zoning.
How should I interpret the assessed value versus recent sale price?
The property was last assessed at $36,100 but sold for $40,100 in June 2023. This indicates the market value at that time exceeded the municipal assessment, which is common. The assessment is for taxation purposes and often lags behind current market values.
What is the significance of the home being "newer" than others on the street?
Built in 1949, this home is actually newer than the average house on Cambridge Street (avg. 1946). In an older neighbourhood, a slightly newer build can sometimes mean updated construction methods or materials for its era, though the difference here is minimal. It primarily indicates the street is consistently mature and established.