Property Overview: 641 Waterloo Street, Central River Heights
Key Characteristics & Appeal
This 1951 two-storey home in Central River Heights sits on a notably spacious lot, over 6,000 square feet, which is larger than most properties on its street and in the desirable neighbourhood. The home itself offers 1,363 sqft of living space, which is in line with city-wide averages, and features a renovated basement and a detached garage. It last sold in July 2022 for $500,000, a price point that was above average for Winnipeg overall at the time.
The primary appeal lies in its land and location. The generous lot size in a mature, established area like Central River Heights presents a significant opportunity for gardening, outdoor living, or future expansion. While the house is of average size for the city, the renovated basement adds functional living space. The property’s assessed value is above average for both the neighbourhood and city, suggesting it is viewed as a solid asset in a prime area.
This home would suit buyers who prioritize lot size and location over a large existing footprint. It’s ideal for someone looking for a character home in a central neighbourhood with the potential to customize or expand over time. It would also appeal to a value-conscious buyer seeking a home with recent updates (like the basement) in a market where the land itself is a key driver of long-term value.
Frequently Asked Questions
1. Is the lot size a major advantage?
Yes. At over 6,000 sqft, the lot is in the top 20% on Waterloo Street and top 16% in Central River Heights. This is a standout feature for the area, offering more private outdoor space than many comparable properties.
2. How does the 2022 sale price compare to the current assessed value?
The home sold for $500,000 in 2022. Its current assessed value is $51,500 (note: this is likely the taxable assessment, not a market valuation). The sale price was above the city-wide average at the time, indicating a strong market perception of the property.
3. What is the condition of the major systems, given the home's age?
The listing confirms a renovated basement, which is a positive update. As the home was built in 1951, prospective buyers should budget for inspections of the original roof, wiring, plumbing, and foundation to plan for any necessary updates or maintenance.
4. Who are the typical neighbours or buyers in this area?
Central River Heights is a sought-after, established neighbourhood popular with professionals, families, and long-term residents. The mix of character homes and larger lots attracts buyers looking for a central location with a community feel.
5. How does this home compare to others on the street?
The home has a larger-than-average lot for Waterloo Street but a slightly smaller-than-average living area compared to its immediate street peers. This indicates you are buying more for the land and location, with a house that is comfortable but may have a cozier feel than some neighbours.