Property Overview
This one-and-a-half storey home, built in 1909, sits on a 3,247 sqft lot in Central St. Boniface. With 1,110 sqft of living space, it presents a compact footprint. Key features include a basement (not renovated) and no garage. The home last sold in December 2023 for $22,500 and carries a current assessed value of $20,800.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its land value and location within a historic, established neighbourhood. The lot size is above average for the immediate street and represents a significant portion of the property's worth. The home itself is modest in size and condition, with an unrenovated basement and vintage character. Its very low assessed and recent sale prices indicate it is a land-value proposition, likely requiring substantial investment to modernize the existing structure.
This property would best suit a specific type of buyer: a hands-on investor or renovator looking for a footprint in St. Boniface. It's a potential candidate for a full-scale renovation to create a modern home on a desirable lot, or for land assembly if neighbouring properties become available. It is not suited for a buyer seeking a move-in-ready home.
A less obvious perspective is the opportunity for sustainable redevelopment. Rather than demolition, there is potential to thoughtfully retrofit and expand the historic structure, blending character with modern efficiency. Additionally, the low property taxes resulting from the minimal assessment could provide some cash flow flexibility during a renovation period.
Section 2: Frequently Asked Questions
1. Why is the sale price so much lower than typical Winnipeg homes?
The price reflects the current condition and valuation of the improvement (the house itself) rather than the land. It is priced as a renovation or redevelopment project.
2. What does "basement, not renovated" typically imply?
It suggests the basement is in original or utilitarian condition, likely with a low ceiling, concrete floors, and older mechanical systems. It should be inspected for moisture issues, foundation integrity, and the state of wiring or plumbing.
3. Is this a good investment property?
As a rental in its current state, likely not. Its value as an investment hinges on the cost of renovation versus the future market value of a updated home in St. Boniface, or on the future development potential of the lot itself.
4. How does the low assessed value affect property taxes?
Property taxes are based on the assessed value. A significantly low assessment, as seen here, results in very low annual property tax payments, which is a financial consideration during a holding or renovation period.
5. What are the main challenges with a home from 1909?
Buyers should budget for and investigate potential updates to foundational elements: the roof, wiring, plumbing, insulation, and windows. Heritage character may also come with preservation considerations, and any renovation must meet modern building codes.